THIS POST MAY CONTAIN AFFILIATE LINKS. PLEASE READ MY DISCLOSURE FOR MORE INFO.
I wanted to share with you a new financial app that J. Money from Budgets are Sexy introduced to me back in December. It’s called Clarity Money, and it’s one of the biggest threats to Personal Capital that I’ve seen to date.
Here is a quick look when you first log on.
Clarity Money was founded by Adam Dell. His goal was to level the playing field between customers and big financial services corporations.
“Clarity Money’s mission to give consumers a financial advocate as they navigate their financial lives is an incredibly exciting use of data science and artificial intelligence. Plus, it provides a seamless and engaging user experience that is almost fun,” said Jeremy Levine, Partner at Bessemer Venture Partners, a Clarity Money investor.
Clarity Money touts itself as a personal finance mobile app that acts as your financial champion. Anything that claims to be my financial champion has me both skeptical and interested at the same time.
I have to admit, I came in very skeptical due to the fact that I LOVE Personal Capital. My thought was there was no need for me to use another financial app. I couldn’t have been more wrong.
Using artificial intelligence and data science, Clarity Money gives consumers a better idea of financial standing, enabling them to make wiser financial decisions. Features include improving one’s credit card/s, canceling or lowering bills, and creating bank accounts. All of these features are accessible through the app with a push of a button.
How great is Clarity really? Well, in its beta-testing of 1,000 users, Clarity Money users saved an average of $300 per year by identifying and eliminating wasteful spending. That means through a quick scan of your finances that it was able to save everyone $25 a month. I know a lot of things that I could do with an extra $25 every month.
So now that you know the cost savings involved, let’s go into further detail about many of the features that the app provides.
- Bill negotiation: Using data science, Clarity Money identifies bills that you have that are negotiable. With a simple push of the button, users can activate a negotiation feature and have their bills lowered for them. I sure wish that I had this app a couple of months ago before I renegotiated by DirecTV bill. I would have loved to see how the app could have reduced my bill. When I called myself, the sales rep lowered my bill by $30, so I wonder how much lower the bill could have dropped through Clarity.
- Cancel subscriptions: Too many people have subscriptions they don’t use – Hulu, Netflix, Newspapers, magazines, etc. Clarity Money’s technology automatically identifies recurring payments and then lets you cancel any account within the app. How nice would it be to end a subscription that you’ve been meaning to cancel through the app? On top of that, this is a great reminder especially for those of us that signed up for a trial period and forgot to cancel afterwards.
- Create a savings account: Everyone knows that we need to save more, but we rarely save enough. Clarity Money takes the hassle out of creating a savings account with a feature that allows you to set aside as little as $5 a week. I mean, who can forget with a great reminder like this?
- Personalized credit cards: Clarity Money uses a rules-based credit card engine to identify the right card for consumers. The app reviews users’ transactions and calculates which credit card is well-suited for a customer’s spending habits, resulting in maximum savings. Additionally, I hope to do some serious travel-hacking in the future, and I believe this app will help me optimize my ability to get the best deals through offering the best credit cards available.
Free Credit Score
Now here was my favorite feature– Clarity Money provides a free credit score report that you can access at any time. I’m not talking about just your Credit Report, which you can get free each year, but your actual credit score. As you can see below, I am a little off from the 850 perfect score.
They also even let you know about your target credit utilization score and how you are fairing on it.
Give Clarity A Chance!
So, have I convinced you to at least try Clarity? Here’s what Niall Ferguson, a board member from Harvard, had to say: “I have high conviction that the transformation of financial services by technology will have a bigger aggregate impact on the world than the transformation of transportation. Clarity Money painlessly educates everyone who uses it about managing their own finances. What better thing to automate than the teaching of financial literacy?”
They are also offering $15 if you refer up to 3 friends. Not a bad reason to spread the word!
Are you ready to support Clarity Money’s vision of an app-based defense of consumers’ rights in the financial world? Share your thoughts below.