Q&A with the Founder of the Moneyworks App | The Frugalista

Q&A with the Founder of the Moneyworks App

by frugalista on May 6, 2015

moneyworks_app_logo_512x512Hey Frugs! I made a personal vow to start highlighting start up founders. I had the opportunity to talk to Ben Weiss, co-founder of the Moneyworks app. The Moneyworks app is part of the “predictive behavior” tech trend that basically profiles your habits and anticipates what you will do next – even before you make a move. The Moneyworks app tracks your spending and helps you to find coupons for your favorite shopping needs. Ben has some interesting views on the usefulness of budgeting that are worth considering even if you don’t agree! Please read below about Ben’s Moneyworks app and how he’s trying to help you save money with it!

Q&A with Moneyworks App co-founder Ben Weiss

What’s the Moneyworks app?

Moneyworks is a mobile Android app that predicts your shopping behavior in order to
find you savings on everyday purchases like restaurants, massages and auto
services with deals from Groupon, LivingSocial, Restaurant.com and many other sites. Users can currently download the app from the Google Play Store.

How is this app different than RetailMeNot or Shopular or any other deals apps?

Those apps are great, and if you have the time and patience they can be very useful.
Moneyworks is different by filtering deals or coupons to only what is relevant to you at a specific Dashboard_framed
moment in time. We take the work out staying on top of deals. As we grow the company, we
would love to partner with those services.

How can Moneyworks predict someone’s shopping behavior?

The app combines a user’s credit or debit card transaction data that we aggregate from your bank with your mobile phone’s geo-
location data to anticipate when you are about to go shopping. If that all sounds like tech mumbo
jumbo, think about it this way: During the week, a user might go to their downtown shopping area
and buy lunch, but on the weekend they go to the same place to buy clothes. By anticipating why
you are at a certain place, we can then find you the perfect deal at the perfect moment.
Does this sound intriguing but a little creepy? . . . Think about Moneyworks like you are a
Hollywood superstar and we are your hardworking personal assistant doing the grunt work to find
you awesome stuff. Everything we do is for the goal of finding you the best deal.

How did you get the idea for it? What inspired you to get into the financial tech sector?

TourArtwork-scrn3Lets face it, budgeting just does not work. We have all tried Mint.com or Quicken with the best of
intentions. And then we forget about it. Or life happens. Or whatever other excuse you want to
come up with for why you cannot stick to a budget. The reason we founded Moneyworks was
because we saw an opportunity in mobile phones to create a more effective way for people to
save money.
The Moneyworks product automates the process of researching the best deal or coupon on the
little purchases we face everyday. We all lead busy hectic lives – work, kids, friends and on and
on. People don’t always have time to research every little decision. Moneyworks does that work
for you by looking at many many deal sites so that you always have the best opportunity to save.
Our goal is to get people started saving money by using deals and recommendations. We hope
that with Moneyworks people continue to save for their goals over time whether that paying off
credit debt or saving putting money away for your child’s education.

What accounts do you use to predict the savings deals around? Credit cards, savings
or checking? Let us know!

Moneyworks aggregates your data by bank – including checking, debit, and credit card accounts.
We currently support: American Express, Bank of America, Chase Bank, Citibank, USAA Bank,
US Bank and Wells Fargo.

How do we know we can trust this app with our information?

The Moneyworks team comes from financial technology companies and so we bring deep
industry expertise to our product’s security. Moneworks uses 128-bit SSL encryption – the same
level as most large banks. We only momentarily hold your credentials to get authenticated at your
bank then we no longer store credentials. Moneyworks NEVER has the ability to move money
from your bank account. This is a long way of saying that Moneyworks is very very secure.

Who is your ideal customer?

The Moneyworks product has resonated the most with a group of users we call the “CFO Mom” –
women with children at home who manage their household finances and have a clear goal of
saving more money. These busy mom’s run their families operations but they are being pulled in
a million directions every day. They recognize the need to save for their families goals, and we
want to help them achieve that.

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