Numus - personal finance and wealth management platform

Personal Finance and Wealth management paltform and robo adivisor to keep better track of your household economy especially during crisis.

Comment

Numus is inspired to improve the financial understanding of the younger generation and families living together. This is tool is very good helping you operate with your economy under the crisis. Based on the statistics of the wealthiest nations in the World like the US and EU, over 76% of the population lives paycheck to paycheck, and this is not good when a crisis strike.

What it does

Numus is a smart personal finance aggregator that helps you and your household to do better financial decisions and operate better under times of uncertainty or income lost. It builds better understanding and trust between banks and its consumers, therefore its relevant for banks to have a version of Numus on their own premises in addition to the one provided to their costumers. These trust and understanding are very important in times of crisis like Covid-19 and connection between suppliers and clients has never been more crucial. Banks can play a very good role and have a huge impact if the connection is right both on providing the right bank products under the crisis but also making sure that suppliers will comply with the demands regarding the client's payments. Also, users/clients can allow AI algorithms to organize their economy, spendings, and savings under the crisis and make the most of it using the client's historical financial behavior. To increase the interaction and client engagement in his/her economy, we came up with benchmarking and gamification, both tools very interesting for other members of the family to follow up and be compliant with the new financial regime under the crisis.

How I built it

First, I approached the market through different surveys and listened very well to what people want from a financial digital advisor. We started building it from a market perspective and created a fully functional prototype, as you can see here: https://www.numus.no/NumusDashboard/UserAdmin/auth-normal-sign-in.html one for administrator (from the bank perspective) and some examples from the consumer/user perspective. We built a PoC user app as well, you can see here: https://www.youtube.com/watch?v=XyJqHx_pO98 based on iOS.

Challenges I ran into

I run into big challenges both business and technology-related. I have limited knowledge in some areas so I tried to finish PoC on my own but I cannot scale it into MVP or real product without the help of the others. Humans resources, funding, and go to market strategy are the biggest challenges that we have right now. The legal challenges regarding GDPR are also considered very much in the project. The entire project is GDPR compliant and respects the privacy of the user on a degree they feel comfortable in regards to benchmarking and opening their financial data to a shared pool of anonymous transactions, similar to PSD2 regulation.

Accomplishments that I'm proud of

IDG China and Innovation Norway: 10 best app ideas 15 million NOK pre-money evaluation 1 Million NOK from BAN Winner of Vienna F10 Hackathon Innovation Contract with Raiffeisen Bank and Innovation Norway Silicon Vikings Norway World Cup Finalist 2 more Potential clients in the pipeline

What I learned

Through all my experience as an entrepreneur in technology (I think, applies to all industries) I learned that what matters is execution. An idea remains an idea without execution, and the public will never reach its benefits. We are very close to execution and scale this prototype to a real platform.

What's next for Numus - personal finance and wealth management platform

The next step is waiting for funding so we can scale this wonderful idea to real-world products. We are negotiating with important actors, investors, and incubators that can help our dream become true.

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