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DoLoCo: FincapDev Hackathon Demo
- 1. Our Vision 62 PS 473rd grade parents 25 Daughter’s soccer team 29 College friends 15Duckworthy family 32 Queens Neighbors 30 Work colleagues 17Community board 18CA extended family
- 2. Opportunity to Innovate Loansfrom Friends/Family DoLoCoOverdraftPayday Loans Cost Channel Convenience Predatory industry. Difficult repayment structure can prolong debt cycle. Need to be wary of compounding fees. Bad habit to fall into. Open-ended terms and record-keeping. Damaged relationships. Scoring system to promote giving AND receiving. Positive effects on community. $$$$ $$ $ Free Online or in-person Externalities Submit documents and application Through available banking channels Typically in-person Mobile Automatic May need to ask multiple people. Discuss one-off terms Easy to use Today’s alternatives Size 12M U.S. adults 8 loans of $375 each $48.7B in transactions $9.2B in revenue 18M checking accts $8.3B in transactions $6.9B in revenue Unknown but large % of LMI market
- 3. Impact Help lower to middle income households Help organizations Tangible keeptrack of important events in friends’ / family’s lives (for those near and far) increase their social cachet discover hyperlocal groups Intangible smooth out income / expense curves endure financial shocks rely less on expensive sources of credit invest in local people and organizations collect funds / donations keep track of members raise awareness and publicize events Help lower to middle income households Help organizations
- 4. Go-to-Market Strategy andProgress Marketing / User Acquisition App Iterations Partner distribution model Develop partnerships with organizations and financial institutions that invest in the financially underserved, as well as local community organizations (churches, public schools) Tech events and organizations Participate in and demo DoLoCo at NYC tech events. Establish partnerships with local tech communities and organizations to raise awareness of our vision/solution Digital assets and campaigns Using our digital assets (doloco.org landing page, Facebook, Twitter, mailchimp) to push out content on financial education, our product, tech events and partners, and highlight specific users and community organizations Influencer network effect Enlist key financial tech bloggers, app journalists, social entrepreneurs, and other relevant influencers for press and publicity App evolution DoLoCo v1 is live on Google Play. We have redesigned our app with the aid of a designer and are building towards the new design. User testing and campaigns Conduct in-person and online user tests with the target audience to refine app features. Analytics Use analytics tools to measure engagement and develop customer segments to refine the marketing strategy
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