How did the idea of creating MyUniverse
emerge?
Indians have always been great savers, but we can do so much more when it comes to how we invest our savings. Money management is complex and most solutions available today address only a part of the problem. MyUniverse was designed as an end-to-end online money management solution, covering every aspect of financial decision making.
MyUniverse was conceived to bridge the gap existing in money management for Indian retail customers. The imperatives of convenient, hassle-free money management led to the conception of an online money management platform – MyUniverse. MyUniverse empowers customers with knowledge/insights to take intelligent and informed decisions and act on them through transaction platform wherever and whenever needed.
What are the benefits of using this application?
We believe that a platform such as MyUniverse will help retail customers deal with the complexities of money management and change the way they invest to create wealth – in other words, help convert savers into investors, and partner them in wealth creation.
With MyUniverse, users can:
· Link online (banks, credit cards, etc.) and offline accounts (real estate, gold, etc.)
· Add, pay, and manage billers
· Analyse income, expenses and investments
· Set budgets for various categories of expenditure
· Set alerts and reminders for various financial transactions
· Get customized advice based on their financial profiles
· Buy and sell investments
· E-file taxes
With MyUniverse actual transactions are automatically collated from the various accounts of the customer, and all reports, alerts and advice are based on real-time, authentic, complete data. Also, there is absolutely no human intervention in reporting or advisory, thus removing all chance of human bias.
How many people are using this application?
There are currently around 4 lac users managing over Rs. 8,500 crore on MyUniverse.
How do you secure the data gathered from users?
With a platform like MyUniverse, which depends on user financial data, security is imperative. All user data on MyUniverse resides in secure servers, adhering to stringent security policies.
MyUniverse uses VeriSign's robust SSL encryption technology to secure data. The account data is stored and transmitted in an encrypted format at all times. No money can be moved through MyUniverse. This means that even though you can view your accounts, analyze your expenses and transact, you cannot transfer money between accounts through Aditya Birla Money MyUniverse. Thus, the privacy on the platform for the user financial data is maintained at all times. There is a three-layer security, and the processes conform to ISO27002 information security standard.
How does your system update the investments made in mutual funds, FDs, insurance, etc.?
The system fetches data from the financial services product (MFs, FDs, Insurance etc.) provider using the online credentials of the user and updates it on a daily basis to provide accurate holding values and net worth for the user.
Can users transact through MyUniverse (can they buy or sell mutual funds and other products)? Does it offer advice on investments?
Currently, only equity investments are allowed online and all other financial products are available in offline model. We are soon launching the MyUniverse transaction engine, which will allow the users to buy or sell mutual funds, equities and insurance products online and other products in offline model. As for advise, MyUniverse gathers information about all your investments, their performance, your risk profile and your cash flow. Based on a unique algorithm based advisory rules engine, we generate unbiased advice specific to your financial profile so that you make the right financial decisions and manage your finances better.
What new features are you planning to add to this application?
The next major addition to the platform would be the intermediary module for advisors to get a 360 degree view of their client’s money and advise them online. Another critical launch soon will be the transaction module, which will help users buy or sell investments on MyUniverse. Finally, we will soon be launching our successful comprehensive PFM mobile app (available on Android) on iOS platform as well.
What is the strategic vision of My Universe?
MyUniverse believes that every Indian citizen should feel financially confident and experience the joys of financial independence. It is all about empowering the users with the right information, intelligence and insights to take charge of their own financial well-being. We want to simplify personal finance management and make it more accessible to digitally savvy customers.
