Fintech start-up Honeyfi has created an app that simplifies household finances and makes it easier for couples to manage money.
Launched in August 2017, the Honeyfi app aims to alleviate stress created in relationships by money-related issues – whether couples' funds are merged or separate. It links to each partner's account to categorise and organise their finances in one place, with each person able to decide what their partner can see.
Key benefits of the app include automatic suggestions regarding household budget, identification of recurring bills, and categorised, searchable transactions. It simplifies collaboration by allowing partners to tag and comment on transactions, and share financial insights with each other.
Consumers are increasingly seeking out fintech for personalised advice, smart savings assistance and budget coaching. Globally, 61% of consumers identify personal finance management – including the ability to see all financial information in one place – as a highly valued service (CGI, 2016).
"People feel that fintech will help make things more efficient, give them more information, more transparency and more automation of things that should be automated," said David Blumberg, founder of US venture capital firm Blumberg Capital.
Personalised, mobile-first financial services based on curated data will be the new normal, as discussed in Flash Finance and Future Fintech: Wired Money 2016. For more on standout fintech services learning to predict consumers' financial needs before they arise, see Rethinking Finance: Wired Money 2017.