Market Analysis on Financial Application

1. Phase 1: Market Research and Product Evaluation
Part 1: Market Research Report
Introduction
In modern society, financial planning is pertinent to one’s success. The majority of financial
applications available today help an individual track and budget finances. However, these apps
are static, disconnected, and do not forecast the effects of a life event. They lack a “predictive”
element, that is, to budget future spending after a financially impactful event. Amod and Karthik,
two Santa Clara University graduate students, want to change the way consumers financially
plan with a personalized fintech app that takes into consideration the impact of major life events.
With personalized recommendations and finances all under one roof, the app discredits the need
to use multiple financial apps, and also encourages users to readily plan their finances to ensure
stable financial health in life.
We began by using various research techniques, including secondary research, ten voice-of-
the-customer interviews, and a focus group. We conducted secondary research to understand
current fintech apps and dominating apps in the market. We each interviewed two people about
their personal finances to identify a need in the market, including opinions about apps they use.
Finally, we conducted a focus group of six students to gauge interest by asking them a series of
both open ended and close ended questions. Through the focus group we determined key
problems associated with the product, including if there is a need for the app and what target
market will most greatly benefit from using it. These research techniques allowed us to
comprehensively assess the demand for the app and critique it in the steps to follow.
Secondary Research
To obtain a better understanding of the fintech application market, we conducted
secondary research using databases, business journals, and news sources. The competitive and

2. saturated fintech app market offers many services including budget assistance, mobile credit
cards, insurance information, online banking, and stock market watching, and most of these
niche-audience apps are offered for free (Haselton). Although today there are many fintech apps,
Bloomberg reports that, “Finance apps started out with an aim to solve very specific problems”
(Salz). With the increasing number of available apps and amount of smartphone users,
consumers have more insight into their finances than ever before. These insights can provide a
constant stream of financial information to consumers. According to the New York Times, “the
one-stop gateway for a range of financial needs” is available through “an even wider ecosystem
enabled by apps” (Salz). Overall, the market and competition among fintech companies is
growing at the same rapid pace.
Although many of these fintech apps offer online algorithmic financial advice, there is
still a large market for those who place a high value on human interaction. While some would
appreciate the idea of a program “doing the work” for them, many would feel uneasy about how
exactly the financial advice was produced. A millennial said, “I’d probably rather have a real
person, I’m pretty savvy myself. I’d probably do better than that program would.” (Hill). The
element of human interaction and a conversation about finances is missing from these apps, as
some people prefer to work to solve issues as opposed to being given a solution from an
algorithm. Additionally, there is also a lot of concern in the market over the security of personal
information. With many recent data hacks that have affected nearly half the population in the
United States, it’s becoming increasingly important for consumers to be wary of what institutions
have access to their personal and financial information (Slattery). In total, the secondary research
helped us better understand the competitive landscape in the fintech app market and sparked

3. ideas on how to improve Amod and Karthik’s fintech app to address consumer problems and
needs.
Voice of the Customer Interviews
For our VOC interviews, we interviewed ten total people of varying ages, levels of financial
savviness, occupations, and interests to understand their wants and needs. The information led us
to critique and improve the fintech application. Interviews were one-on-one, with the majority
being conducted in person and several over the phone due to geographical differences. The
interviewer often expanded upon the ten questions depending on the direction of the
conversation. We prefaced the interview by saying it was to understand how one tracks their
finances. If the interviewee wanted more information, we explained that we were working with
two entrepreneurs on their idea, but could not divulge any further information to ensure integrity
of the answers from the interview. The following questions were the structure of each interview:
1. Do you consider yourself a financially savvy person?
2. How many, if any, platforms do you use to track your finances?
3. What, if any, platforms do you use to track your finances?
4. What is your reasoning behind the app(s) you use?
5. On a scale of 1-10, how active are you in tracking your finances?
6. Do you follow a certain budget in a given period of time? If so, what is the period of time?
7. What features do you dislike on the platform(s) that you use?
8. What features do you like on the platform(s) that you use?
9. END: Is there anything you thought I was going to ask but didn’t?

