Finland’s VertaaEnsin is building a Momondo for financial services
Today, there are more banking options available than ever before. VertaaEnsin is on a mission to consolidate all financial products in one platform.
“Financial products constitute the largest part of our monthly expenses. What is interesting, is that consumers are very familiar with comparing flights and other easy-to-understand products and services. We like making informed decisions regarding our purchases. However, with personal finances, instead of comparing and selecting the best product, we tend to stick with the familiar. The problem is that it is not working anymore because of three reasons: the current system simply consumes too much time and effort, and there is not enough transparency. Also what lacks is an objective view on different financial products,” says Jussi Valsta, CEO, in a press release.
Consumers’ opportunity cost for comparing financial banks has been high due to the lack of supportive services and information, and simply because it requires a lot of effort. They haven’t had access to innovative services, like Ebookers or TripAdvisor in traveling, that would have helped them to look for advice, compare options and select a product from one platform in a cost-efficient way.
“The problem in choosing the right financial services is that the current system is not working anymore, and that is because of three main reasons: The system simply consumes too much time and effort. Secondly, there is not enough transparency in the market. Also what lacks is an objective view on different financial products,” Valsta explains.
Simplifying personal financial management
In the core of financial wellbeing is your net worth, having a sufficient amount of savings, and having an emergency fund. Financial planning is the process of managing your money to achieve personal economic satisfaction. Getting better at this requires some good share of learning and education.
“The problem that not too many people want or have time to go deep into the world of finances. May us add, that, comparing financial products is a very slow process and requires a big effort to do it. Oftentimes, we end up not doing it. Not because we don’t see a need for it, but because we simply don’t have the right tools”, says Valsta.
You can try out the service here.
