The Financial Planning industry is broken!
The industry is low tech and was built for an older generation. Also, most Financial Planners are commission-based, thus becoming product pushers. Listed below are trends which have given rise to 3 problems:
- Increasing distrust among Millennials, this means your Financial Planner’s INTEREST might be in CONFLICT with you.
- The good Planners becoming way too EXPENSIVE for Millennials.
- We are unable to get what we need, when we need it.
What it does
Alfred is your personal financial butler, guiding you through every financial situation, from managing your financial crises to growing your wealth and everything in between for the busy Millennial who prefers to be served concise and simple financial planning aids rather than spend copious amounts of time coursing through tons of information on his/her own.
How it work
Interact via chat a. Sign-up b. Electronically sync financials c. Understand the state of your finance d. Set financial goals
Get customised advice a. Get an overview of your financial situation, analyse your spending patterns and reduce expenses b. Risk appitite c. How to get to your financial goals
Work on bettering financial habits a. alerts when you’re close to overspending b. reminders of how much closer you’re to achieving your goals and how much progress your friends are making
Reach personally-set financial goals
The “secret sauce”
Unique Selling Proposition
Based on a foundation of sound financial methodology, unlike most other financial apps, our usage of chatbots, simulating real life conversations to give financial advice is our unique innovation. Others include the algorithm we build to assist in decision making and our operating processes which include human and AI elements.
Key Technical Innovation
This combination of chatbots, algorithms and operating processes are difficult to replicate.
How we built it
We will be working with
- Chat medium: FB Messenger,
- NLP/AI engine: DialogFlow,
- Backend: Python Django running on an EC2 and Python scripts running on AWS Lambda
What's next for Alfred, the Personal Finance Management app
Codeaton - 21st Oct 2018 MVP - mid Nov 2018 Angel-round - Dec 2018 Beta-testing - Dec 2018 NUS Start-Up Runway - Dec 2018 TechStars - Jan 2019 Launch of "Premium" - Mar 2019
- Please tell me where I should send our pitch deck to.
- We would be creating a pitch video and a live demo in the near future. Where do we update it?