4. After sharing our experiences from interviews, a few quotes from the interviews struck us as
being essential to keep in mind with going forward in the new product process:
• “I like how it kills one bird with two stones. I can move money, deposit money, and be notified
of anything I could be saving money on” - Angela Holzmeister, professor at Santa Clara
University → Implication: Consolidation
• “My favorite features are receiving a text when I spend a certain amount and updates me on
my balance as well as visuals, like tables that sum my spendings and bracket them in
percentages” - Phil Park, student at Santa Clara University. → Implication: Interactive and
analytical features
• “I am most interested in having easy simple access to all my financial data so that I can create
simple snapshots at any time” - Shaun D’Sylva, 49, business owner. → Implication:
Consumers may already be satisfied with current apps that offer static “snapshots” of finances.
We explored these implications further in our focus group. Our findings from the VOCs greatly
guided us in conducting a successful focus group.
Focus Group
For our focus group, we gathered six students ages 19 to 22 from Santa Clara University,
each with a diverse knowledge of the financial industry. The focus group was conducted to
gauge if customers were interested in this proactive fintech app, and if they had any needs that
were not currently being met by the application. The moderator described the app to our
participants, the scribe recorded our participants answers, and the session was recorded for later
reference. We asked the following questions to the members of the focus group:

5. 1. Do you have any initial reactions regarding the application?
2. What product attributes and benefits would you prefer?
3. Would you like to customize the life events rather than pick one from a predetermined list?
4. What are your dissatisfactions, problems and unfulfilled needs?
5. Who do you think the typical user will be? (age, gender, income)
6. Would you be willing to pay for this product? If so, how much?
7. Would this app be better off as an app or a website?
8. Do you think the app is capable of helping you financially manage through life events?
The participants responses were unanimous, and their initial reactions showed they did
not have a need for this app because they are currently focused on short term spending rather
than large life events. Additionally, they would prefer to customize life events in lieu of a drop
down list. When asked about the typical user, the participants agreed that a user would be a
recent grad or someone in their mid 20s to early 30s, and who has the financial capability to
make long term investments such as purchasing a car or house. Lastly, they were not interested
in this app as a paid product, even on a freemium plan. Overall, however, the participants were
not confident that the app would be successful in helping them manage life events and felt it
might become a waste of time if they could do the financial planning themselves.
Conclusion
Through our secondary research of the fintech industry, voice of customer interviews,
and focus groups, we grasped a clear understanding of where Amod and Karthik’s application
would be positioned among other fintech apps. With a variety of competitors already active in
the market, the key issue is whether there is an adequate need for the product. Also, with recent
hacks to consumer information, consumers are hesitant to release information to financial apps,
especially new apps that have yet to establish a reputation for security.
The fintech apps that exist currently each cater to a niche market, which is where Amod
and Karthik’s app has the opportunity to succeed. For users in a niche who prefer a mobile, not
static, view of their finances, Amod and Karthik’s app will satisfy that demand. Overall,

6. however, our market research led us to recognize that although Amod and Karthik’s app is
somewhat unique in the predictability sense, the market is incredibly saturated and will be
difficult to penetrate.
Part 2: Competitive Analysis
Amod and Karthik’s direct competitors are other fintech apps that function primarily on a
mobile platform such as Mint, Albert, Wally, as well as smaller competitors. The app’s indirect
competitors are mobile platforms provided by traditional banks such as Chase, Bank of America,
US Bank, just to name a few.
Mint is a web-based financial management platform that primarily provides users with a
single platform to track bank, credit card, investment, and loan balances and transactions, in
addition to setting personal budgets and financial goals (Prince). Mint originally targeted young
professionals who were generally already tech-savvy and using mobile apps. They invested
heavily into MintLife, a blog with personal finance advice and discussions, which drove users to
their website faster than their competitors’. Mint’s decision to content creation and user retention
has been a large contributor to their success in establishing themselves as a market giant (Burg).
Albert, another web-based financial management platform, offers users personalized
advice with the goal of improving the user’s overall financial status (Perez). The company has
not released the current number of users, but the app is rated #132 and featured on top banners in
the Apple App Store. Like Mint, Albert is focused on younger users but differentiates in that it is
focused less on budgeting and more on providing the user with personalized financial advice,
while tracking user patterns of spending and saving.
Wally, the platform’s third major competitor, is also a personal budgeting platform to
help users understand their financial patterns, and is focused on users’ savings (Haselton). Wally

