Personal Finance App

PERSONAL FINANCE APP
Prasanna Hegde
hegdeprasanna11@gmail.com
https://www.linkedin.com/in/hegdeprasanna/

ABOUT US
Our AI-powered personal finance solution uses artificial
intelligence (AI) algorithms to help individuals manage their
finances.
2023 AI POWERED PERSONAL FINANCE APP 2
THE SMART WAY TO MANAGE YOUR MONEY
• Personalized financial advice
• Automated financial task mgmt.
• Expense and budget tracking
• Investment and debt management
• Real-time notifications
• User-friendly interface
• Reporting and Data visualization
• Financial Education
• Integration
• Security features
WHAT WE PROVIDE

PERSONAL FINANCE: MEETING CUSTOMERS' NEEDS AND CHALLENGES
3
INDIVIDUALS NEED TO HAVE
ADEQUATE FUNDS TO COVER
UNFORESEEN COSTS.
SAVING FOR EMERGENCIES
TO MAINTAIN A GOOD LIVING
IN RETIREMENT, MAKE PLANS
AND START SAVING.
RETIREMENT PLANNING INVESTMENT OPTIONS
IN TIMES OF INFLATION AND
LOW-INTEREST RATES,
DIVERSIFY INVESTMENTS FOR
HIGHER RETURNS.
BUDGETING
FINANCIAL STRESS AND DEBT
ARE BROUGHT ON BY
INEFFICIENT BUDGETING OF
INCOME AND EXPENSES.
FINANCIAL EDUCATION
THERE IS A DEARTH OF
FINANCIAL LITERACY ON
SPENDING, SAVING,
INVESTING, AND DEBT
MANAGEMENT.
BORROWING ON CREDIT CARDS
AND PERSONAL LOANS LEADS TO
HIGH DEBT LEVELS AND
FINANCIAL STRESS.
HIGH DEBT LEVELS
POOR FINANCIAL DECISIONS
RESULT IN DEBT DUE TO A
LACK OF FINANCIAL
EDUCATION AND LITERACY.
LACK OF FINANCIAL
LITERACY
LIMITED INVESTMENT
KNOWLEDGE
INSUFFICIENT KNOWLEDGE OF
INVESTMENT OPTIONS AND
ASSOCIATED RISKS LEADS TO
POOR INVESTMENT CHOICES.
INSUFFICIENT
RETIREMENT SAVINGS
INADEQUATE SOCIAL SECURITY
AND RISING LIVING COSTS
MAKE SAVING FOR
RETIREMENT CHALLENGING.
INFLATION
HIGH INFLATION RATES CAN
MAKE MONEY LESS
VALUABLE, MAKING IT
DIFFICULT FOR PEOPLE TO
SAVE AND INVEST.
Needs
Challenges
2023 AI POWERED PERSONAL FINANCE APP
Analyzing potential users' needs and challenges is critical for developing a successful personal finance app that addresses their pain points, differentiates itself from competitors,
provides relevant solutions, and protects user data.

VALIDATING
HYPOTHESIS FOR AI
PERSONAL FINANCE
APP
MARKET RESEARCH
Surveys and interviews are used to identify the
target audience's financial needs/pain points,
such as budgeting, savings, and investments.
USER RESEARCH
We'll monitor how users engage with current
personal financial apps and interview users to better
understand their preferences and behavior. We could
enquire about desired functionality and UI layout.
COMPETITOR ANALYSIS
We will analyze our competitor’s strengths and
weaknesses and find ways to differentiate our app
from the rest. For example, we may compare pricing,
features, and user ratings.
PROTOTYPE TESTING
Collecting feedback on app design, usability, and
functionality through prototype testing with a small
group of users.
A/B TESTING
Test multiple app versions to identify top
performer. Examples include testing various
layouts or colors.
4
ANALYTICS TRACKING
Implement analytics tracking to improve the app.
Example: track frequently used app features.
SURVEYS AND FEEDBACK
Gather user feedback through surveys to improve
app performance and satisfaction levels.
AI FEASIBILITY STUDY
Research the existing state of AI and machine
learning technology in finance to identify
potential AI algorithms for our personal finance
app.
Validating a hypothesis for an AI personal
finance app involves testing whether the
assumptions made about the app's
functionality, features, and user
requirements are accurate or not.

