“Financial Avatar of Individuals to Chart Future”
: MyFinB created an AI-based system to visualise individuals’ future and make recommendations
Kuala Lumpur, 2nd February 2020 – Individuals who worry about what their future financial position would soon be more comforted – thanks to an AI system that is able to predict their future life scenarios and make recommendations on how to create wealth and manage risks better.
According to the recent Malaysian Financial Literacy Survey, as many as 59% of Malaysians do not have enough savings to last them for more than 3 months, and that 34% admitted to spending equal to or more than their monthly salary. An alarming number of 300,908 Malaysians have been declared bankrupt up to August 2019.
Called BKU (meaning BelanjawanKu), individuals or families can be aided by the system to monitor their current financial demands and predicting future expenditure and income levels. The system will assist users in managing financial savings, expenditure, assets and liabilities throughout their life until retirement. BKU’s prescriptive engine will also recommend strategies on how users can achieve their financial goals for financial sustainability. The system will also prescribe action steps for the users to implement in the short, medium and long term based on priorities.
BKU’s analytical engine is tiered into five key areas of wealth management strategies, namely, 1. Wealth Creation, 2. Wealth Management, 3. Wealth Protection, 4. Wealth Investment and 5. Wealth Distribution. Within the report, there are six sections: 1. Financial Insights, 2. Lifestyle Insights, 3. Scenario Analysis & Avatar, 4. Recommendations, 5. Market Linkages and 6. Trending News by Segments by Topics. BKU Equity Investment module will be launched on 2 February 2020 at the The Everly Putrajaya, in partnership with leading training company, Asri Ahmad Academy. It will be made available to more than 1,000 of AAA’s clients/trainees as part of a pilot project to bridge financial planning with equity investing into Shariah-compliant stocks.