“Give a man a fish and you feed him for a day, Teach a man how to fish and you feed him for a lifetime”
- Issue/Introduction :
· financial literacy is poor in the whole world. School is only teaching how to work for money but not how to put money which works for you. For example, an individual can open a bank account and be part of the formal banking system. However, the same person may or may not understand key financial products like insurance, wealth management, etc.
· For a matter of fact, in India, many people consider insurance as an expense rather than an investment.
· People want to save their income in the bank only which gives return from 5% to 8% but don’t want to invest in the mutual fund or in an index fund which gives return from 10% to 15% because they think they will lose money if the market goes down.
· People don’t want to invest in the stock market or from the currency market which can give unlimited returns because of there fear.
· And if people overcome their fear and try the stock market or currency market they lose their money. From research around 90% of treaders fails in their first year due to lack of financial knowledge.
- My Solution :
· Mr. adviser is an app which has a strong focus on giving financial education to the people of all age in a simple and gamified manner.
· It has onboarding procedures that are understandable and intuitive for all age of people.
· Mr. adviser will Consider the age of users. Customer of various ages will likely use our app, so we make the design and feature set adjustable.
· We Follow strong security standards:
1) We will Use tunnelling security protocols.
2) We will Research the limitation of legacy technologies.
3) We will invest in vulnerability testing.
4) We will form a partnership with payment card association, bank, or other companies to ensure safe and easy payment.
· While working on Mr. adviser we focus on layouts, transitions, UX design and wireframes. Mr. adviser is very user friendly and we also added some unique feature.
- Market Demand:
· According to a survey conducted by Standard & Poor’s, over 76% of Indian adults lack basic financial literacy and do not understand key financial concepts.
· In India, less than 2 per cent of the population invests in stocks either directly or through mutual funds. With growing interest in financial markets, this number is set to grow manifold. So the market is huge and what people need is the right opportunity and innovative ideas like StockEdge and eLearn markets will only help investors to change the way they think and make decisions.
· India has a population of 134 crores and over 2.5 crore Demat accounts have been opened, out of which some 1.25 lakh Demat accounts are active. So the growth potential is enormous!!
- Relevant product in the market:
This startup is started by Mrin Agarwal. She is a financial educator & a licensed financial advisor with an experience of more than 20 years in the wealth management industry. She founded Finsafe, a financial education organisation focused on equipping Indians with strategies to handle their money based on goals, growth, and safety. The company has already impacted 30,000 people over the last 5 years of its journey. She also co-founded Womantra, a financial awareness program for women & working professionals to empower them to be truly financially independent.
- How our product is different from others:
· We are going to put a chart bot which will the communication easy.
· An AI model to predict customer behaviour.
· An AI model to predict stock prices and currency prices.
· We will use charts and bar graph to represent data to the user.
· We will take quizzes to check users knowledge.
- Estimated budget and time:
· Developing the software will cost over 10 lakhs as it will require hiring programmers, graphic designer and charted accountant(CA).
· The development period should last for almost 1-1.5 years as creating such a complex software will take its some time in programming and debugging.