5
IDENTIFYING OUR IDEAL USER: PERSONA AND CUSTOMER SEGMENTS
GEOGRAPHIC DEMOGRAPHIC BEHAVIOURAL PSYCHOGRAPHIC
• Positioned in several of
India's major cities,
including Mumbai, Delhi,
Bangalore, Chennai, and
Hyderabad
• Designed primarily for
urban populations with
high smartphone
penetration and internet
access.
• The age range is 20-45 years
old.
• Gender: Both men and
women
• Middle-class to upper-
middle-class, with an annual
income ranging from INR 5-
30 lakhs.
• Education: Bachelor's degree
or higher
• Occupation: Full-time, part-
time, or self-employment
• Digitally adept and at ease
using mobile apps
• Interested in managing and
organizing one's finances,
with a particular
concentration on saving and
investing
• Possibly trying to manage
their debt or increase their
credit score
• Appreciate time-saving
features and conveniences
like user-friendly UI and
automated budgeting
systems.
• Value stability and financial
security
• Possibly have an interest in
ethical banking procedures or
socially responsible investing.
• They might be worried about
how inflation and economic
instability would affect their
money.
• Esteem financial freedom and
may be considering early
retirement
Individuals aged 20-45 who are financially savvy and have a high-end smartphone and internet access value stability, financial security, and managing finances
through banking accounts. They may be concerned about inflation and strive for financial independence and early retirement.

OUR APP BRIDGES
THE GAP AND
MEETS TARGET
MARKET'S
FINANCIAL NEEDS
PERSONALIZED FINANCIAL ADVICE
AI algorithm originated
personalized financial advice
based on users' data and goals on
investment and debt mgmt.
SEAMLESS BUDGETING AND EXPENSE
TRACKING
Users can track expenses and
create a budget seamlessly with
automatic categorization and
spending insights.
INTEGRATION
Integrate with other financial
services and products to provide
a complete financial management
solution.
EDUCATION
Our app will offer educational
resources to help users improve
their financial literacy and make
informed decisions.
SECURITY
By using latest encryption and
MFA mechanisms to provide the
highest level of protection for
users' financial information.
6
AUTOMATION
To make the user's life simpler
and more easy, the app will
automate a variety of financial
tasks.

7
Priority FEATURE HIGH LEVEL SYSTEM DESIGN
1 User registration and login
• Provide a user-friendly interface with clear instructions and feedback to guide users through the registration and login process.
• Ensure enhanced security with biometric authentication, MFA, password encryption, and secure data storage.
• Storage of user information in compliance with data protection regulations.
• Integration with backend services for user authentication and information storage using APIs or web services
3 Budget & Transaction management
• Enable users to manage their budgets with automated notifications for exceeding limits.
• Connect with financial institutions to give regular transaction updates and analysis to help users comprehend spending patterns.
• Use AI algorithms for expenditure categorization, analytics, and personalized recommendations based on user spending patterns.
4 AI Algorithms
• AI-based Spending Categorization: Use AI algorithms to automatically classify consumer expenditures.
• Analytics powered by AI: Use AI to analyze expenditure habits, spot trends, and offer insights.
• AI algorithms are used to generate personalized suggestions that are based on user data.
• Use machine learning to continuously improve algorithms.
• Employ data privacy safeguards and abide by laws to ensure the safe processing of user financial information.
7 Real-Time Alerts
• Event Triggers: Establish triggers for in-the-moment alerts like account activity or budget cap violations.
• Support for a variety of notification channels, including email, SMS, push notifications, and in-app notifications.
• Personalization: Let consumers customize their notification settings.
• AI-powered notifications: Provide tailored notifications depending on user spending habits using AI algorithms.
• Employ security measures to guarantee the notification system's confidentiality and integrity.
5 Investment management
• Track portfolio performance and history with portfolio management.
• Employ AI algorithms to create tailored investment suggestions based on the financial information and goals of the user.
• Automated Trading: Use artificial intelligence to trading plans and investment selection.
• AI chatbots for customer support and transaction handling.
KEY FEATURES TO PRIORITIZE IN A PERSONAL FINANCE APP MVP (CONTD)

