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  1. Honest. Constructive. Objective. No Bull. Never has a term rung so true. Many loud, rambunctious and confident announcements have been made in the press and via social media the past six months about the launch of innovative, industry changing, kitchen sink inclusive, WealthTech propositions. In the hope that a new proposition will be well received and communicated to our audience, we are approached by these organisations, with much gusto, and told of the wonders of their tools. That’s not how we roll. When it comes time to lift the actual bonnet and start our review, the process is promptly placed ‘on hold until further notice’. Why? Is there nothing to show for all the chatter? A particular favorite of mine, are the three savings or budgeting applications that I downloaded onto my mobile last year which claim to automatically assist you find various savings. Still pending! Large traditional institutions have called in with incredible enthusiasm, announcing the imminent launch of their very own robo adviser. When it comes down to the details, suddenly everything goes dark. Readers with roots in Africa, will relate when I liken these propositions to the feathered phenomenon, the Hadeda bird (Football fans may identify more closely with the flying vuvuzela!) "haa-haa-haa-de-dah" 'Marketed but not yet launched’ is the official standpoint. ‘Jumping the gun’ or ‘all talk and little action’ may be a couple of ways to explain it, but my gut tells me that neither of these is typically true. Understandably, it’s important to create interest, establish positioning, grow your beta community, engage the industry and entice investors. Equally, we are talking about a regulated environment here, so crucially you would have to get your compliance on point. I wonder however, whether this premature marketing launch instead harms a proposition’s first impression and opportunity to capture their target audience. From my perspective, I can't help but feel disappointed and slightly skeptical. Importantly, I'm not talking about the odd hadeda here and there! I'm talking about a full on flock of these big flappers. Vaporware assumes that the organisations making these announcements have no intention of actually releasing the tech / functionality any time soon. Again, my gut tells me that this is not the intention, but rather a cautionary trend within the UK industry. We simply seek perfection before taking that first step. Please, don’t miss the boat! Waiting for the perfect product could take months or even years. Each month that goes by, another few propositions are launched, taking a chunk out of your target audience. Get the fundamentals right first. Absolutely. But then go for it! Introducing new and improved functionality as and when you have it has many advantages: · An agile development process can be exciting for users. · It shows them you are continuously adapting and evolving. · You can change your priorities according to demand and not a deadline. · It will force you to innovate from within more regularly. Be honest with your audience. Tell them what is coming. Tell them how you are building things to benefit them. Ask them for help and then tell them you listened. Reward them for their loyalty. People like honesty. Approach your users with your cards on the table. You will be giving them a reason to stay. That better day may never come. Your competitors are already leaving the harbor. Stand up. Be present. Be brave. Own it. Launching a half-baked proposition today without all of the ‘bells and whistles’, may put you in a better position than if you waited for that perfect bake.
  2. Honest. Constructive. Objective. No Bull. It was time! To take on the PFM’s (Personal Financial Managers) Personally, I've been most excited to get stuck into analysing these as they are best placed in helping me manage my family’s ‘financial baggage’. (By baggage I’m really referring to the husband’s constant care and attention for his bicycle) Wikipedia defines Personal Financial Management as: “Software that helps users manage their money. PFM often lets users categorize transactions and add accounts from multiple institutions into a single view. PFM also typically includes data visualizations such as spending trends, budgets and net worth.” Many PFM’s in the UK can hold their hand up high in chanting “Yes we can!” “Yes we do!” But is this really enough? This week I signed up and aggregated all of my banking / credit accounts with four of the UK’s direct to consumer PFM’s. www.moneyhub.com www.moneydashboard.com www.moneymojo.co.uk www.pariti.com (Totally missed the ‘name yourself money’ memo) A full review of each proposition can be accessed shortly via www.digitalwealthinsights.com. I’ve been biding my time waiting for the perfect moment to introduce the husband to an objective 3rd party which would inadvertently point out his obscene spending on all things bicycle related. Other positives I’ll be seeking include; · What’s yours is yours, what’s mine is mine, what’s ours is (mi..) ours. · No longer would amazon purchases be unaccountable to a specific individual (“It wasn’t me”). · A centralised platform would mean a reduction in arguments about whether my hair cut constitutes as ‘personal spending’ (i.e out of my own personal account) or ‘joint spending’ (i.e out of our household spending account). · A mechanism to encourage us to eat at home more often (health, weight and budgeting benefits to be gained here). · Something, anything to help us (him) stop wasting money on unnecessary items. · Redirect budget reductions towards short term savings goals we can enjoy as a family. (age-defying botox for mid-30s mom of a toddler) You get where I’m going… Simplicity! Cohesiveness! Clarity! Answers! PFM’s have the power to significantly help the end user make positive changes to their ultimate ‘bottom line’ today, and better prepare them for longer term savings. My experience in analysing these propositions in the UK is that the majority are not honing in on that power (yet). PFM’ing is not relaxing. No matter the level of automation or real-time updates, all four PFM’s required a significant amount of manual interaction from myself. (I assume this will continue for an initial phase whilst the PFM learns more about your spending categories and establishes trends) Whilst aggregation and automated categorisation accounts for a majority of the data, it is important that it is personalised and checked for it’s accuracy by the user. Worryingly, no two PFM’s of the four I analysed produced the same output (in any respect). One thing they did agree on, was that the ‘financial baggage’ in our family could be closer to home than I thought. (oops – sorry husband) A well delivered PFM provides you with an overview of where you are now, how you got there, and what to expect going forward based on historical trends. Some offer the ability to use these insights to set goals and change trends. Our ‘Digital Wealth Insights report’ provides our full analysis and identifies who of the four PFM’s is the clear front runner. This PFM provided access to real-time budget management, high levels of accuracy of it’s automatic categorisation, the ability to create personalised forecasts, and the creation and tracking of spending goals. In addition it offers simple personalisation and great visuals of your income, expenditure and forecasting. Will I continue to use either of the four PFM’s analysed this week? Honestly, I’m not sure. The question I ask myself is, do they help me solve any of my personal ‘financial baggage’? In part, yes. But it’s not enough to make a difference. (Besides, I need to spend a bit of time reducing my spending at certain retailers first, before introducing the husband to the objective 3rd party!). Over the course of the next few weeks I’ll be turning to the Business to Business market and the likes of Intelliflo, moneyinfo and AON’s Big Blue in search of a PFM that can make a difference. Adding value through tools such as micro savings, debt managers (not just consolidators) and smart spending to actively engage their end users in physically making changes is how you put the power into PFM. Watch this space. See http://www.digitalwealthinsights.com/ to follow our more detailed insights and analysis of automated financial services in the UK.