If a picture is worth a thousands words, then fintech startup Simply Wall St is producing 10 million words per day, via the more than 10,000 inforgraphics that turn daily – and complex – financial data into simple visuals.
Utilising data from S&P Capital IQ, the Simply Wall Street app enables users to get an instant visualisation on many and varied financial aspects of individual companies listed in Australia (ASX), the US (Nasdaq, NYSE) and the UK (LSE). Users can also utilise the visualisation tools for insight into their overall portfolio.
It’s a fascinating concept, and CANSTAR caught up with Co-founder and CEO of Simply Wall St to find out a bit more about the service.
Q: What is the benefit for self-directed investors in using Simply Wall St?
A: Our aim at Simply Wall St is to turn you into a better investor. We do this by helping you make non-emotional long term investment decisions based on fundamentals. Specifically:
- Access to institutional quality company data on ASX and international stocks
- Holistic company analysis model which makes due diligence a breeze
- Portfolio analysis
- Ability to create your own ‘views’ based on our analysis to find new ideas
Q: You are competing in an increasingly crowded marketplace. What are your competitive advantages?
A: It is very crowded but this actually makes the experience of being a DIY investor worse as people are overloaded with information and conflicting opinions!
We are the only platform that analyses over 15,000 US, UK and AU stocks every 6 hours and presents the results in a really easy to understand infographic. Users can then search for any of those stocks via our Advanced filtering system, which is sort of like designing your own dream Snowflake! Because we analyse all those companies this also allows us to do things like portfolio analysis in a way that no one else can.
Q: Why do you think it is that infographics are more likely to be read than an article? What is it that makes them so effective?
A: It all comes back to how the brain processes information. We actually process visuals 60,000 times faster than text and because of this when information is presented as an infographic its 30 times more likely to be read than a pure text article. I think this especially true with finance which is a bit behind other industries with recognising this, a lot of content is still 100% text and even the visuals they include are often not easy to read! Some of the big publishers like Bloomberg have dedicated infographic teams now so it is changing.
Q: What has the startup journey been like for you personally?
A: It’s been amazing so far, hands down the best decision I’ve made to quit a corporate job and take the plunge. There are certainly challenges but it’s part of the fun – if it was easy everyone would do it. For example initially I lived in my van to save some cash, some people probably can’t think of anything worse but I loved it!
Simply Wall St provides a free plan for those that are simply curious to see how it works and is in the process of introducing both “investor” and Pro-investor” plans. You can find out more about Simply Wall St via its FAQ page.
It has also launched a new app, which is a free, simplified version of the Simply Wall St web platform. You can download it: