Cred Money Launched!

[GokulRamalingam]

Have anyone explored CRED Money feature inside CRED app?

 

[SSV]

All these apps are tracking only from the Savings Account. But many of us here use Credit cards and wallets as well. No app tracks all bank + Credit card + wallet spends in one single view. That will be the real need among the consumers. But I believe these apps like cred, just use the fintech arm and at the end of the day - are only interested to get consumer data & financials.

Correct ...everyone works with their own motto.
We have to see if our interests are aligned with their interests, if Yes , sign up with them .. if no , ignore them

As simple as that

 

[GokulRamalingam]

Is CRED money different to CRED cash??

Yes, CRED money is a new feature introduced inside CRED app to get insights of all our account balance, spends, investments across our savings account.

 

[anotheruser]

Whats new here? Afaik, already bank apps allows linking other bank accounts now a days. Ex: icici

 

[superstar@123]

Whats new here? Afaik, already bank apps allows linking other bank accounts now a days. Ex: icici

They just allow linking, what Cred and Fold does is much more than that. They provide:
1. Analysis of your expenses over the period across all accounts
2. Allow tagging of your expenses (Also AI based tagging)
3. They create reminders for recurring payments so that you dont miss it.
4. They provide user friendly UI to track everything together.
5. Notifications for important updates and reminders.

Hope the above helps!

 

[Zacobite]

Before jumping in the data breach part, lets understand how it works! (Both Cred Money and Fold works on the same principle)

Account Aggregator:

Account aggregators are digital platforms that securely collect and share your financial data (like bank accounts, investments) from multiple sources with your explicit permission. Think of them as financial data managers. This consolidated view empowers you to make informed financial decisions and allows businesses to offer tailored products. Safety is paramount; these platforms are regulated by the RBI and employ robust security measures. Your data is encrypted, and you maintain complete control over what information is shared and with whom.

These entities DO NOT work on username/passwords and you are not required to enter any password during the whole process! So the question of password leaking out is ruled out completely!

nako nako.. we have enough issues with banks and their data security.. another one and all in one place is just too much to allow.. risky with really no clear value..

 

[superstar@123]

nako nako.. we have enough issues with banks and their data security.. another one and all in one place is just too much to allow.. risky with really no clear value..

Yeah, its absolutely fine not to use it!
There are many people who think that UPI is risky and they cash transactions only!
They are happy and people who are using UPI are also happy !

 

[jabwebanged]

This is actually pretty cool. I never gave Cred my email access (i can't believe others give this).
It found all my bank accounts, even the current ones for business and categorized everything.
What was really interesting was the incoming (including interest income) and expense charts.

 

[maheshspanicker]

I got an 'Early Access' and took it. It is helpful, and the reason I really went for it is that my IDFC First App has stopped working for me. I use Google TalkBack, and a recent app update from IDFC broke the TalkBack accessibility. Though they've been promising to fix it quickly, it is not yet done. So to track transactions there, I decided to go the Cred Money way when the option presented itself.
With a few more useful info including interest and projections, the new feature does seem good.

 

[vine]

So the screenshot days cred money is "built" on the Account Aggregator..
It looks like they don't have the AA licence but collect the data from them, if we give them the permission to go ahead, correct?

Dubious, just like everything else in Cred.

 

[superstar@123]

More disturbing news for AA !

NBFC account aggregators hit by cyber frauds, home ministry steps in with technical help

The account aggregator (AA) ecosystem is facing the threat of cybercriminals, with fraudsters gaming their systems to access customer data and details of their bank accounts. Some of the large account aggregators like Perfios, Finvu, Cams Finserv, and NeSL Asset Data Limited have shut down...

economictimes.indiatimes.com

(I was in favour of AA and their framework but after reading this, my views have changed !!)

Have removed all my permissions for accessing bank accounts.

 

[vine]

Have removed all my permissions for accessing bank accounts.

How to do this?

 

[superstar@123]

How to do this?

Cred Money uses the below AA, so go there and remove the access.

Finvu Revoke Consent

Web site created using create-react-app

revokeconsentlive.finvu.in

 

[Viswanath VB]

Hello, I was wondering if you still have the Cred money invite available? If so, would you be willing to share it with me? I'd greatly appreciate it. Thanks in advance.

 

[manu148]

In the world of Data Breach is it advisable to link bank accounts to these apps.My gmail password was found in data leak few days after i linked it with cred.

This might be a coincidence but i don't wanna take chance again.thats why i have not linked it yet to cred despite having the access.

Cred does not take your gmail password.

They use Gmail api to fetch emails and gamil sends them emails through api

Cred doesn't store login of gamil. And giving access to email is optional. I have sperate email for credit cards for information.

Indian needs more data security