Saving for tomorrow: A Q&A with Lista
MONEY MANAGEMENT is not exactly a foreign concept to Filipinos but rising prices of goods and services recently has certainly made this very difficult.
Changes in financial behavior were also seen in 2021 as 37% of adults were reported to have saved more for emergencies while 17% frequently used online banking and digital payments, according to the Bangko Sentral ng Pilipinas’ (BSP) Financial Inclusion Survey.
Despite the rise of budgeting tools in app stores worldwide, there was no budgeting app that is customized for Filipino consumers, which uses the local currency and the native language.
In 2021, Lista founders aimed at bringing service primarily to medium, small, and microenterprises (MSMEs), sari-sari store owners, stay-at-home mothers, and young adults who want to manage their finances. The app sought to remove the use of pen and paper, Microsoft Excel, and calculator in monitoring daily finances.
Today, Lista also offers various services including credit scores and marketplace for credit card applications.
To know more about Lista and its goals in the financial management landscape, BusinessWorld reached out to one of Lista’s founder, Khriztina Lim, in an email interview.
Here is the excerpt of the interview:
1. What is Lista app? How did the concept start? What are the app’s features?
In May 2021, co-founders Aaron Villegas and Khriz Lim met and quickly shared the same excitement of helping Filipinos stress less about their finances. Shortly after, they built the first version of Lista and shared it with friends and family.
Lista’s early iterations (as a bookkeeping app) were designed for Filipino small businesses including sari-sari stores and online shops. In July 2021, Lista got its first 1,000 users, a result of on-the-ground marketing efforts including handing out flyers, pitching at live webinars, and posting on Facebook groups.
In September 2021, Lista was officially launched and garnered over 100,000 downloads, which saw users across the country collect debt and manage their business and personal finances through the app. Lista noticed more users were downloading the app for personal finance management. This prompted Lista to launch features for personal users including budgeting, marking its transition from bookkeeping to financial management app.
In April 2023, Lista launched Credit Score in partnership with credit bureaus.
Today, Lista’s main product offerings include Credit Score, Marketplace (for credit card applications with Moneymax, and more), budgeting, savings challenge, and money in/money out.
2. What services do you offer in the local market, especially for your target markets which are young adults, small business owners, mothers?
Credit Score – offers easy and instant access to credit scores and credit reports starting at P199.
Marketplace – offers easy credit card (with Moneymax), loan, and insurance applications through the app.
Budgeting – lets users plan, organize, and track their budget according to their terms, whether it’s weekly, monthly, or semimonthly.
Savings Challenge – allows users to track their savings, can customize their target timeline and target amount.
Money In/Money Out – allows users to see and track their cash flow by tapping Money In or Money Out on the app, synced with the Budgeting feature.
3. How do you describe the progress of these services? Why do you think that the concept of financial management thrives today?
There has been remarkable growth, particularly in recent years marked by the pandemic. There’s certainly a noticeable shift in people’s attitudes towards their finances, a heightened awareness of managing their money wisely. We think that’s something worth celebrating.
What makes this moment beneficial for us is the role we can play in this evolving landscape. Originally designed to cater to Filipino MSMEs, Lista has successfully transitioned its focus to serve individuals, recognizing the growing need for personal finance management tools. Whether it’s tracking expenses, setting budgets, or planning for the future, Lista provides the necessary resources to understand where one’s money is going and maximize it to improve their quality of life.
4. What makes Lista different from other financial management app?
Lista distinguishes itself from competitors by our straightforward mission: transforming the way Filipinos perceive their finances, shifting from a negative outlook to a positive one.
Lista believes in the power of education. The app puts the power of financial management directly into the hands of its users, giving them encouragement and confidence in navigating personal finance.
As more individuals recognize the importance of understanding and managing their finances, Lista remains committed to providing the tools and resources needed to support their journey toward financial wellness.