AI wealth assistant MyFi finds opportunity in Indian personal investment space
MyFi aims to provide AI-driven financial guidance to young investors with the goal of superior outcomes.
MyFi, an artificial intelligence (AI) driven digital wealth assistant and the subsidiary of US-headquartered fintech company TIFIN, aims to create a strong niche in the growing space of personal investment in India.
MyFi launched its app in July this year and claims to have witnessed over 20,000 downloads since.
Talking to EnterpriseStory, MyFi Co-founder and CEO Kiran Nambiar said there is a large opportunity for them in India as there are very few players that provide personalised wealth management services as a digital platform.
MyFi CEO Kiran Nambiar
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MyFi provides personalised advice to individuals seeking guidance on their current investment portfolio and gives them recommendations based on their analysis. The company has created its own set of algorithms and financial models to provide these services.
According to Nambiar, MyFi is not just a platform for recommendation but also guides users on wealth management. “We are a product which is a combination of design, AI and finance,” he remarked.
The big challenge that MyFi saw in the Indian market was a growing number of individuals in the age group 25-35 who were keen on wealth management but could not find the right kind of investment advisors. Additionally, many wealth management platforms were largely brokerage businesses and not focused on educating the investors.
“The investment needs of a large segment of such investors can be addressed only through a digital platform,” Nambiar said. He further claimed that MyFi can be scaled to address the requirements of a larger mass.
At present, MyFi provides advisory services in the mutual fund space. It has already seen around 1,200 users with Rs 400 crore in assets linking their accounts to this platform.
“We are supporting people in their financial journey through investing to have better outcomes,” Nambiar said.
He said the goal of MyFi will be to enable financially savvy and aware investors.
MyFi is registered with SEBI as a Registered Investment Advisor (RIA) and is operating in strict accordance with all relevant government regulations. It offers subscription-based plans and aims to get into the space of stock advisory.
Edited by Kanishk Singh