New fintech app takes a Welfie of your money

Gather your friends around because it’s time to take a Welfie!

A new start-up personal finance app, called PictureWealth has emerged, allowing Aussies to have a snapshot taken of their finances, called a ‘Welfie’, reported the Australian Financial Review.

Aussies will be able to squeeze all their financial data, like their bank accounts, daily expenses insurance policies and debts into one place.

Source: Australian Financial Review

"Until now, there hasn't been a single space where people can view a picture of their personal wealth. They've had to refer to a combination of apps, websites, policy documents, financial advisors, spreadsheets and other outdated tools to get a holistic view of where they stand," PictureWealth co-founder, David Pettit said.

The app will also educate Aussies about how they should take care of financial matters, like life insurance, constructing a portfolio and writing wills.

"We want to make sure that our robo-advice experience is about guided decision-making that educates people along the way and improves their lives.”

It’s not uncommon for many Aussies to need a little guidance understanding their finances and this isn’t the first time we’ve gotten the help through virtual online assistance.

RELATED: NAB introduces virtual chatbot bankers for small businesses

As PictureWealth joins the growing fintech movement, Aussies can now look into more innovative methods when it comes to managing their finances.

UBank's artificial assistant, RoboChat can help you with a home loan application, NAB recently unveiled a virtual chatbot, designed to answer over 13,000 variations of questions concerning business accounts and business banking provider, Tyro offering Siri Payments, where Australian businesses can make bank transfers with a simple command.

According to the latest Global Financial Index, FinTech Australia has called Sydney the eighth most attractive financial centre in the world, which can only mean that the best is yet to come as more financial institutions jump on the fintech bandwagon.

Want to know how your bank compares when it comes to innovation? Check out our bank account comparison tool or catch up on the latest fintech developments at our hub.