What if there was a mode selection in your Debut account to select your financial management mode, which is decided based on a short quiz that will rank your top 5 financial goals & milestones in order of priority the user chooses based on their current personal needs, focus or circumstances.
The top goal is selected as the first financial management mode. For example, goals could include: Pay off debts (debt reduction), grow my wealth (savings & investment - basic to aggressive options), experience the world (savings for travel & foreign currency management), join forces (joint accounts & partnerships/marriage/union), starting a family (pregnancy & children), buying a house (mortgages/home loans & house shopping/purchase), prepare my estate (estate & succession planning) start a business (savings & investments for new business owners/self-employed) develop good money habits (savings & investments - basic to agressive) grow my knowledge (savings & investments - basic to aggressive), recession proofing (budget management & expense reduction)
The user can set a goal date for that goal & 5 the system categorises the goals according to short-long term eg. 12-months/short-term goal, 2-5 years/medium-term goal, 10-years/long-term goal.
Based on the current top goal identified, the system then adopts the financial mode to help suit and changes the interface format eg. helpful tip notifications provided in-app regularly (daily/weekly) providing budget, spending insights & reminders based on the money philosophy or mindset the user is recommend to adopt and follow in order to efficiently achieve the goal.
Other examples include: suitable adjustments are created to the user’s spending management (card spending limits/accessibility turned on/off) in the system, differing budgeting approaches, debt management strategies (snowball method) expense management feedback capabilities (positive feedback for good spending, uploading receipts & sticking to budget), provide the appropriate task list recommended to help achieve the goal eg. review life & disability insurances, review your KiwiSaver provider, prepare/update your will, find an insurance broker, review/reduce your subscriptions, review savings bucket goals/regular payments and lastly offer visual financial reports based on collected & analysed data from the accounts.
These reports need to be simple & easy to understand by providing explanations for what the figures mean and why they are necessary (eg. total annual household income, total net worth, weekly/monthly/annual income/expenses, debt, savings, investment balances, budget v actual, income v expenses) and clearly show the users progress towards the selected goal (eg. goal: pay off my debt [$20K debt in 24-months, using the snowball method]), tracks & analyses the users behaviours to-date and refocuses the users mindset by providing helpful tips & insights recommended in order to reinforce the behaviours recommended to achieve the selected goal in the timeframe required.
The next top priority is triggered as a pop-up for the user to confirm to begin with the next goal once the current goal has been achieved and so on and so forth.
The purpose of this function is to expand awareness and increase the user’s knowledge & financial literacy by providing specific stimulating feedback via user engagement & interaction with the app (eg. awareness, education, goal setting & financial habits, defined short-long term goals & strategic approach to suit, checklist with practical actionable steps, tips & tricks notifications based on account behaviour, visual progress tracking & implemented as behaviour based feedback & rewards, case studies & success stories, reporting analysis & insights, progress troubleshooting when experiencing unplanned life/financial challenges, suggestions & boundaries for better financial management.
The aim is to provide the user with regular proactive, educational tools & support in “real-time” to affect change on their neural pathways (via NLP) and therefore increasing the user’s chances of achieving improved financial performance outcomes and success in the future.