Frequently Asked Questions
This page brings together the most common questions people ask when they first discover EchoNomics. The goal is to clearly explain what we are building, why it matters, how it will work, and what you can expect on launch day. Everything is written simply and directly, without complicated terms or unnecessary layers, so you can quickly understand the value of the platform.
EchoNomics aims to be a financial social network that simplifies everything related to money. Instead of dealing with complicated terms, reports, and unclear banking jargon, the system presents a simple snapshot: where you stand, how you compare to people like you, and what is worth improving. Everything is done clearly, using AI to summarize data and translate it into practical information that is easy to understand and apply.
Currently, this is a demand-testing site only; there is no active system yet. Our goal is to gather interested users, understand the need, and share development updates leading up to the launch.
Banking tools show you raw data as is. EchoNomics doesn't stop there - it translates the data into a clear picture. It calculates clear metrics for you, compares you to similar peers, and explains what this means in practice. Instead of lists of numbers, you get a real understanding of your status and habits, along with clear guidance on what to improve and in what order, all within a social context that leverages crowd wisdom.
Registering now ensures you’ll be among the first to receive updates on the pilot, get early access to the system upon launch, and have the chance to actually influence the product's direction through feedback. In the meantime, you will only receive essential updates: pilot opening, significant development progress, or the launch date. No regular or unnecessary spam.
Yes. For the system to show a true snapshot, it requires accurate data obtained through Open Banking. Without real data, it’s impossible to calculate your debt-to-income ratio, understand how much you truly save, or identify fixed expenses that weigh down your budget. Connecting your bank allows for accurate metrics based on reality, not estimates.
Open Banking is an official infrastructure operated under the regulation and supervision of the Bank of Israel. It allows applications to receive secure, read-only access to financial data. EchoNomics will use this connection to view income, expenses, and debts in an encrypted and restricted manner, without any ability to perform actions in the account or change anything.
Very safe. The connection is made using an official standard, with full encryption and without sharing passwords. Access is one-way: read-only. The system will see movements, expenses, incomes, and balances. It will not receive passwords, will not see full credit card numbers, and cannot perform any operations. The system has no ability to execute transactions. There is no permission for transfers, charges, or changes.
The system compares you to people with similar characteristics (age, family status, income level, etc.) and presents your position as a "percentile." The comparison is completely anonymous. The community aspect relies on general patterns and insights, not personal data.
No specific amount or action of yours is displayed to anyone.
On launch day, you will receive three core metrics, peer comparison, and AI-based insights that simply explain your situation, the causes behind it, and what can be improved. These tools enable smarter daily decision-making, such as identifying burdensome expenses, spotting weak points in your budget, and understanding your financial risk level. The social feed will be developed and added in later stages to allow for community learning and mutual support.
Yes. The basic version will be free. In the future, a premium tier will be offered for those who want advanced capabilities.
You will know exactly where you stand, what needs to change, and where to start. The system will identify trends, alert you to problematic situations, and suggest high-impact actions.
For young people, students, couples just starting out, and anyone who wants to understand their economic situation simply, without advisors and without Excel spreadsheets.