FIsion
Plan & visualise your financial future today
Problem Statement
As someone who wants better visibility to their financial future, how might I visualise projections of different scenarios to help me make informed financial decisions today, in a QUICK, EASY & AFFORDABLE way?
Problem Background
Who is the customer
Our targeted demographic is users who are professionals (excluding Finance/Accounting professionals), who have strong interest in personal finance, and medium - high financial literacy, BUT don’t work with Financial Advisers.
What is the need or problem we’re addressing
Majority of paid personal finance tools focus on tracking (expenses/investment performance), and budgeting (cashflow) [1], but not comparison of different scenarios with detailed projections. On the other hand, free tools are usually clunky or over simplied.
When it comes to scenarios comparison or projections, users mentioned that tool they use is either time consuming to set up, geared to certain market only e.g. US, and/or they need to use multiple tools for meaningful comparison.
Why should we address this problem now
Based on the survey results, users use a combination of tools and qualitative analysis to piece together what they think they should consider on a spreadsheet, to complete different scenarios.
There are some risks with users’ current ways of gaining visiblity to financial future. Firstly, not everyone has advanced Excel skills to do a projection properly for accurate results. Secondly, not everyone is good at data visualisation.Thirdly, there may be inputs that are not considered when they set up projections for scenario comparison.
Risks above lead to inaccurate analysis to the future scenario, and inaccurate comparison between the future vs current scenario.
As a result, it becomes a risk of misinformed financial decisions today.
As per the user research, users do engage in activities like setting up projections/scenario comparison, however they think that this exercise is usually a time consuming, as they need to grab information from multiple sources.
Market opportunity in the paid personal finance market tool is massive [2]. It is expected to reach USD 2.25 billion in 2032. Increasing awareness among individuals about the importance of financial planning and management is evident.
In summary, it’s important to address these users’ pain points now, so that we can remove barriers for users to easily set up accurate projections/scenario comparison today, which allows them to achieve their desired outcome in the future.
Research Insights
10 user interviews were conducted with the targeted demographic to gain further insights into our problem space. Key insights are:
- 70% of the people choose not to have an adviser due to costs
- 50% of the people are using personal finance tools to gain better visibility to their financial future
- People tend to use a combo of paid and free tools
- Things that make a personal finance tool tick:
Flexible, Easily accessible/Convenient, Straightforward - Things that frustrate users about a personal finance tool:
Time consuming to set up, geared to certain market e.g. US, need to use multiple tools for meaningful comparison - Excel is the go-to for scenario compariosn, usually simple functions are used
The main takeaway and core problem derived from the user interviews is that, there is no one personal finance tool that does it all. There is also currently no easy or straightforward way to compare different scenarios.
Therefore, it’s important to address these users’ pain points, so that we can remove barriers for users to easily set up accurate projections/scenario comparison today, by achieving better user desired outcome in the future. This leads to better user experience.
Landing on the Solution
Based on my qualitative and quantitative research, the primary features prioritised for MVP for early adopters would be:
- Set up projection based on current position
- Reference table of default values for various inputs is provided
- Find out gap to achieving financial goal based on current position
- Set up projection for 1 scenario to compare with current position
- Find out gap to achieving financial goal based on current position, and the 1 scenario user specifies
Explanation of the Solution
FIsion allows users to set up projection/scenario comparisions in an efficient way, and brings together multiple financial factors.
Above features minimise risk and time associated with users’ current way of comparing different financial scenarios:
- FIsion helps to prompt users with inputs when they set up projections for scenario comparison. Reference table of default values provides ideas for various input types.
