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FinanceOn - Financial Services Platform
- Industry
- finance
- Product Type
- digital
- Problem
- People in underserved markets struggle to get access to the financial services they need.
- Market Size & User Personas
- The global market size for the financial services sector is sizable and estimated to be over $605 billion by 2023. Our target user personas include individuals and small businesses who lack access to traditional financial services such as access to credit, savings, managing expenses, and budgeting.
- Solution
- FinanceOn will provide a digital platform that offers access to key financial services through a convenient and secure platform.
- MVP Features
- The MVP version of FinanceOn will include features such as user digital onboarding, an online banking platform with web and mobile capabilities, and budgeting and expense tracking tools. It will also offer features such as an investment and savings platform, credit options, and a credit score estimator.
- Implementation Details
- FinanceOn will be built using a microservices architecture to ensure scalability. It will utilize a robust suite of technologies, such as a modern web framework, a cloud-based data platform, and a mobile application. In addition, it will integrate with existing third-party services to provide seamless customer experiences across channels. The overall implementation timeline is estimated to be 12 weeks.
- Value Proposition
- FinanceOn offers users a comprehensive suite of financial services that are secure, convenient, and accessible. It is designed to provide users with the financial literacy and resources they need to become financially independent.
- Pain Points to Solve
- FinanceOn is designed to solve the pain points of user in underserved markets such as lack of access to financial services, low financial literacy, and uncertainty about making long-term investments.
- Sales & Marketing Channels
- FinanceOn will leverage a multi-channel approach that combines both online and offline sales and marketing initiatives. This includes digital marketing (social media, SEO/SEM, display, etc.), direct mail campaigns, and in-person events. We will also leverage existing partnerships with financial institutions to further expand our reach.
- Revenue Stream Sources
- FinanceOn will generate revenue through fees associated with our services such as account setup, transaction fees, and subscription fees. We will also generate revenue through our strategic partnerships.
- Cost Structures
- FinanceOn’s cost structure will include cost-effective initiatives such as open source solutions, inexpensive payment processing solutions, and cloud-based technology. We will also leverage existing partnerships and technologies to reduce cost.
- Key Activities
- FinanceOn’s key activities include product development, user onboarding, sales and marketing, customer support, data security & privacy, and financial reporting.
- Key Resources
- FinanceOn’s key resources include our technology platform, team of financial professionals, external partners, and marketing materials.
- Key Partners
- FinanceOn will partner with existing financial institutions, payment processors, customer outreach organizations, and other key players in the financial services industry.
- Competition Landscape
- The competition landscape is crowded with both traditional and digital players. Our competitive advantage lies in our comprehensive suite of services, user-friendly interface, and low costs.
- Competition Advantage
- FinanceOn’s competitive advantage lies in our comprehensive financial services platform, with features such as budgeting and expense tracking, credit score estimator, and access to credit and savings plans.
- Idea Validation Steps
- FinanceOn will use qualitative and quantitative customer research to validate the product concept. This includes market surveys, customer interviews, and focus groups, among other activities.
- Potential Business Challenges
- FinanceOn will face potential challenges including user adoption, regulatory uncertainty, and market competition.