7. has the lowest market share of the three main competitors but is still significant because it
provides information about user trends, as well as information and guidance about spending and
saving.
Lastly, the indirect competitors are the mobile and online platforms provided by traditional
banks such as Chase or Bank of America. While these are often used by users who prefer to
individually manage how they budget. With users who prefer to use their own budget-creation
methods via Excel or other processes, there is simply not a demand for budgeting apps, despite
the potential capabilities that could be provided by fintech apps.
Part 3: Analysis of Strengths and Weaknesses
Strengths:
The biggest strength of Amod and Karthik’s app is its ability to combine multiple fintech
app functions under one umbrella. Currently, if a consumer wanted to check their credit score,
bank statements, and investment portfolios, they would need three separate apps in order to do
so. This app, however, provides a holistic snapshot of all of these elements and more. This
benefits the user because it eliminates the need for multiple apps, which can be complicated and
frustrating to have one’s sensitive information in many places.
An opportunity for the app is its projected target market. Amod and Karthik stated that
their ideal market are post-college individuals who are, for the first time, financially independent,
and additionally are technology savvy. The strength lies in the general financial instability of this
age group; users are fresh out of college and may need an app that helps them budget their newly
expected liabilities and expenses. An additional strength is that the app does not actually make
financial decisions for the user, but rather only provides recommended financial steps to take for
how to most favorably budget after a life event. This is beneficial because it refrains from

8. encroaching on personal, sensitive information and gives the user the freedom to choose whether
to use the given quantitative or qualitative advice.
Finally, it is important to note that the app will be highly secure in terms of customer
information. Amod and Karthik stated that they are not holding sensitive information, which
removes the risk of stolen data. Furthermore, the app will include a one-time connection feature
that puts one’s bank information just once into the server and a biometrics element for an
increased layer of security.
Weaknesses:
While there certainly are strengths in this fintech app, we found the weaknesses to be more
impactful and must be digested in order to be a successful product. The first weakness is that the
basic offerings and personalized recommendations of the app are already provided by Albert.
The app will not be a new-to-the world product and will face direct competition. One of the main
features of the fintech app is the predictive element that tells the user how a life event will affect
one’s balances and make recommendations to make the financial aftermath as smooth as
possible. However, this can be misleading because it focuses on the after-effects of an event - an
element that is counterintuitive to the very definition of “predictive” itself. The app does not
predict events. Therefore, the word is completely deceiving, as it nearly impossible to predict
what will occur in someone’s life.
Another initial issue is the app’s lack of credibility in the fintech app market. Because the
app is brand new and not partnering with an existing finance or banking app, it will not be
known, so users may not trust inputting personal information with the belief that it could be
breached or illegally used. This is a major obstacle that may be difficult to overcome, given the
fact that the app’s entire purpose relies on consumers’ inputting their financials. Most users

9. already have an established user base such as Bank of America, Wells Fargo, or Chase that they
trust and are comfortable using. Thus, it may be difficult for users to switch to a nameless
platform. Another issue with credibility is the source of the algorithm and how suggestions or the
‘predictive element’ would be conveyed. The idea of giving investment or budgeting advice
without a transparent, persuasive foundation is likely not going reside well with consumers. It
will be important to have a high level of transparency in terms of where the numbers are coming
from in order to build up credibility for the company.
Part 4: Improved Version
Our proposed idea for the fintech application centers around including a human
interaction component and focusing on transparency. Through our research, we found that many
people “think there is a lot of value as far as the human element” of financial planning, said
Brian Austria, a financial advisor at Comprehensive Wealth Partners (Hill). Thus,
customizability is key to ensure customer satisfaction and build a user base. The human
component allows users to make connections and have a sense of security knowing that the
advisor’s suggestions are not simply an algorithm. It will create transparency, allowing the
customer to see where the numbers are coming from and build a relationship. Features such as a
live chat or the ability to call a certified financial advisor - in addition to on a mobile platform -
provide an extra layer of credibility to the app.
In addition, “predictive” is a misleading and confusing word in connection to the fintech
app. During Amod’s pitch of the product, he centered his description of the app around the word
“predictive.” This created a notion that the app predicted future life events, such as a car
accident. To remove the confusion, we propose to use the word “mitigate” and pitch the app as a
way to mitigate the impact of life events. Centering the theme of the app around “mitigation” as

