'Even' is a Virtual Financial Manager for Stressless Money Management
Christopher Magsambol — August 12, 2015 — Tech
References: smallbiztrends & psfk
Designed for freelance income earners, 'Even' is a new service that acts as a virtual financial advisor. Even is not like a bank or lender, but instead manages the money that you currently have and earn through an automated program.
An algorithm is used to determine how much your monthly pay is, based on your last six months of income. Rather than adding all the wages and dividing it up by the number of months, the algorithm will give more weight to recent income flows. Using this data, Even will determine your monthly wage and in the future, automate particular deposits into your accounts accordingly.
In a rather simple process, Even can deposit a surplus amount of income into your savings if it rises over the monthly number. Conversely, Even can provide interest free loans for users to reach their monthly wage. To use the service, a smart phone, debit card and a job are required.
An algorithm is used to determine how much your monthly pay is, based on your last six months of income. Rather than adding all the wages and dividing it up by the number of months, the algorithm will give more weight to recent income flows. Using this data, Even will determine your monthly wage and in the future, automate particular deposits into your accounts accordingly.
In a rather simple process, Even can deposit a surplus amount of income into your savings if it rises over the monthly number. Conversely, Even can provide interest free loans for users to reach their monthly wage. To use the service, a smart phone, debit card and a job are required.
Trend Themes
1. Virtual Financial Management - Opportunities for disruptive innovation include creating even more advanced virtual financial management tools that can aid a wider range of users.
2. Algorithm-based Income Management - Opportunities for disruptive innovation include developing advanced algorithms that not only determine monthly wages based on earnings history but can also create additional strategies for savings and investments
3. Automated Savings and Loans - Opportunities for disruptive innovation include creating even more advanced programmatic deposit and loan agreements that can help users manage their money more efficiently and easily.
Industry Implications
1. Fintech - Fintech companies could benefit from integrating algorithm-based income management and virtual financial management tools into their existing platforms.
2. Mobile App Development - Mobile app development companies can disrupt the market by developing innovative apps that can manage income and create new savings/investment strategies.
3. Freelance Employment - Freelance employment platforms can benefit from partnering with virtual financial management services to provide their users with better financial management tools.
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