Fintech platform Vault22 has launched an AI-powered wealth platform designed to make managing money simpler and more organized in the UAE.
This new service is designed to assist individuals in effectively handling issues such as budgeting, saving, and investing through a single digital application, which is a clear reflection of the increased need for services that provide a “one-stop shop” for all financial decisions.
The service is designed to eliminate the hassle that comes with handling numerous financial accounts. Today, most professionals have several financial accounts, currencies, loans, and investments, which make it difficult for them to get a clear view of their financial situation.
Vault22 is designed to provide a clear view of an individual’s financial profile through a single application, which enables them to track all their assets, liabilities, and goals in real-time. The concept is simple: when an individual has a clear view of where they are financially, they are in a better position to plan for the future.
What will the new platform offer?
One of the main aspects of the platform is that it has an AI assistant, named Tara, which analyzes a person’s spending, saving, and investing habits and provides them with tailored advice.
It has the potential to alert users to cash shortages, highlight unused cash, track investments, and remind them based on a pay cycle or financial goals.
The firm believes that this level of understanding goes beyond what financial institutions traditionally have access to, as banks only have visibility into a customer’s activity within that bank’s own systems.
Digital wealth tools see steady rise across the globe
The launch comes at a crucial point where digital wealth tools are gaining momentum worldwide. Vault22 also claims that it has now reached a mark of one million registered users worldwide. Furthermore, the recent increase in registrations also indicates a growing interest in more “smart” financial management tools.
The company was founded by renowned financial brands like Standard Chartered, Old Mutual, and Franklin Templeton, and it enjoys excellent support from the financial industry.
The company is currently based at the Dubai International Financial Centre. This is also a pointer towards the company’s desire to serve the needs of globally mobile professionals, entrepreneurs, and investors.
The launch of the company in the UAE also indicates a growing interest among fintech companies in developing a system whereby users can have more “visibility” and “control” over their financial decisions, using AI.