Phase 1: Research Approach
Review the competitive landscape, interview customers, define personas, and highlight opportunities.
A) Competitive research
Direct Competitor Findings
While the app is widely regarded as a top choice for overall budgeting, it's important to note that both Oportun and Mint are recognized as leaders in the budget and investment tracking space.
Empower (formerly Personal Capital) stands out due to its comprehensive suite of paid services, managing over $1 trillion in assets. It encompasses budgeting, net worth analysis, an integrated retirement planner, and an investment check-up tool.
B) Customer Interviews
Pool 1: Existing Customers, Negative Sentiment âšī¸
Although some individuals had negative sentiments towards the product due to its slightly higher price, the majority perceived that the product lacked advancements and failed to deliver value. Adding the portfolio tracking option can demonstrate positive growth, potentially influencing these individuals.
Pool 2: Potential Customers đ¤ˇ
There were a handful of individuals who initially showed interest, but their commitment to the cause was questionable. Despite most respondents expressing positivity, it seemed unlikely that they would switch from their current budgeting platform.
Pool 3: Existing Customers, Neutral Sentiment đ
This grouping showed individuals who were neutral about the existing product but expressed a slightly positive interest in the investment tracking feature when asked.
Pool 4: Existing Customers, Positive Sentiment đ
This loyal group of users actively uses and appreciates our product. They are eager to experience growth in additional areas, particularly the proposed investment tracking feature.
C) Personas
Persona distribution with financial experience assessment.
D) Opportunities
Leverage the power of new portfolio features to expand the user base
- Although linking investment accounts can be a significant task, we can utilize our expertise in connecting bank accounts to address it
- Leverage existing bank linking methods
- Prototype with a finite list of investment banking accounts with our existing banking partners (i.e., Ally Bank)
- Define the list of all major investment firms, asset management firms, mutual funds, hedge funds, investment banks
Technological advances with AI has experienced exponential growth
- Define forward-thinking portfolio analytics and determine if we can leap-frog into AI add-ons
- It may be beneficial to focus on providing non-real-time analytics exclusively
- May need to move to newer technology platform due to performance and feature ability
- Determine if we can launch with traditional reports/analytics