10. opposed to “predictability” will send a more clear, accurate, and appealing message to a potential
customer.
Finally, we want to incorporate a customizable feature allowing the user to input a
personalized life event. Currently, the app will only include predetermined life events based on
one’s age range. This may deter customers from using it if they cannot tailor it to their lifestyle.
In addition, we want the app to be transparent about where it derives information by including a
link to the source. Portraying data integrity is vital to the success of an app that manages
something as serious and private as one’s money.
Part 5: Concept Testing Survey (ONLY need to build questionnaire)
1. Based on the description, are you willing to pay for this product? If so, what price?
2. Do you use multiple financial apps (1 or more) to track your expenses?
Yes No
3. As a whole, how do you feel about this application?
Poor Fair Good Very Good Excellent
4. How confident are you that this application can budget for unexpected life events?
Very Somewhat Neutral Somewhat Very
not confident not confident not confident not confident
5. Does this product differentiate itself from other fintech applications?
Does not Slightly Differentiates Differentiates Differentiates
differentiate differentiates somewhat well very well
6. How likely is it that you would use this application?
Not very Somewhat Neutral Somewhat Very
likely not likely likely likely
7. How often would you use this application?
Would not use Once a year A few times a year Once a month Once a week
8. Overall, how interested are you in buying this product?
Not very Somewhat Neither interested Very Extremely
interested interested nor uninterested interested interested

11. Phase 2: Product Marketing and Launch Strategy
I.Introduction
After conducting various research techniques to gain a strong understanding of the fintech
market, Fresh Perspectives Consulting determined several best features to most effectively
enhance the fintech application created by Santa Clara University graduate students Amod and
Karthik. The improvements center around implementing a human component that allows for
transparent, reliable, and credible service. To elaborate, based on feedback from individual
VOCs, a focus group, and a survey, we found that many consumers would not trust a calculated
algorithm to make financial choices for them, nor trust the app to hold private banking
information. Thus, it was clear that the initial design of the app lacked personalization and
credibility. To improve upon it, we proposed to incorporate certified financial advisors available
24/7 via live chat or call to add both personalization and added credibility to the fintech app.
Increased customization also includes the ability to input a personalized life event backed by a
credible source. Finally, the app will focus more on “mitigating” life events rather than
“predicting” them, as the latter is both misleading and confusing.
In Phase Two, we begin by thoroughly detailing the concept testing survey, followed by
its results and implications. Based on the concept testing results and our analysis of it, we
outlined and described the finalized version of the fintech application with three new features.
We rationalized our brand name, $trive, and included a brand positioning statement. Finally,
determined our launch strategy, including a buyer persona, a product positioning statement with
a rationalization of our product name (Up 2 U), tactics, and a detailed communication plan that
justifies which channels are best suited to successfully market the product.

12. II. Concept Testing Survey: Details
Through a concept testing survey, we drew several conclusions about the proposed
features of $trive. We built an 18-question survey and received a total of 68 responses. Specific
sample demographics of the survey can be found in Appendix B.
III. Concept Testing Survey: Results
Of our 68 respondents, we found that 93% currently use financial applications to track
their expenses. Based on our cross tabulations, we were able to conclude that those respondents
who currently use financial apps would still be interested in using “Up 2 U” (Appendix C). We
also found that most people who were somewhat likely to use our app would also be somewhat
willing to purchase it (Appendix C). We had many respondents comment that they believed the
strengths of the application were consolidated into one financial app, and the ability to receive
expert advice. Some of the frustrations involved security and the trustworthiness of the
application. Over 70% of our respondents were not willing to pay for the application, and those
who were willing to pay would not pay over $10 a month. Based on our calculations, using the
top two box scores from our concept test survey, we concluded that human expert advice and
security are the two most important features to consumers (Appendix C).
IV. Proposed New Product
In the previous phase, we proposed the features of human interaction, transparency,
personalization, security, and focusing on “mitigating” life events rather than “predicting” them.
Based on the data from our survey using top two box scores, we found that security and human
financial advice and security are the two most desired features at 60.29% and 61.76%
respectively. This means that the app should include the ability to contact a financial advisor and
be highly secure in holding one’s private banking information. As for the least preferred features,