FIsion does not only provide standard items for Assets, Liabilities, Cash Inflow, and Cash Outflow, it also allows user to add customised items. - FIsion looks after the data visualization aspect, user only needs to consider scenario they want comparison for, and get ideas from the Reference table when considering inputs & associated values
Example of User Journey & User Flow when setting up current position in FIsion
Example of wireframes when setting up current position in FIsion
Step 1 of Sign-up
Step 2 of Sign-up
Step 3 of Sign-up
Step 4 of Sign-up
Step 5 of Sign-up
Step 6 of Sign-up
If user exits during Sign-up
Future Steps
- Conduct a detailed competitive analysis with top 3 direct competitors before launching
- Conduct additional surveys to understand if right pricing with more value would warrant FIsion as a standalone paid tool
- Invite a Finance SME to be part of the project, this depends on the direction of the two activities above are heading
References
[1] Best personal finance software of 2024
https://www.techradar.com/best/best-personal-finance-software
[2] Personal Finance Software Market Size, Share & Trends Analysis Report
https://straitsresearch.com/report/personal-finance-software-market#:~:text=The%20global%20personal%20finance%20software,period%20(2024%2D2032)
Learnings
Product Manager Learnings:
Elaine Chan
- Fight the urge to find solution for our problem space until we’re clear about what problem(s) we’re solving. Ask ourselves “what would Einstein do” every time we come across a problem – “spend 55 mins understanding the problem, and 5 mins on the solution”
- Focusing on user’s desired outcome helps us identify the core problem, instead of all the problems in a problem space
- User Research is an execellent way to validate our hypothesis. It allows us to understand their current behaviour and thinking, and fine tune what problem(s) we’re solving. Most importantly, keep capturing feedback along the product management process
- Product sense can be developed, and should be continued to be developed if you want to be a great Product Manager. It’s one of the top 3 most valued skills as a Product Manager
- Involve key stakeholders as early as possible and regularly along the product management process to gain buy-in
Designer Learnings:
Designer Learnings:
Jo Sturdivant
- Adapting to an Established Team: Joining the team in week 6 of 8 was challenging, as I had to quickly adapt to existing workflows, dynamics, and goals. This mirrors real-world situations where you often integrate into teams mid-project, and flexibility is essential.
- Work-Blocking for Efficiency: With only two weeks to complete the project, I learned the importance of a structured work-blocking system. This approach allowed me to manage my time effectively and meet deadlines under pressure.
- Making Data-Driven Design Decisions: Unlike my past projects, I had to rely on research conducted by others. This was a valuable experience in using pre-existing data to guide design decisions, helping me focus on the core insights without starting from scratch.
Developer Learnings:
Developer Learnings:
Vanady Beard
&
As the back-end developer, I learned how important it is to create efficient and reliable systems that support the entire application. This experience also taught me the importance of optimising the database and ensuring the backend is scalable and easy to maintain.
Developer Learnings:
Stephen Asiedu
&
As a back-end developer, I've come to understand the importance of being familiar with various database systems and modules. This knowledge enables me to build diverse applications and maintain versatility in my work. I've also learned that the responsibility for making the right choices rests on my shoulders, guided by my best judgement.
Developer Learnings:
&
Developer Learnings:
Maurquise Williams
&
- Process of Creating an MVP: Developing a Minimum Viable Product (MVP) taught me how to focus on delivering core functionalities balancing between essential features and avoiding scope creep.
- Collaboration in a Real-World Tech Setting: This experience taught me how to collaborate efficiently in a fast-paced tech environment, keeping the team aligned and productive, even while working remotely across time zones.
- Sharpening Critical Thinking and Problem-Solving Skills: This experience honed my ability to think critically and solve problems efficiently. By tackling challenges and finding quick solutions, I sharpened my decision-making and troubleshooting skills in a dynamic, real-world setting.
Developer Learnings:
Jeremiah Williams
&
All in all this experience was very awesome I learned that in coding with others being transparent is key
Developers Learnings:
Justin Farley
&
I learned how important communication is when working with a team. Communication provides understanding, advice, ideas, and much more. While working with the product team, I’ve found that communication keeps everything flowing smoothly. Working with a team also showed me that every member brings something different to the table and we all have to work together in order to align and meet our end goal.