What’s missing from today’s jumble of fintech apps? 

Person holding smartphone with financial app on it.

Something that turns all that info into insights.

Open your phone. (OK that’s a dumb ask — you’re already staring at it.) Chances are, among the 80 apps you’ve downloaded, several are aimed at managing your money. You’ve got a digital wallet, an app for mobile banking, one tracking your investments, and maybe a budgeting app that connects your accounts, so you can DIY your own money. Oh, also your real estate app telling you how much your home is worth, or how much it’ll cost to get one.

What does all that really say about your wealth story? Does it even emerge, since you know each app is just telling you a part of the whole picture?

Digital technology, financial deregulation, and an explosion of information and data have rapidly expanded the world of financial opportunities, but our understanding of how it all adds up to a better, secure future hasn’t improved. (In fact, the number of Americans who are the least financially literate has increased.) It seems as if we’ve just created information overload, analysis paralysis, and potentially, exploitation.

Today’s fintech app ecosystem leads to information overload, analysis paralysis, and exploitation.

It’s too easy to tap or one-click your money away, and for many, financial advisors are expensive, or unavailable. Sure, there are robo-advisors now, and finance apps that connect you with real people. But whose interests are they really serving? You? Or the products they offer to you?

Monstro addresses that need

That’s what got us at Monstro thinking about a fix. Frankly, most people don’t want more financial products, spreadsheets, or apps alerting them about a transaction. That’s become a commodity. Instead, they’d really like to know what it means for their wealth story, and what to do about it. Imagine having that in the palm of your hand. Now you can focus on living your life, instead of managing your living.

So, rather than serve a single aspect of someone’s finances in isolation, we took a page from the pros who work for the ultra rich — the ‘one percent’: manage each client’s wealth story holistically. Our aim was to transform fragmented financial data into a single source of truth, from which meaningful, clear, and actionable insights could be produced.

We started by creating a secure system that could gather the full spectrum of financial, tax, legal, data, and life events. At the same time, we developed proprietary logic to analyze that in real time, against more than a thousand wealth strategy scenarios, developed by industry-leading experts, leveraging the qualitative and quantitative attributes of each user’s profile.

It is now just becoming real, in a sleek, simple, mobile interface, a revolutionary finance app that aims to provide independent, individual guidance for the 99 percent — holistic, personalized wealth management insights at scale.

Photo by Anna Nekrashevich | Pexels

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