13. 37% of respondents did not want to receive recommendations via an algorithm. In fact, a
millennial said, “I’d probably rather have a real person, I’m pretty savvy myself. I’d probably do
better than that program would” (Hill). Though technology is highly advanced in making
complex decisions, human interaction is still clearly valued and must be available in order for the
app to succeed.
Our first additional feature is a webinar series that educates users both on how to use the
application and how to be generally financially savvy. The concept test survey revealed that
while the app had the potential to be a useful financial tool, users stated that if they were not
previously financially savvy, they would not be able to fully benefit without some exposure to
basic financial literacy. One user described that the app might have a learning curve, and these
tutorials would mitigate that issue.
The next added feature is a notification system for the optimal time to purchase goods
and services that the user is interested in. This will let users know they will be set back less if
they make purchases during certain times or seasons and will alert the user when sales and
seasonal purchases should be made. For example, depending on one’s preference, when a high-
end store like Kate Spade has a sale or professional sports games tickets are priced low, users
will get a notification. Several respondents complained about not having help to plan for future
purchases. One respondent who summarized the feelings of many other respondents wrote,
“They usually tell you where and how you’re spending but don’t help you plan for future
purchases.” This new feature will address a consumer need for guidance on future purchases,
especially when on a budget.
The third additional feature is the probability that the recommendations are accurately
calculated by an algorithm, as well as data to back up the sources of these recommendations. One

14. of the biggest concerns that respondents had with this application was that the recommendations
would not be accurate or trustworthy. Users worried about “how to ensure the quality of advice”
and “if expert advice is trustworthy.” Providing the user with data to back up our added features
will increase the user’s willingness to trust the app’s recommendations.
V. Brand Name with Rationale
After much discussion, Fresh Perspective Consulting has decided “Up 2 U” is the best
product name for the application. Although “What If?” embodies many aspects of the
application, our team felt the name did not emphasize the consumer taking matters into their own
hands. In other words, using the application to aid them in making financial decisions to guide
their life. Giving consumers the ability to empower themselves is a crucial selling point of the
application. The application provides expert financial advice to help mitigate impact from life
events, and it is “Up 2 U” (“U” being the user) to take the advice or not.
With a solid product name, Fresh Perspective Consulting further discussed a name that
would embody the brand. As an umbrella name, the brand name should embody our mission.
After much consultation, we decided on “$trive.” Our brand’s mission is to aid consumers in
striving to meet their highest financial potential. Any application or product introduced by the
brand in the future will always have this mission in mind. The dollar sign in the brand name is to
remind consumers of the central theme of money and finances in our brand. With the money
sign, it makes it clear that the “striving” relates to money. $trive relates closely to Up 2 U, as the
end goal of the Up 2 U application is to aid the consumer in striving to meet financial potential.
Fresh Perspective Consulting is confident our product and brand name embody the application
and mission and will create long lasting connections between consumers and the brand.

15. VI. Brand Positioning Statement
To recent college graduates and young professionals ages 21-35, $trive is the brand of
personalization and transparency that provides the user with customized financial information to
mitigate financially impactful life events, because it is never too early to start expecting the
unexpected. The brand character is knowledgeable, strategic, insightful, and innovative.
VII. Launch Plan
A. Target Market
Based on data generated from the previous phase of the report and our survey of 68
respondents, our proposed target market is millennials, college students, postgraduate students,
and young professionals ages 21 to 34 (buyer persona in Appendix D). We chose age 21 as the
lower bound of the demographic because the data suggests that the majority of the respondents
ages 18-24 (92.6%) use some sort of banking application (92.6%) to track their finances. Further,
based on general observation, 21 is the age of adulthood, thus typically a time when one’s
expenses are more seriously tracked. They are not yet at an age where they necessarily need
certified financial advice, but they may benefit from using it for budgeting purposes and
understanding where they spend their money. We chose age 34 for the upper bound of the
demographic based on a study that found millennials 18-34 are fiscally focused and responsible.
The findings of the study state that millennials are financially driven, loyal, focused on credit
scores, and concerned with saving for the future (O’Bannon). In addition, Amod and Karthik’s
insights suggest that postgraduate students and those in the working world for about five years or
less are exposed to an increased number of personal finances and may require assistance to help
financially plan their life. This age range more greatly benefits from the app’s features of expert

