The problem SimpliFi - Your intelligent PFM solves

1. Most of us (target audience being a millennial with regular-income) know that they need to save or manage their finances better. But savings is an afterthought, while we should spend after saving and not the other way round. We mostly invest or save based on what our friends and family suggest. This is not personalised or helps in achieving our goals.

2. Micro advice & frequent execution on strategy is key for long term financial success. We are good at making plans but fall short at execution. SimpliFi helps users execute their financial strategy by transacting on their behalf in smart investments, keeping all the transactions in check and alerting when there is an outlier transaction.

3. If users deviate from the strategy then SimpliFi suggests actions to course correct, optimize expenses and rebalance their financial strategy so that they can stay aligned to their goals.

SimpliFi is an intelligent application that advises you on your personal finances and can reallocate your investment portfolio according to your life-stages and pre-defined goals. At the same time, it makes sure you don’t miss a bill any fixed expenses by setting up auto-pay (or saving up in a different account) while considering the importance of maintaining a consistent level of liquidity for you.

Challenges we ran into

1. Since everybody’s finances and goals are different, having a single blanket algorithm will not work. Therefore, persona mapping and choosing the target audience was a necessary challenge.

2. SimpliFi has a goal of managing the users’ finances on their behalf. This requires a good level of trust in the app. Therefore, the user experience must be designed in a way that it builds trust. This means that the UI, language of the app, notifications, etc must all be in-line towards building trust.

3. Data challenges? Is there something called too many insights? Fine line between suggesting and being pushy?