LiteFin is a platform that provides personalized financial advice by aggregating financial data from multiple sources. Here’s how the data aggregation process works
LiteFin
How Data Aggregation Works
Collection of financial data from various sources, including bank accounts, credit cards, investment accounts, and loans. This is done using various techniques such as APIs, screen scraping, or direct integrations with financial institutions.
LiteFin standardizes the collected data by formatting it to a consistent structure, currency, and transaction categories. This ensures that the data is compatible and consistent across different sources.
Analyzes the aggregated data to identify financial patterns, income streams, investment returns, and other financial metrics. This can be achieved using rule-based systems, statistical models, or machine learning algorithms.
Users are segmented based on their financial profile, such as income, expenses, debt, and savings. This segmentation helps the platform understand the user's financial goals, preferences, and risk tolerance.
Based on the user's financial profile, goals, and preferences, LiteFin generates personalized financial advice. This advice may include budgeting tips, investment recommendations, debt repayment strategies, and insurance suggestions.
LiteFin continually monitors the user's financial situation and provides updated advice as needed. This helps users stay on track and achieve their financial goals.