16. financial advisors and customizing life events because users may have experienced several
milestones in their life already and need financial advice to mitigate those life events.
B. Product Positioning Statement
For the financially aware, post-graduation millennial who needs supplemental expert
advice to make confident financial decisions, Up 2 U is a personalized fintech application that
mitigates the financial impact of major life events, consolidates the user’s financial information
in one platform, and is secured through biometrics. Unlike competing fintech apps like
traditional banking apps or Mint, the product encourages users to readily plan their finances and
expect the unexpected.
C. Goals and Measures
To measure the success of the fintech application, data should be checked weekly. The number
of downloads is one metric to track because it gives an insight into how many people are
potentially interested in the application. We believe 500 downloads in the first month and 6,000
downloads in the first year is a successful milestone. However, this number can be quite high and
is not an accurate measurement of the app’s success, as users may download the app but not
necessarily use it. The next measure - how many people sign up for the application - is more
important because it provides a more precise idea of how many people commit to the app. We
believe 70% of those that download the app will actually sign up. For this, data should be
collected to see if people connect their financial accounts or fill out the survey and determine
whether those filling out the survey give up whilst answering the questions. If so, their email
addresses should be collected at the beginning of the survey and saved, so emails can be sent to
them periodically with reassurances of both security and effectiveness. Data should be gathered
for those that retry the app based on the emails. The last metric to be measured is how often users

17. utilize the application on a weekly or monthly basis and to what extent they use the application,
including whether they customize their own life events or use the algorithm’s predetermined
ones. Based on our survey data, we believe consumers who utilize the app at least once a week or
five times a month are active users.
D. Launch Strategy, Tactics and Communication Plan
Launch Strategy:
Up 2 U will enter the market with the intent to stay in with no initial plans of leaving the
market. The launch aggressiveness will be balanced, with the intent to retain loyal users but not
necessarily capture the majority of the market share immediately. Up 2 U’s competitive
advantage is its differentiation from current fintech applications, and its ability to consolidate
existing features with $trive’s unique recommendations. It will aim at competitors by providing
features that other current fintech apps do not currently have. It is the first product in $trive’s
fintech line and is an application for young professionals beginning serious fiscal responsibility.
Tactics:
First, we will partner with large companies in Silicon Valley to expose our app to early-in-
career employees in our target market. We will host lunch and after-work events with food and
drinks at companies like Google, Facebook, Oracle, Cisco, LinkedIn, and VMWare to introduce
Up 2 U and future $trive products to potential users, while forming a credible partnership with
the host company.
Second, we will collaborate with financial influencers on YouTube and Vimeo to gain
credibility as a reliable resource for those seeking financial help. Allowing these influencers to
beta test our product and reveal the features that are most useful to young millennials, while
giving our app a ‘seal of approval’ and a competitive edge among other emerging fintech apps.

18. Lastly, for our initial launch we will use targeted ads on Google through AdWords and
Facebook and Instagram through Facebook’s targeted ad platform. This will target users who
have previously searched about financial literacy and are looking for help to manage their
finances.
Communications Plan:
One way we plan to communicate the product is to connect with companies in the Silicon
Valley that have a large percentage of recent graduate students. We will research companies in
the area and email them in order to effectively aim for our target market ages 21 to 34. We
believe this demographic will best understand the product and efficiently communicate about it
with their friends.
We also plan to work with high-end department stores like Nordstrom and Macy’s to include
advertisements on their websites. We believe there is a strong correlation between consumers
who online shop and consumers needing to budget, as avid shoppers may generally benefit from
an app that mitigates one’s finances and spending.
Finally, we plan to plan to use social media through paid Facebook and Instagram
advertisements to reach our millennial target market. These channels already significantly reach
our demographic and will entice consumers to download the app.
VIII. Conclusion
$trive’s debut product, Up 2 U, is an innovative fintech app that consolidates what consumers
find useful in other fintech apps, and adds a new feature - mitigation - that gives suggestions to
users for alleviating the financial impact of expected and unexpected events. Our brand name,
$trive, encourages the user to strive for something better, and take the extra step to ensure
financial prosperity through proactive steps by using our first product, Up 2 U. After distributing

