WealthPilot

Steering You to Reach Your Financial Goals with WealthPilot

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Update For Phase 2

We added 4 new features to optimize our Service application: 1. B2B Admin Portal This allows banks, credit unions, and other business to get live insight on card usage analytics, this gives business opportunity to partner with us and we push their benefits/deals/perks to clients more. With this, we are able put money into the pockets of the businesses, our own, all the while still helping clients save money and reach their financial goals. 2. Good Cop/Bad Cop Based on our feedback, we drew inspiration of allowing users to have the ability to select their kind of AI assistance preference upon start up of the application. They are now able to select either:

  • "Good Cop": Encouraging and Supportive with positive reinforcement. This is more of a gentler guidance with a sense of compassion.
  • "Bad Cop": This mode is more honest, straight-forward and prioritizes telling you what you NEED to hear rather than what you WANT to hear. This mode is more like a tough coach.

3. New and Improved Leaderboard Ranking Tier System We realized that we had a flaw in our original leaderboard ranking system as we grow in the amount of users, as there is a limitation to the amount of users that will actually make it and be displayed on the leaderboard, this can cause it to be actually discouraging for some and would overall lose the aspect of competing with their friends and family. The solution we had come up for this was creating a tier based leaderboard system, where users can compete with themselves as they want to promote and climb their own rank. This would also making competition with friends and family a lot easier, keeping the core idea of our competitive aspect to our service.
4. Subscription Model We wanted to focus on the business aspect on this second phase. We had accomplished our overlying goal of the prompt and resolving the problem. However, at the end of the day, we know that this is a business and we wanted to have the ability to scale, so what we did was implement a subscription model with different perks at different rates. Our top rate currently offering users the feature of getting video diagnostics at the end of every month on the users decision making, comparing the "what happened for the month" vs "what could have happened during the month if you had taken our suggested steps". There are two reasons behind this; (1) we know there are many people that rather watch something visually than read, this feature will be much more convenient for them. (2) We also know that it is highly unlikely users will follow every suggested step we have, so having an at the end of the month summary video will help users get a better comparison.

Inspiration

Our biggest inspirations that we had used to drive our service is understanding the psychological aspect of humans. The way humans think, feel, and work overall. We wanted to leverage these concepts and our product is the solution to these tendencies. Concepts:

  • Humans are LAZY (we want our service to be as easy navigating, easily digestible, and as little decision making as possible - we do all the breakdown of the values, we give the suggestions and action steps).
  • To create trust, and remove the prior fear and experience of banking we tackle what users want to SEE and HEAR - (in psychology terms - positive reinforcement, the more encouragement humans get for their actions, the more likely the are to replicate and keep up those actions) we give them a lot of positive feedback as well as tips and advice, letting them know that despite some hiccups and failures, they can still improve and not be afraid.
  • Customization and personalization allows users to feel everything is tailored towards them, causing them to have more connection, less afraid/intimidated, and more likely to interact with and use.
  • Humans need interaction and they need a community, allowing users to join communities will allow them to not only stay accountable through those that they connect with, learn from, those that they helped but also show them that what we are providing them works. The best form of advertisement is word of mouth. And that is the factor that will drive our service to scale 100x, 1000x, .....
  • Humans are competitive and will not believe or listen if they do not see the results and "proof" for themselves, a monthly leaderboard will solve this problem as well as keep them motivated and disciplined.

What it does

  1. Get what the users financial goals are
  2. Show users their rewards and benefits they have in a easily accessible way
  3. Show how their rewards and perks can help push them closer and faster to their financial goals as well as Hacks they may not be aware of that can further help them save and truly maximize their perks.
  4. Positive feedback, including streaks to keep users interacted, less intimidated with banking and overall good user-friendly experience that makes them feel good
  5. Allowing users to see their spending habits so users can understand themself better.
  6. Using ML/AI to learn, predict, and suggest the best data driven decisions for users aligning those decisions with the users goals.
  7. Monthly leaderboard system
  8. Community groups and chatting

How we built it

We built a demo version of what some of the features we offer in our service would look like and how it interacts on Figma.

Challenges we ran into

We had a great ideas for keeping our initial points and problem statement resolved. We accomplished:

  • Making banking less scary for users
  • Getting consumers to have a way to organize and see their perks, benefits, rewards, etc. Allowing users to relieve from the stress of juggling from different banks, amount of perks they have, and how to optimize for best financial decisions.
  • Showing them how they can use those perks and benefits to align with their own personal financial goals and how it can help them achieve them.
  • Give suggestion and empower users to save money, improve their financial wellness, all the while making it super easy to navigate and understand.

However, we felt this was too generic. So we wanted to find something that would make us different, and that was the hard thing. Finding something that can make us different while not losing sight of the problem and what we are trying to solve. We also did not want to create something that users would only use for a short duration, but we wanted it to have the capability of being scaled and having a long life-span.

Accomplishments that we're proud of

We are proud to come up with two new aspects of the service that will set us apart and different from others. We leveraged the idea of a monthly leaderboard system as well as community building. These two features highlights users trust in what we provide, accountability, scalability, and longevity.

This maximizes both the business aspect as we can scale and have a high active/resubscribing members to our service.

What we learned

We learned that when developing this we needed to understand more than just the technical aspect of implementation and accomplishing our requirements. But on top of this, we had to understand many more concepts and had to consider many more factors; our target audience (understanding the tendencies and how humans think/act), business level (scalability, longevity), all these things while solving our main problems of getting users to leverage and know what perks and benefits they have and that they can use.

What's next for WealthPilot

Work on implementation on the tech stack and making our vision come to life. The future of WealthPilot is exponential, as users join and more feedback comes in, the amount of users will grow, the community size will grow, and with that many optimizations will be needed as things arise.

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