June 2019: India gets the first of its kind Fintech Vault app, for safeguarding customers’ investment details, called Investment Safeguard. This is the First app in India to ensure the availability of a person’s investment details to their loved ones, in case of any unforeseen mishap. The app is a virtual vault which safeguards the investment details, and not any sort of investment. This unique app has been launched by ISF Technologies Pvt. ltd with Intellirich Devsoft Pvt. Ltd. as its parent company .
In order to save the financial detail on the app, a person has to download the app and create his profile to enter the financial details. Investment Safeguard encrypts the user’s investment details before transferring it to the application servers. So, nobody except the user and the appointees (when required) have access to the investment details. The intuitive app provides customers a single window to add and manage details of their family members and friends in their preferred order. Under any unwanted situation the app shares investment details with customer’s family members and friends. Also, Investment Safeguard’s support team will reach out to the user’s family and friends to ensure that investment details are received properly and are understood by the recipients.
With Investment Safeguard, the user gets periodic reminders to revisit the investment records and ensure that details are up-to-date. It gives the user an option to set the notification reminder either once every month or once every two months or once in three months, based on their convenience. In case the user fails to respond to the notification, the support team will reach out to the user first, and subsequently to the beneficiaries.
Additionally, the app offers a family-member login feature to enable customers to configure permissions so that their family members have an option to login and access their investment information. Based on their preferences customers can decide that a particular family member can access details of only a specific investment.
Present at the event was Guest of Honor, Mr. Prashant Phatak, Founder & CEO at Valency Networks and AppTrusty, who spoke on the paramount importance of not just safeguarding investments but also its details.
Commenting on the launch, Sandip Sanap, Founder & Director, ISF Technologies Pvt. Ltd & Intellirich Devsoft Pvt. Ltd., said, “As per a report, in India more than 64 banks have a staggering Rs. 11,400 crores as an unclaimed amount! It is a shocking number and that is when we realized that how bad the situation would be in other financial areas where asset tracking is more difficult. Hence, we came up with the idea of this app. We all work hard securing our and our family members’ future through investments and there can be nothing worse than that amount going down the drain. We hope with this app people will be able to safeguard the details of their investments for their loved ones (if utilized effectively). Our idea is to ensure that details of customer’s investment are well protected and their beneficiaries are aware of the investments that they are entitled to. ”
A user must give just the basic details of investment and not the amount on the app. However, the consumer can enter the value related information for Mediclaim policies that will help the appointees to make an informed decision during medical emergency by accessing the right policy as per the demand of the situation.
The user can terminate the use of the service at any time, in that case the app wipes off all the data from the server. After the verification process the account will be deactivated/deleted within seven days. Hence, the application is totally secure.
Starting today, consumers can download the new app for android from the Google play store. Soon it will be available for iOS users on App store.
There are two subscription plans for users who want to use the app. The first plan is free and the user can save 3 types of investments, add details for up to 1 family member, get a default reminder and use the app for up to 6 months. The Premium plan is of Rs. 499 (including GST), which includes saving unlimited investment details, adding details of more than 1 family members, setting a custom reminder and using the app for up to 12 months.