Summary
Frank’s Financial Journey, a hackathon project by team Tech & Tea, is bridging the gap between Millennials and investing by:
1 Providing ETF knowledge
One of the biggest benefits of purchasing an ETF is that they can be bought using an online service unlike a mutual fund that requires a broker at a financial institution. This feature is highly desired by millenials as it is convenient and possible to learn on their own. The perceived complexity of investing finance is a posed barrier, therefore by simplifying the learning curve Millennials would be more likely to purchase ETFs.
2 Gamified Questionnaire
Millenials are familiar with gaming experiences on their phones. By introducing similar elements in the questionnaire it keeps the learning experience fun and engaging. As well this familiarization anchors learning complex topics in finance with an experience that is safe for them. In this way, we hope to provide Millennials the confidence to start investing
What it does
Frank’s Financial Journey is a gamified questionnaire that questions users on basic investing terminology. Such questions include: “What is an ETF?”, “Are there fees involved?”, “Where do I put my ETF?”.
How we built it
We started with a design thinking exercise where we reflected on problems in the financial sector. We then created hi-fi mockups using Figma which our developers then implemented using React.
Challenges we ran into
Communicating technical and design decisions under time constraints. Our team consisted of 4 members with diverse skills sets (e.g. development, design, business). Given the time constraints of the challenge, we had to iterate and make technical/design challenges quickly. As a result, later in our project, our team made sure to incorporate check-ins to better verbally communicate key changes.
Another challenge we faced was understanding Fidelity’s products. Many members of the group were not familiar with the mutual fund/ETF industry, therefore it was difficult to grasp the industry model and tailor a customized solution.
Accomplishments that we're proud of
We are proud of creating an interactive gamified product that will attract and enable the next generation to start investing in their future. We’re also proud of the fact that most of us didn’t know anything about investing before this hackathon, but were able to learn quickly enough to make an informative product.
What we learned
We learned the value of having a diverse background in solving a problem. Each of our team members came with a unique set of skills: finance, development and design. With the constant collaboration, we were able to build something of value in such a short time. As well each team member was able to cross-pollinate skill sets as we learned how to best work together. We learned a lot about the finance industry as well to be more confident in making a better financial portfolio.
What's next for Frank’s Financial Journey
Now that we have an MVP, the next step is to test our product with investors, specifically, millenials to make sure that it is what they want. Based on their feedback, we will iterate on our solution and develop a product that is ready to be shipped and used by them.
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