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Collaborative Finance Management (Strenghts (Collaboratively grow…
Collaborative Finance Management
Strenghts
it could setup account with different privileges
People could sell shares of their companies
and buy shares
Collaboratively grow investments
in comodities
Stocks
Crypto
Virtual money
Comprehensive money management across multiple accounts, platforms and income/expenditure sources
People could run financial projections
We would get the data directly from the banks
Shared responsibility removes pressure from financial issues
it adds more if they dont really know the other people
Responsibility and accountability from users
Opportunities
Create an easy-to-use UX
"Borrow" money
Have features currently scattered across multiple apps in one place.
New regulations in Europe are opening data from bank accounts
Share investements
crowdfunding
suggest investements
Threats
Low consumer trust in financial institutions and services
There are many apps to manage personal finances
'Old world' (banks, financial advisors, etc.)
security vulnerabilites
Privacy
Loss of funds
Pavel deleting branches
Frauds
Weaknesses
Dumb users inside groups
Finances are boring
multiple accounts in the same place...
people don't feel comfortable sharing explicit financial data with others
Developers responsibility in case of wrong use
real time connectivity issues
local laws
Ideas
Aggregating personal financial data
Strengths
All in one place
Weaknesses
Threats
Consumer skepticism and trust
Opportunities
Big data sells
Splitting Expenses and income
Strengths
Automatic fast system
Can work for the individual and a group
individual splits income into different accounts
Weaknesses
No simple solution to split incoming payments
Business case for us
an intermediary is probably needed
it does cost money
Threats
Frauds, as always
Opportunities
No direct competition including the income feature
Managing collaboratively a portfolio of accounts
Weaknesses
Trust and responsibility between users
Threats
Microsoft Money V2
QuickBooks
Opportunities
Current apps on market are too simple for many
Strengths
delegate responsibility(?)
Smart alerts for traders
Opportunities
there are no tradeable assets alert apps that go beyond price alerts, no technical indicators, or news based on sentiment analysis
high price tag
The UX of these apps is awful
Threats
Many brokers already include this for clients in their platforms
Weaknesses
there is no common API implementation for exchanges
Getting sued
Strengths
there is enough data in social media to create sentiment analysis
NOTES
Strengths
Weaknesses
Opportunities
Threats