This Instagram hack from fintech startup in India helps spread awareness about financial abuse and why women should be financially literate and in control of their money
An initiative of Indian neobank Fi in collaboration with Majlis, an NGO working in the development sector for women and children.
Bangalore (Karnataka) [India]March 9: According to the Supreme Court of India, financial abuse is punishable by law under the Domestic Violence Act. The problem is that most women do not know what financial abuse is and do not realize that they can take legal action. In a patriarchal culture where women have the primary role of caregiver and male members have the primary role of managing the finances, it is normal for the man of the house to be in control of money and financial decisions. Which makes it all the more difficult for anyone to identify or realize that financial abuse is a real problem.
Bengaluru-based money app, Fi partnered with Majlis, a non-profit organization with a mission to protect and promote women’s and children’s rights through legal representation, advocacy and education. They hacked Instagram’s translation feature on stories to launch Love Language Translator. After curating and sourcing hundreds of stories, they put real stories together in a fictional setting to show how women have been conditioned to believe that these are normal cases in relationships. The campaign was rolled out on Women’s Day and has seen incredible traction.
You can read real stories of financial abuse and translate them in real time with the love language translator. Fi has even integrated this in-app with their AI-powered bot, where users can ask specific questions like ‘What is financial abuse? What can I do if I am in a relationship with financial violence?’ and pooling resources with the Majlis to assist users. All this is a first and very powerful move by a fintech app to do more for women and financial literacy.
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About Fi Money
Fi. money is a money app made for professional workers. Fi’s innovation lies in creating an interactive, personal and transparent financial platform that covers banking, investment, credit and money management.
As an integrated financial services platform, Fis users get access to a new savings account, an investment platform and money management tools with features that help users know their money, grow their money and organize their funds. Millennials and GenZ have higher disposable income and a greater incentive to spend than to save. The Fi app therefore takes a unique approach, rewarding users for saving money and not just spending money.
The fintech company was founded in 2019 and is funded by Sequoia India, Temasek, GIC, Alpha Wave Global, Ribbit Capital and B Capital Group. Fi is the brainchild of former Googlers who pioneered GPay, Sujith Narayanan and Sumit Gwalani. Their team of experts – from Google, Netflix, PayPal and others – distills decades of technology and banking wisdom into Fi. Everyone wants to change the way people perceive and interact with their money forever.
Campaign Team: Minhaz Fatima, Atharva Gupte, Aashna Gandotra, Anandhi Kumar, Arjun Vijayakumar, Riya Cherada
