Industry
Fintech
Client
Financiio
One platform, Smarter money decisions, Built for 100M+ users.
Overview
A platform where you can connect with financial experts for your day to day financial problems.
Financiio is a mobile application that helps users find answers to their everyday financial questions and simplify their financial journey. Users can connect with a diverse network of financial experts, ask specific questions, and receive personalized guidance across different financial areas through multiple communication channels. As the financial landscape continues to evolve, the growing number of investment options can often leave individuals overwhelmed and uncertain about where to invest and how to grow their wealth. Financiio aims to bring clarity by connecting users with reliable experts, while also giving experts a platform to share their knowledge, experiences, and earn. Together, it creates a community where everyone can learn, share, and grow financially.
Problem
Problem & Challenges faced by users in there financial journey
• Many users indicated they struggle due to insufficient understanding of financial concepts and investment strategies. Users also find it challenging to locate appropriate investment opportunities and struggle with timing their investments effectively.
• A significant number of investors base their decisions on personal research, tips from friends and family, and information gathered from social media platforms.
• Users lack access to professional financial guidance and support, which contributes to their challenges in making informed investment decisions. Some users highlighted concerns about excessive fees charged by financial institutions and investment firms.
• Understanding tax implications associated with different investment options is cited as a hurdle, along with a lack of knowledge on tax-saving strategies related to investments. Many users find the process of filing Income Tax Returns (ITR) difficult and daunting and expressed a need for clearer guidance on how and where to file taxes.
Proposed Solution
Solutions identified after understanding user pain points and their goals
- Develop a platform where users can directly connect with financial experts to seek advice, clear doubts, and receive personalized guidance on investment strategies and financial planning through chats, calls or video meets.
- Same platform will work differently for users who want too share their knowledge and expertise with others, earn money by becoming an Expert, and set specific charges for calls and meetings.
- Establish a dedicated section within the app to provide users with comprehensive financial education. This includes detailed information on different investment options, methods, and strategies, helping users build their financial knowledge and confidence.
- Offer resources and tools within the app that simplify the understanding of taxation related to investments. Provide clear explanations of tax implications, along with guidance on tax-saving strategies to optimize users' investment returns and minimize tax burdens.
Challenges
How to ensure every expert on the platform is verified and trustworthy
One of the major challenges I faced while working on the platform was figuring out how to verify every expert and ensure whether he/she is trustworthy or not. To understand this better and find a reliable way to verify experts, I connected with a CA. Through this discussion, I came across a solution to tackle this challenge. Every time a person joins as an expert on the platform, they have to provide a few details to become eligible to offer their services on the platform.
During the onboarding process, experts are asked about their profession, experience, and a certificate in the particular category they are going to provide their services in. The certificate must be from an authorised organisation. Along with an ID proof to verify if the person is legally authorised to work in India or not. In the backend, the team will verify all the details provided by the expert. Once the team verifies and approves the details, only then can the person start offering their services as an expert on the platform.
How can we ensure a smooth and secure payment experience for both users?
As the platform caters to two different users, Learners and Experts, the question arises of how the payment method will work, as there are chances of back-and-forth or non-payment issues from both ends due to the virtual format. To tackle this problem, I connected with few users, CA and also did a competitive analysis. Through these discussions, I came across a solution of providing a wallet to both the users. Learners have to add money to their wallet before requesting any service. Once they get the service, the amount will automatically be deducted from their wallet and get credited to the Expert’s account.
Final Output
I designed two distinct experiences for the platform, each tailored to the unique goals and needs of its users—Expert-facing and Learner-facing.
Expert : Here, the primary users are Experts, and the platform is designed in a way that allows them to easily navigate through the app, manage their profiles, and perform their key tasks efficiently. - Detailed onboarding: Experts go through a detailed onboarding process where they provide information about their profession, experience, and certifications for verification purposes. - Quick dashboard: An upfront dashboard gives Experts a quick overview of their current wallet balance, earnings, and withdrawals, helping them keep track of their finances. - Profile setup: Experts can build and manage their profiles with details such as bio, call charges, and blogs, helping improve their credibility and build trust in the users’ minds. - Reports & Tips: Features like Reports and Tips help Experts understand their performance by tracking profile visits, overall meetings, and other important metrics. They also provide insights on how Experts can improve their SEO, visibility, and positioning in the Experts list.
Learner : Here, the primary users are Learners—general users who come to the platform to connect with Experts and get guidance for their financial needs. For them, the onboarding process is simple, short, and focused on getting them started quickly. Learners can easily explore and compare Expert profiles, understand their expertise and services, and request a service based on their goals and requirements. The overall experience is designed to make finding the right Expert and connecting with them as simple and seamless as possible. Along with this they can also find other services and features like financial calculators, finance blogs by experts and taxation related services which will help them in there financial journey.
