MoneyBrilliant is a personal finance app, made in Australia, which helps people track all their financial accounts and spending in a simple and innovative way. The app categorizes spending and creates safe spending zones to help customers “stay in the green” and maximize savings. The app is a great resource for anyone who wants to get a better handle on their personal finances but is not sure how to get started or not into spending too much time on managing money. It's a great app because most of the work is already done for you, you don't have to enter information manually like many other finances apps and you can be up and running in less than 10 minutes. MoneyBrilliant Founder Peter Lord said he was struck by how many people cringed when they heard the word budget. “Budget is such a dirty word,” he said. “It inspired us to create something that doesn’t feel like a budget at all. It just feels like keeping a watch on your spending, in a really enjoyable way”. The key feature of the app is called “Safe Spending” and it is so much better than budgeting. Budgeting is about setting limits, Safe Spending is about showing you the pace of your spending and the impact of over-spending on your savings, every pay cycle. “After taking all your bills into consideration, the app will tell you at any time how much you can afford to spend without eating up your savings,” said Lord. MoneyBrilliant is now working on the next phase, which will help people maximize their savings with intelligent algorithms that recognize when someone can put some extra money aside and what the impact of that choice will be on their future. Key to giving customers a comprehensive experience, bringing all their finances together in one place, is MoneyBrilliant’s partnership with Yodlee. By utilizing Yodlee Interactive Aggregation API, users can connect over 200 bank accounts, credit cards, loans, superannuation, and investments with the highest security standards. All information is encrypted by Yodlee using 256-bit encryption and stored, in encrypted form, to standards audited by the US Government. “Keeping the personal information of customers private and secure is one of our highest priorities and Yodlee was a clear winner in this space,” said Lord. The MoneyBrilliant app is available on iOS iPhone and Apple Watch devices with plans for an Android app later this year. What is your favorite app on the Apple Watch? Are you building an innovative financial app? Check out this whitepaper on how to build and distribute apps for financial services – what to look for in an aggregation partner.
