New Zealand-based money comparison startup, PocketWise launched a financial health check tool in a public awareness campaign, MoneyWeek.
With a tagline, “Compare financial products and put more money in your pocket,” PocketWise is a one-stop money comparison site which compares the leading credit cards, home loans, personal loans, and KiwiSaver funds in New Zealand. Their analysis and tools help their clients to find the best product to suit their situation or lifestyle and achieve financial goals.
The new tool displays all the client’s financial products on a single dashboard, while it lists other financial products for comparison. Users have access and can check details of personal loans, KiwiSaver funds, and international money transfer rates, among other products.
PocketWise co-founder Binu Paul said, “We’re simply responding to our user’s feedback.” Further, he stated, “Since our launch earlier this year, we have had numerous ideas being put forth and it was a question of picking out the most requested. This week is MoneyWeek, and we thought it would be a neat idea to help Kiwis on their journey to financial freedom and savvy. We have been blessed with rich user data and feedback. While we have started with a minimum set of features for this new tool, we are continuing to redefine the edges. My observation is that customers tend to want to compare prices when buying TV’s, fridges, flight tickets, and accommodation, but don’t apply the same savvy when shopping for financial products. Unfortunately, that’s a lot of real money left on the table.”
According to PocketWise, there is often a sizeable difference in the cost and value of financial products, with cost differences sometimes adding up to thousands of dollars. This is particularly true for big-ticket products such as mortgages and KiwiSaver funds.
With a short span of time, PocketWise gained a considerable amount of client trust. The major customers of PocketWise include SBS Bank, Aon, Harmoney, Bnz, Generate, Westpac, ASB and Kiwi Bank.