EmpowerMoneySense
Streamlining Financial Planning for Every Singaporean.
Overview
EmpowerMoneySense is a financial planning digital platform. Our goal is to enable Singaporeans to better understand their finances and take action to improve their financial well-being across different life stages.
MVP & Prototype
Problem Statement
HMW provide a convenient and user-centric financial platform that supports users in their financial planning journey?
Customer Segmentation Prioritisation
The single or family is identified as our target customer segments.
Customer Persona & Customer Journey
Customers' Needs
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I want to define my financial goals, such as saving for my second house and managing my mortgage.
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I want to see an overview of my financial position and identify the steps I need to take to improve it.
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I want to engage with educational content provided by the product, such as articles, tutorials, and webinars on financial topics relevant to my situation.
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I want to compare mortgage offers from different banks without the need for additional paid services.
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I want to manage existing resources effectively and receive suggestions for optimizing savings and investments.
Customers' Pain Points
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Customers who have specific financial goals and situations find it challenging to find a platform that provides a feature for setting specific financial goals.
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Customers feel frustration with the complexity of the sign-up process.
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Customers have a fear of providing personal and financial information to online platforms because of increasing incidents of data breaches.
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Customers feel that the educational content is not relevant to their needs, and the personalization of the advice provided was inadequate.
Pain Points Prioritisation
The top two most important pain points that address customer needs are:
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Lack of feature for setting specific financial goals
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Fear of providing personal and financial information
List Solutions:
Lack of feature for setting specific financial goals:
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Goal-based budgeting
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Goal setting tool
Solutions Prioritisation
Goal setting tool will be the solution to address lack of feature for setting specific financial goals.
Fear of providing personal and financial information:
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Transparent data security measures
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Privacy controls
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Educational resources on data security
Privacy controls will be the solution to address fear of providing personal and financial information.
Solutions Prioritisation
User Requirements
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Comprehensive Financial Tracking: Users should be able to track all their financial accounts (bank accounts, investments, loans, etc.) in one place for a complete financial overview.
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Goal Setting and Tracking: Users should be able to set personalized financial goals (e.g., saving for retirement, buying a house) and track their progress over time.
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Customised Recommendations: Users should be able to receive personalized recommendations based on their financial goals, risk tolerance, and investment preferences.
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User-Friendly Interface: The platform should have an intuitive and easy-to-navigate interface, suitable for users of all levels of financial literacy.
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Security and Privacy: Users' financial data should be securely encrypted and protected, ensuring privacy and compliance with data protection regulations.
User Stories and Acceptance Criteria
User Story 1
Easy Sign-Up
As a user, I want to sign up for the financial planning platform quickly and securely so that I can start managing my finances without delay.
Acceptance Criteria:
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The sign-up process can be completed in a few steps.
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The platform supports Singpass for easy and secure login.
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The sign-up page clearly explains data privacy measures.
User Story 2
Tailored Financial Goals Setting
As a user, I want to set up financial goals that are specific to my needs so that I can plan for buying a house and future family expenses.
Acceptance Criteria:
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The platform allows for the creation of multiple, customizable financial goals.
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Users can input goal-related details, such as timelines and financial targets.
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The platform offers suggestions or guidance for realistic goal-setting based on the user's financial data.
User Story 3
Integration with Banks
As a user, I want to link my bank accounts to the platform so that I can see all my financial information in one place.
Acceptance Criteria:
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The platform supports secure integration with major banks in Singapore.
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Users can view aggregated financial data from connected accounts.
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The platform updates financial information in real-time or near-real-time.
User Story 4
Learning and Education
As a user, I want to access educational content to improve my financial literacy so that I can make more informed financial decisions.
Acceptance Criteria:
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The platform provides a library of articles, tutorials, and webinars on financial topics.
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Content is categorized and easily searchable based on topics or user goals.
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The platform recommends personalized learning content based on the user's activity and goals.
User Story 5
As a user, I need to be assured that my financial data is private and secure so that I can trust the platform with my personal information.
Privacy Assurance
Acceptance Criteria:
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The platform has a clear and accessible privacy policy that outlines data usage.
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There are security features such as two-factor authentication.
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Users receive immediate notification of any access or significant changes to their account.
User Story 6
Financial Overview and Insights
As a user, I want to have a dashboard that gives me a comprehensive view of my financial health so that I can understand my current financial position and what steps I need to take to improve it.
Acceptance Criteria:
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The dashboard provides a summary of assets, liabilities, income, and expenses.
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There are visual analytics tools such as charts and graphs to track progress towards goals.
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The platform generates insights and action items based on the financial data.
User Story 7
No Unnecessary Costs
As a user, I want to use the financial planning platform without incurring additional fees so that I can manage my finances cost-effectively.
Acceptance Criteria:
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Core features of the platform that facilitate financial planning and budgeting are available without extra charges.
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Any premium features or services are clearly marked with their costs.
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The platform provides a comparison of services or features with and without additional costs.
User Story 8
Mortgage Comparison
As a user, I want to compare mortgage offers from different banks to ensure I get the best deal based on my financial profile.
Acceptance Criteria:
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The platform aggregates mortgage rates and terms from multiple banks.
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Users can input their financial details to receive personalized mortgage recommendations.
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The comparison tool highlights the best mortgage options based on the user's credit score and bank statements.
User Story 9
Resource Management
As a user, I need to manage and invest my resources effectively to prepare for future expenses.
Acceptance Criteria:
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The platform offers budgeting tools to help plan and track investments and savings.
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Users receive suggestions for optimizing the allocation of their funds based on financial goals.
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The tool allows for scenario analysis to understand the impact of different investment strategies.
Usability
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The platform should have a clean, intuitive interface that allows users to navigate through various financial planning tools with ease.
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The platform needs to be designed with the user's journey in mind, ensuring that all interactions are logical, straightforward, and as efficient as possible.
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The ability for users to set personal financial goals, track them, and receive personalized advice based on their individual financial data.
Reliability
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The minimum time to fix any issue is 24 hours
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The website system uptime should be higher or equal to 99.9%.
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The platform should work consistently without bugs or errors that could lead to mismanagement of finances or inaccurate planning.
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The system should provide consistently reliable and up-to-date financial advice, reflective of current market conditions and personal financial situations.
System Performance
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The homepage load time should be less than 3 seconds.
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The search result page load time should be less than 5 seconds.
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The response time to user inputs should be less than 5 seconds.
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The system should provide updated in real-time or near-real-time of the financial data.
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The system should support 100,000 users concurrently without performance degradation.
Product Roadmap
Risks and Recommendations
Go-To-Market Strategy
Social Media
Social media leverage social media platforms to reach potential users with targeted ads, educational content, and engagement campaigns that highlight the benefits of your platform.
Influencer Partnerships
Partner with financial influencers, bloggers, and advisors who can endorse your platform. Collaborate with banks, credit unions, and other financial institutions for referrals.
Content Marketing
Create valuable content that addresses common financial challenges and goals. Use blogs, e-books, whitepapers, infographics, and videos to draw attention to the platform.
Product Demos
Offer live product demonstrations online or in-person to walk potential users through the platform and showcase its ease of use and features.