Founder & CEO
Indian population has always turned their face against financial planning. The technology is now hosting a paradigm shift in this culture, ease of access to financial services being the single largest moving factor. The Bangalore-based technology-powered personal financial assistance platform, PurplePath Wealth Management SolutionsPvt Ltd is setting a great example of creating its own market in this segment by engendering financial literacy among people and simultaneously providing quality new generation wealth management solutions. The company amalgamates its team’s experience & knowledge, financial technologies and cutting-edge analytics to manifest exemplary acumen in wealth management, democratize financial planning, and provide its customers with a definitive edge in ensuring smart investment for their future. A strong testament is its Al-based financial management system, Finobot, which acts as a personal financial assistant, helping customers to take each financial decision intelligently, timely, and cost-effectively. It’s truly a Siri for your financial needs. We got talking with Arun Ramaswamy, Founder & CEO, PurplePath who took us through the endeavors of the company.
In conversation with Arun Ramaswamy, Founder & CEO, PurplePath
What is the challenge that PurplePath solves for its customers through its solutions like Finobot?
The human lives today revolve around three major aspects – Time, Energy, and Money. But people spend most of their time & energy on chasing money or accumulating wealth in the form of tangible assets. They often don’t realize
that they are entitled to spending their time and energy on different aspects of their lives, without making compromises in accumulating wealth. This is where we come in, helping customers to take informed and intelligent financial decisions timely, and cost-effectively.
We offer a holistic approach in terms of assisting our customers with financial solutions – projected towards helping them take informed financial decisions, growing their wealth, helping them make prospering investments, and eventually helping them attain financial freedom. The wide horizon of our comprehensive financial planning services includes everything from income tax return e-filing to financial wellness education programs, investment planning and even retirement planning.
Our technology infrastructure ascertains that our clients are never in need to wait for an executive
We just don’t simply leave it to the automated system. With our hybrid approach, we provide that vital human interaction with our experts, 24x7 support and connected services, and thus handle emotions & sensitivities and convince reality more effectively. Furthermore, to suit the exact needs of an individual client, we ensure that our solutions are hyper-personalized rather than generic & superficial solutions
Financial services market, especially when it comes to individuals, is still in its nascent stage in India. What are the challenges that you face while penetrating the market?
The lion’s share of 130 crore strong Indian population is middle class, which has a healthy, stable source of income. But they are not known for planning ahead and don’t realize that they remain as middle class for the same reason. In addition to lack of awareness, hesitance to pay for financial services even though
the benefits are well-established is also a huge challenge. On the other hand, the unorganized nature of the industry also posts challenge.
Being a new generation company, what is your technology vision?
It’s beyond any reasonable doubt that technology is the way forward. Our technology vision is not just about creating a digital presence, but it is completely about ensuring that we provide highly effective solutions to our customers through the digital medium. We are optimizing the outcome by leveraging a combination of futuristic technologies like Data Analytics, Artificial Intelligence and Machine Learning. Our technology infrastructure ascertains that our clients are never in need to wait for an executive to provide them with actionable insights and informed advice. This also helps us in making our services more affordable and accessible to all.
As a startup company having its baptism of fire in the Indian market, how has been the journey so far?
When we kick started our operations, the idea was to provide comprehensive financial services, but accounting to multifarious challenges, we had to make a timely intervention and adjoin our offerings with Income Tax Return e-Filing services. The response from the market across the country was overwhelming. The reason? ITR filing is mandatory, unlike financial planning. We believe that our ITR e-Filing services is an entry point to the market - to create awareness among people and elevate financial literacy. We conducted a number of seminars & sessions, acquainting people with the mistakes they do while making financial decisions and how can we avoid this in the future. It has paid off considerably.
What is PurplePath’s future roadmap?
Going forward, we envision creating a ubiquitous state-of-the-art platform that will cater to each and every financial need of a household. Making our platform available in vernacular languages, and enabling access through web as well as iOS platforms (currently available on Android) are on the cards, in addition to developing more sophisticated learning solutions to democratize financial literacy. We are also planning to bring individual consultants on to our platform.