8
Priority FEATURE HIGH LEVEL SYSTEM DESIGN
2 Account Integration
• Consolidation of all accounts into a single app for complete money management through integration with financial institutions.
• To keep all financial data current, accounts are automatically updated and synced.
• Using integration with credit card providers, monitor consumer spending habits.
8
Data Visualization and Basic
Reporting
• Financial data is presented with graphs and charts for simple understanding.
• Creation of basic financial reports, such as income and expense reports, to provide an overview.
6 Simplified User Experience
• Interface and navigation have been simplified for improved use.
• User experience personalization based on choices.
• Intuitive design elements to streamline processes and increase usability.
• All devices are accessible thanks to responsive design.
KEY FEATURES TO PRIORITIZE IN A PERSONAL FINANCE APP MVP
Note: To prioritize requirements, I used the MoSCoW method, focusing on Must-Have features as essential, Should-Have as important, and Could-Have as
desirable. Won't-Have requirements were either postponed or eliminated. This aided in determining the MVP's core features.

UI/UX WIREFRAMES FOR PRODUCT DEVELOPMENT
LANDING PAGE
Landing page should give a visitor a quick rundown of its features and advantages and prompt them to sign up or log in to use the app's
full capability.
9
HOME
PAGE/DASHBOARD
Home screen wireframe should include an overview of the user's financial status, such as account balances, spending trends, and
personalized insights and recommendations based on AI-powered analytics.
Introduce users to the app's features and benefits, and allow them to sign up or log in using their preferred method, as well as collect all
of the necessary information to create their profile.
EDUCATION SCREEN
Should provide an overview of the app, explain key financial concepts, describe the app's features, and offer financial management tips
and best practices.
BUDGETING SCREEN
INVESTMENT SCREEN
PAYMENTS SCREEN
ONBOARDING SCREEN
SET TINGS SCREEN
REPORTING
Allow users to set and manage budgets for various categories like groceries, transportation, and entertainment. Use AI-powered
algorithms to provide real-time feedback and recommendations to keep users on track.
Give customers the option to invest in stocks, mutual funds, or other assets in accordance with their risk tolerance and financial
objectives. To make relevant investment recommendations and offer individualized market trend analysis, employ AI algorithms.
Enable consumers to see their payment history and pay their invoices. Use AI-enabled algorithms to recommend the best payment times
and notify consumers of any upcoming invoices that need to be paid.
Allow users to personalize app settings like notifications, security features, and preferences. Use AI-powered algorithms to provide
personalized app settings recommendations based on usage patterns.
Provide all the required reporting and data visualization functionalities
Note: The Admin UI of the personal finance app is the control panel that allows the app's administrators to manage and monitor the app's data,
users, and features, including the functionality and user interface of the Customer UI.

MAPPING THE CUSTOMER JOURNEY
10
Position & Rotate Model
The user gets the app from the app store and
installs it.
1
When the user launches the app, the landing
screen appears. He can click on the sign-
up/sign-in buttons to get into the onboarding
journey.
2
User completes the registration process by
providing their personal information and
creating a login.
3
User is directed to the dashboard, which
displays their financial status and highlights and
areas for improvement.
4
The user can navigate to the budgeting screen,
from which they can create and manage
budgets for various categories.
5
The user navigates to the investment screen to
investigate investment options based on their
risk tolerance and financial objectives.
6
The payment screen is accessed by the user in
order to pay bills and send money etc.
7
The user can automate his investments , debt
and bill payments in each of the individual
screens.
8
The user navigates to the settings screen to
customize the app settings.
9
Depending on their financial activities, such as
forthcoming bills or investment opportunities,
the user receives real-time alerts and messages.
10
With data visualization and
reporting tools, users can
evaluate their financial data
to track progress and modify
their financial strategy.
11

OPPORTUNITIES AND THREATS ANALYSIS
TRUST
Hesitant to trust an AI-
based personal finance
app.
COMPETITION
Can impact the market
share, user acquisition, and
revenue generation
COMPLIANCE CHANGES
To spot potential chances and
dangers, keep an eye on
regulatory changes
TECH DEPENDANCE
Keep an eye on developments
to spot new opportunities and
threats in tech.
11
CUSTOMIZATION
AI-based personal
finance apps can offer
highly personalized
solutions.
PARTNERSHIPS
Partnering with banks,
financial institutions, and
players in the finance
ecosystem in India.
AUTOMATION
Can automate various
financial tasks.
GROWING DEMAND
Growing demand for personal
finance management solutions.
A company can establish strategies to seize chances and reduce risks by identifying external elements that may have an impact on the app's success
through opportunities and threats analysis.
Threats:
Opportunities:

