Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr Financial technology being the best innovative way to manage your finance, similar startups have launched various mode to attract an individual’s life in every aspect. The simple, sober process to get a hold over simple calculations, fixed deposits, insurances, etc. have been digitalised and robotic at all means. Being more analytical and data-driven, a digital investment management platform named “Wixifi” have been introduced by a PhD dropout which automatically manages one’s money.Background of WixifiFounded in 2007 by Ishaan Gupta, he is backed by 5 other members which include Chanchal Sharma, Sachin Saini, and rest of the team. The founder holds a Master’s Degree in Electrical and Computer Engineering from the University of Illinois at Urbana-Champaign. Started working as a blogger, he took to a next level in finding interest in the robo-advisory platform. After digging many places, introducing online portfolio management was not a bad idea. It grew out of IGValue, blog by Ishaan focusing on the value of investing. The following website is mostly about increasing distribution as well as making it simpler and hassle-free.How Wixifi WorksThe respective platform is an analytical engine working round the clock to generate optimal portfolios. Whenever an account is created by a person, a risk level is suggested according to his/her financial details entered by the individual. A customer also may choose to override while creating an account on their official website. One tends to enter personal e-mail i.d. and mobile number along with few extra details as per required. As soon as the website is visited, one can easily take a look at real estate, NIFTY, FDs, Gold, etc. The whole procedure is processed by an algorithm which manages historical performances of the above-mentioned segment directing all risk levels for the user.READ: TripShelf Raises Fund From GEMS GroupAlgorithm in WixifiAccording to Founder Ishaan Gupta, ” The algorithm is a ‘mean-variance optimizer’ that works on big data and a distributed analytics engine. It is an institutional-grade algorithm of a kind that is typically used by quantitative hedge funds and was inaccessible to retail investors.”Steps To Make Profile in WixifiAn individual need to create a Common Account Number (CAN) and move forward to next step. Those who already possess an account may skip the process.Now enter your PAN number and Date of Birth along with few details including CAN number.Then enter your financial goals so that the website set up a risk profile. One ought to enter details such as assets, income, liabilities, expenses, etc.After providing all the details, Wixifi will give you a detailed risk profile report and a portfolio management.In next level, invest in MF Utilities, track NIFTY, see details of redemption from each fund.Tools For Perfect Mix in WixifiThe digital investment management platform provides a research tool and data for analysing mutual funds as many as 3,000 in number and 12,000 share classes. A robo-advice is build to optimise technology so as to enable customer adaptation. Also, a tracking index is set to issue a round of observation in stock prices.Current ScenarioThe product being a few weeks old has managed to attract over 500 customers already. Its contemporaries FundsIndia and AdviseSure raised a fund of Rs. 70 crore. Also, approximately $620 million has been invested in financial management platforms along with 200 million USD more to invest this year.According to Ishaan Gupta, Founder Wixifi, It is now up to the firms in the space, who need to experiment with different models and see what can work. There is a clear market need, but now it’s about building a product that will not kill the returns —as the distribution costs are high — which the client will end up paying for. The stock advisory is accurately suitable for experienced investors who can bear the high risk along with an investment of a minimum of Rs. 10 lakhs. It also aims to open account of such customers who are interested in regular investment in the platform. The following can be taken to great heights simply with the help of technology and high levelled professionalism; which exclusively includes no calls, texting or emailing. Further, to attain such achievement, the Indian market have to progress to a point where any asset class can be mixed or added up so as to make a high rated robo-advisory market.