Chapter 5 - Closing Case - Personal Financial Management with Wealthier

Question 1

What is Wealthica?

Answer 1

Wealthica is a financial data aggregator, to help individuals overcome the obstacles of managing various different wealth information like bank accounts, retirement plans, savings accounts etc.

Question 2

Describe how Wealthica assists individuals?

Answer 2

Essentially, we understand that one must diversity their portfolio, to lower risk and raise rewards, however it makes it difficult top have a true comprehensive understanding when everything is convoluted. Wealthica, will create a consolidated 360 degree view of the various assets on the dashboard and an aggregated view of the net worth and performance of investmentents.

Question 3

Wealthica aggregates the financial information of the consumers, what are the three ways that it helps the customer?

Answer 3

1) Monitor the various investment performances over different time periods.
2) Balance sheet add on provides an accurate view of their net worth by consolidating assets and debts by their type.
3) Income report for income investors.

Question 4

What are the four different reports created by Wealthica?

Answer 4

1) Fees
2) Realized gains
3) Performance
4) Coin tracking.

Question 5

What is the Application Programming Interface?

Answer 5

Software intermediary that enables two apps to communicate with each other

Question 6

How does Wealthica gain access to the investment information?

Answer 6

1) Customers will create an account
2) Use an API or a credentials to gain access to the information

Question 7

What is the open banking framework?

Answer 7

The practice of providing third party financial service providers with open access to consumers banking, transactions, and other financial data from banks and non bank financial institutions through API