19. our concept test survey and analyzing the results, we concluded that the most popular features
are human financial advice and security and the feature that is less appealing is recommendations
via an algorithm. Additional features will include financial literacy webinar-series, optimal
purchase time notification system, and a probability system that recommendations are accurately
calculated by an algorithm. Up 2 U will launch in 2018 and will target young professionals ages
21-34, and will be for the knowledgeable, strategic, insightful, and innovative individual.
IX. Works Cited
Burg, N. (2015, March 25). How Mint Turned Content Into a Big Business. Retrieved on
October 22, 2017
Haselton, T. (2017, April 03). Five free personal finance apps that can help you take control
of your money. Retrieved October 22, 2017.
Hill , J. (2017, September 7). Millennial money: Debt burdened, market-wary
young professionals can seek refuge in digital tools. Retrieved October 20, 2017.
O'Bannon, I. M. (2016, July 11). Survey: Millennials Are Fiscally Focused and Responsible.
Retrieved November 20, 2017.
Perez, S. (2016, November 23). Albert raises $2.5 million for its finance app that helps you save
money. Retrieved from October 20, 2017
Prince, K. T. (2016, April 26). Mint by the Numbers: Which User Are You? Retrieved
on October 22 2017.
Salz, P. A. (2017, August 15). Finance Apps Have A Millennial Mobile Moment.
Retrieved October 22, 2017.
Slattery, D. (2017, September 8). Nearly half of U.S. population has data affected by Equifax
breach. Retrieved October 22, 2017

20. X. Appendix
A. Concept Sheet

22. B. Concept Testing Survey Demographics
Gender: 76.5% female, 20.6% male, 2.9% prefer not to
say
Age: 92.6% 18-24 years old, 1.5% 25-30 years old, 2.9% 41-50 years old, 1.5% 50-60 years old ,
1.5% 60+ years old

23. Ethnicity: 61.8% white, 23.5% Asian/Pacific Islander, 4.4% Hispanic/Latino, 2.9%
Black/African American, 2.9% Other,
4.4% Prefer not to say

24. Education: 57.4% Some college credit, no degree, 19.1% Bachelor’s degree, 17.6% Master’s
degree, 2.9% Associate degree, 1.5% Master’s degree, 1.5% Prefer not to say
Marital Status: 89.7% Single, never married, 7.4% Married/domestic partnership, 1.5%
Separated, 1.5% divorced

25. Household Income: Less than $25,000 (22.1%); $25,000-$34,999 (1.5%); $35,000-$49,999
(1.5%), 50,000-74,999 (8.8%); $75,000-$99,999 (7.4%); $100,000-$149,000 (2.9%); $150,000-
$199,999 (0%); 200,000 or more (22.1%); Prefer not to say (33.8%)
33.8% Prefer not to say
C. Concept Test Survey Results

26. D. Buyer Persona
Frank the Financially Frugal Fellow
Frank is a 27-year-old postgraduate male student who lives in Palo Alto, California. He recently
earned his graduate degree at Santa Clara University and now works at a small start up in the
Silicon Valley as a software engineer and earns $70,000 a year. He lives in an apartment with
three other postgraduate students and has an obsession with sports cars, though he cannot afford
one because he must pay off his student debt first. He currently drives a used 2010 Ford Fusion
that operates fine but is not his ideal car.

27. Spending Behaviors: Frank has always kept a careful eye on his expenses. He has a monthly
budget and constantly tracks where he spends his money on his Bank of America mobile app. It
is Frank’s first full-time job since finishing graduate school, and he is overwhelmed by the
abundance of new expenses he must pay, including his rent in the expensive city of Palo Alto
and health insurance.
Fintech App Usage: Though he likes the Bank of America app for daily and monthly budgeting,
it frustrates Frank that the app does not aid him in how to effectively budget after life events
occur. He wants an app that both securely holds his banking information and helps him mitigate
the new and upcoming expenses in his life. For example, his dream car is a Ferrari 488GTB,
priced at $256,550. Frank wants to know - given his annual salary and expenses - at what age he
is able to purchase it while still maintaining a financially stable lifestyle.