DEFINING KPIS FOR AN AI-POWERED PERSONAL FINANCE APP
12
S.N
EARNING
MODEL
NORTH STAR METRIC LEADING METRICS LAGGING METRICS OTHER METRICS
1
Freemium
model
Number of paid subscribers or
the conversion rate from free
to paid
User engagement with
premium features and user
satisfaction
Churn rate and Customer lifetime
value(CLV).
Daily active users (DAU),
Retention rate, and User
satisfaction
2
Subscription
model
Monthly recurring revenue
premium features and User
retention
Churn rate and Customer lifetime
value(CLV). Subscriber acquisition cost (SAC)
3
Commission-
based model
Transaction volume
transactions and User
acquisition
Total revenue and Customer
lifetime value(CLV).
Customer acquisition cost (CAC)
4
Advertising-
based model
Ad revenue
User engagement with ads
and click-through rates
Viewability and Completion rates
Revenue per user (ARPU), User
demographics
North Star metric and other associated metrics may differ based on the earning model of an AI-powered personal finance app adopted. Below are some of the
metrics we can consider based on the earning model.

13
MARKET DEMAND AND PRICING STRATEGY
S.N RESEARCH DESCRIPTION
1 User research
User research helps to understand the market potential and specific user needs and preferences to inform the app's development
and design.
2 Competitor analysis
Analyzing competitors can help a new AI-based personal finance app identify areas where it can differentiate itself. This includes
identifying competitor pricing strategies, target price points, and the features or benefits they offer at those prices.
3
Unique selling
proposition
Ability to apply machine learning and complex algorithms to automate processes like investing and budgeting while also offering
individualized financial advise. This might result in a considerable competitive edge over other finance apps.
5 Conduct surveys
Surveys can assist in learning about user preferences and problems, which helps to design specialized features and prices that
meet consumer demand.
6 Test pricing
A/B testing can be used to compare various pricing options and price points in order to identify the one that maximizes profits
while maintaining client acceptance.
Doing market research, examining rivals, determining the app's USP, conducting surveys, and testing pricing strategies are all steps in determining the
market demand and price point for an AI-powered personal finance app in India.
The expected 800 million mobile phone users in India in 2022 and the estimated $307 billion worth of the Indian fintech sector by 2025 show the sizeable
potential market in India for personal finance apps.

14
GO TO MARKET STRATEGY
Q1 Q2 Q3 Q4
To raise awareness, start influencer
marketing and social media
campaigns.
Showcase the app's capabilities and
advantages by holding live
demonstrations and seminars.
Attend conferences and events in
fintech and personal finance to
meet potential partners and
investors.
Establish collaborations with banks
and other financial organizations to
make the app available to their
clients.
Blog entries, infographics, and
videos are good places to start with
content marketing.
To encourage current users to bring
friends and family, start a referral
program.
Launch customized social media and
search engine advertising initiatives.
Keep up efforts in content
marketing and advertising.
To comprehend the target market
and their tastes, conduct market
research.
Keep up content marketing efforts
and look into new distribution
methods.
To reach new audiences, work with
bloggers and influencers.
Analyze the year's results, and make
any necessary adjustments to
existing marketing strategies.
Marketing campaigns, content creation, market research, webinars, referral programs, industry events, targeted advertising, partnerships, and evaluation are all
part of the go to market strategy. By prioritizing different activities each quarter, the app can raise awareness, generate interest, and acquire and retain users.

