MoitePari TV invited us for an interview broadcast on their Youtube channel to talk about technologies and how they can help us every day.
ViziWealth is an application that aims to support families and individuals to improve their financial health.
That’s how Zornitsa Nikolova, the Chief Product Manager of digamont starts her interview with Iordan Genov, the Executive Director of Moite Pari Consult in series 116 of MoitePariTV. And she explains why it is important to have the overall picture of one’s own and family net worth, thereby achieving a holistic view of our financial life.
Everything started as an idea during the pandemic, when in our families we realized that we don’t have a shared and clear idea of what we own collectively (any assets, investments, insurances we’ve done over the years) and it worried us – we asked ourselves how ready we are to face unknowns, as we also have children and we have to secure their future.
This motivated the team to start working on ViziWealth and take a holistic view of personal and family finances.“ With the app, we actually want to enable people to bring together this shorter-term and longer-term aspect of their financial health, on the one hand – to be aware of what they’re spending on a daily basis, and on the other – to be able to set their financial goals, to motivate their decisions as to how much and how they want to save and invest, and finally – to be able to gather their assets in one place and connect them to these goals, so that they can monitor their progress and make the necessary decisions.”, Zornitsa says.
We, at ViziWealth team have noticed that the most common goals, which are being set in the application are related to kids, education of kids abroad, early retirement and financial independence, or “smaller” goals like buying a house or a car. In the application, people can formulate and visualize their goals. This is important because it motivates their financial decisions in the long term. Saving, and even investing outside the context of what we want to achieve, is not very sustainable, as there is often a lack of sufficient motivation and a basis for judgment – how much is good to save, how to build my portfolio, is the return I am getting enough for me or not. And when such a base is missing, it is very easy for people who are not professional investors to fall into various traps – they are susceptible to fluctuations in the markets to a greater extent, make chaotic decisions that they later regret, or on the other hand, they simply keep their money in a bank account and miss opportunities to secure higher returns. Setting specific goals, on the other hand, with time frames and specific parameters, can much better guide us in what we aim for with our investment decisions. So with ViziWealth, we empower the user to define their goals, link them to their assets and suggest how much they need to save/invest regularly to achieve their goals.
Automatization is a very important
Automatization is a very important aspect (that’s an excellent example of how technology helps us a lot) and people can easily see all the information about their transactions and how they spend their money.
At the end of the interview Iordan from MoitePari asked Zornitsa for the planned activities and what users can expect by the application in future and she explained that ViziWealth is built around the customer needs. The feedback of the application’s customers is very important and is being taken into consideration so that ViziWealth can serve its customers better.
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