15
MARKET ANALYSIS FOR AI-POWERED PERSONAL FINANCE APP IN INDIA
MARKET SIZE AND
GROWTH POTENTIAL
MARKET TRENDS MARKET OPPORTUNITY COMPETITIVE
LANDSCAPE
EARNING POTENTIAL
• The Indian personal
finance app market is
currently worth around
$1.5 billion.
• It is expected to grow at
a CAGR of around 25% by
2025, reaching a
valuation of $4.5 billion.
• The adoption of
personal finance
apps in India has
accelerated as a
result of COVID-19.
• Integration of AI and
machine learning is
driving innovation in
personal finance
apps.
• The growing use of
smartphones, internet
penetration, and the demand
for financial management
tools are driving market
growth.
• The rise of digital payments
and the incorporation of
AI/ML technologies into
personal finance apps are
opening up new opportunities
for market participants.
• Paytm Money, ET Money,
Zerodha and Groww are among
the established players in the
personal finance app space in
India.
• Traditional banks and financial
institutions, such as HDFC
Bank's MoneyMaxx and ICICI
Bank's Money Coach, are also
entering the space with their
own personal finance apps.
• Startups with innovative
offerings, such as Zerodha's
Coin and Scripbox, are also
emerging in the space.
• Because of the growing user
base and increasing adoption of
digital payment methods,
personal finance apps have a
high earning potential in India.
• Revenue can be generated by
these apps through a variety of
models, including commission-
based earnings, subscription
fees, advertising, and
partnerships with financial
institutions.
The Indian personal finance app market is growing rapidly, with an expected valuation of $4.5 billion by 2025, driven by increasing smartphone usage
and demand for financial management tools. Established players and startups alike are entering the space, with revenue potential from various
earning models.
Market analysis can provide crucial insights for an AI-based personal finance app to identify market opportunities, optimize product features, and create effective marketing
and distribution strategies.

16
COMPETITOR ANALYSIS FOR AI-POWERED PERSONAL FINANCE APP IN INDIA
Competitor Unique Selling Proposition Market
Share
Pricing
Strategy
Earning Model
ET Money The app offers personalized investment recommendations
for a range of investment options like mutual funds,
stocks, and fixed deposits.
10% Freemium
model
ET Money earns commission from mutual fund houses which is
typically around 0.5% to 1.5% of the investment amount.
Paytm Money Simple and easy-to-use interface, as well as the ability to
invest in direct mutual funds with no commissions.
15% Freemium
model
Paytm Money earns commission from mutual fund houses
which is typically around 0.1% to 1% of the investment amount.
Grow Commission-free investments in a wide range of financial
instruments, including mutual funds, stocks, and gold
20% Freemium
model
Users pay a monthly subscription fee starting at Rs. 99 to access
their investment services. They also earn a commission from
mutual fund houses which is typically around 0.1% to 1% of the
investment amount.
Zerodha The capability of providing a low-cost trading platform for
stocks, commodities, currencies, and derivatives.
25% Commission
based model
They earn revenue through the brokerage charged on trades
made through their platform, which is Rs. 20 per trade for
equity delivery trades and 0.03% or Rs. 20 per executed order
(whichever is lower) for other trades.
Scripbox Algorithm-based investment strategy that seeks to
provide users with the best returns possible based on
their risk tolerance.
5% Subscription-
based model
Charges a fee of 1.5% per annum on the investment amount for
mutual fund investments made through their platform. They
also receive a commission of around 0.5% to 1% from mutual
fund houses
The personal finance app market in India is highly competitive with multiple players offering freemium and subscription-based models, and the top players are differentiated by
their unique selling propositions and pricing strategies.

TOP FEATURES OF PERSONAL FINANCE APP
EXPENSE TRACKING
AND BUDGET PLANNING
Track expenses and monitor
spending patterns, while
planning and tracking budget
goals and progress.
BILL PAYMENT
REMINDERS
Set reminders for bill
payments to avoid late
fees.
INVESTMENT AND
SAVINGS MANAGEMENT
Manage investment
portfolio, track performance,
set savings goals, and track
progress towards them.
CREDIT SCORE TRACKING AND
PERSONALIZED RECOMMENDATIONS
Monitor credit scores and receive
personalized financial advice and
recommendations.
20XX PITCH DECK 18
AUTOMATED SAVINGS
Automate savings with
round-up features or
recurring transfers.
MULTI-CURRENCY
SUPPORT
Support for multiple
currencies for travelers or
international users.
VOICE ASSISTANT
INTEGRATION
Use voice commands to
access app features and
information.
ANALYTICS TRACKING
Implement analytics
tracking to monitor user
behavior and identify areas
where the app can be
improved.

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