Info

 Product Name

Fincept

Industry Domain / Vertical (Select All that Applies)

Fintech

Industry SubDomain / Horizontal (Select All that Applies)

Mobile App, Wealth Management, Consumer Finance

Your Product Stage

Idea - Prototype Stage

Customer Focus / Product Offering

B2B2C/Marketplace/Aggregator

About the Product

My self tilak and I'm working on a world economic engine to simulate every country's financial system in the world.

So the project, for now, is mainly divided into 2 parts

1. A Mobile App which will provide a 9% return per year to the users.

2. A World Economic Engine (Software)

So the idea is to take money from the people and invest it further to generate more returns. Ok, but what's new people are already doing it right? Here comes WEE(World Economic Engine) through this software we will harness the power of big data and different machine learning algorithms in order to get a certain output.

Let's understand this in a detailed way. So what can WEE do? Our model can simulate the whole economy and give you certain predictions which will be related to real-world problems understand this as the growth of GDP in India is 5% for this year but we don't know the GDP growth for next year so you can simulate in our model and get the prediction of GDP like how much it will be? Will it be positive or negative? And many other questions we will run the past data in order to get the following output. Like you could predict the pandemic in advance with this model and just imagine the endless possibilities it will unlock you can trace down every transaction and changing the parameters of certain things will lead you to a new possible case.

So understand the model as an economic relationship between two entities and not just this model itself has a lot of parameter checking through which it will analyze the risk by itself and will also give the risk measurements. We used a Bottom-Up approach so that we could predict the whole economy let me give a quick example if I give you a number that the economic growth is 5% so what could you conclude? Nothing right because how could you.. You can't predict the whole economy with just a number.. Ok so why are we predicting the economy? because the economy is the superset in this case under economy everything comes like government, financial institutions, and people of that country. So that's the reason we are predicting the economy but as I told we couldn't do it by just a number. So we are seeking a Bottom-Up approach now I will give you some new data export is a 7% increase, inflation is 3% and Spending per capita is good. In this case, I gave you a bunch of data and analyzing this data you could predict GDP is positive right because you have a lot of parameters to change and look for. We call this Multi-Para Feeding Model where continuous parameters are getting fed in the model and we are getting constant outputs.

So the main product which we have is World Economic Engine and secondary we have an app through which we will give a 9% return to anyone who is using the services. You must be thinking about what's the need for an app when you have such a model which can give such good returns. The answer to that could be through this app I also aim to open a fund that could support certain things understand as (Softbank vision fund where they had invested 100$ billion to different places) something like that is not exactly the same and the other reason is to get the data. Ok, so what data? The app will have an expense tracker where anyone could keep track record of their spending so we will collect that data and use it for our insights like on what people are spending and stuff like that because our model is hungry for data and in this case, we are providing the exact data that model wants for understanding the consumer sentiments but this won't be done secretly if the user agrees to certain conditionthen only we might store the data and again here I'm not talking about bank details just transaction ids.

So that was it for product description. Till now this is the entire plan further it may change but most probably this is the final thing.

People are financially unorganized and they don't have much options when it comes to investing but we change this thing for them so our product or service will help to manage their expenses or will help to grow their income steadily. Not only this we also solve the problem of data management understand this as you are a company and you want to invest your money into some x thing but you don't exactly know that you should invest or not that's where we come in we provide enough data to the person so that he can take the right decision. Also, our app has expense tracking features and financial literacy as well. People are looking for better investment opporitiunes but don't have any as the ones from which they can get the returns are low and the ones with high returns are risky so there is a gap in between which we are solving.

Competitors

Currently, We don't have any direct competition because we are the new sector leaders in this field. Talking about indirect competition we have investment banks, Fund Managers, Wealth Management Services, and the people who manage funds in some way or other. Our approach is different and we avoid the traditional methods of investing. Our investments are data-driven and unique people in same the category must be using the traditional methods like checking balance sheets and other financial statements but in our case, we largely predict the whole sector in order to get the desired output like it's not company-specific but rather you get a more general and deep view of the process going under the hood.

Go To Market Strategy

The group of people which we target is from 12-40 age. Why so? Basically, the point is that people between the ages of 12-24 will be mainly school and college-going students and we want them to learn financial literacy early in their life so that in the future they won't have much problems. And the remaining age group will be the people who are employed or go to work and they are concerned about their money so they will also be investing in this. Now let's come to a legit point if I ask you where could you keep your money where it grows your answer must be a bank because they provide an interest of 5-6% per year. Asking you is that really enough? Because for me it's not inflation is 6.2% even if you get 7% interest on your amount it is nothing understand this as inflation won't affect you in real-time but it depreciates your amount in the longer run. Again the question is Why someone could invest in this? My answer could be why not see talking on the real facts if person P is earning money then person Q also gets attracted to it no matter how well person Q financially is. It's greed and I call it greedy marketing.. why so? let's take another example after the pandemic people investing money in the stock market raised a lot like every other person putting their money in the stock market.. So is it bad? Yes of course because they are financially illiterate when they put money into the stock market they should know in and out of that. So marketing is simple if we focus on making a good product or service which we are people will definitely use that product and they will recommend other people also. And whatever I said is legit and this will definitely work as per the marketing point of view.

Do You have paying customers ?

Yes

Current State of Business

Our product is in development and currently, we don't have any paying customers as our product or service isn't built yet but interesting I did a short survey in my area like with friends, teachers, and family, and something new came up so I asked them about this thing that could you invest your money if you are getting a 9% fixed return on your investment and everyone was like why not we could love too. So I can say that from the time of launch only I have paying customers but due to the product in development things are just on hold.

Uniqueness?

We are building an Economic Simulation software that will be powered by an economic engine that will have all possible outcomes of the future economy. This has never been done before because of its complexity level but due to our innovative approach and Creative problem-solving method, we will be making this possible. Talking about the software capability it can simulate the whole economy on different changing factors like let's say one example where government needs to bring a new policy where people need to pay fewer taxes now in this case before implementing the policy directly government can use our software for simulating it virtually so that they can have a better idea about how it will work in realtime if they had implemented it across the country.

What is the problem you are solving?

When it comes to investment we don't have any investment options and if i would have ask you the same questions? Your answers like be like fixed deposits, mutual funds and stock market but let's admit that the ones with low returns are not worth investing and the ones with high returns are way riskier than we would have thought. See there is a gap in between where banks provide some where around 6-7% interest rates and stock market provides somewhere around 12-14% interest rates if invested correctly. There is no asset which is also less riskier and providing moderate returns. So the market size between this is really huge. People will definitely consider us as an investment option if we are present in the market.

What is your value proposition for this problem?

Personal finance is important and even more important when it comes to you and your family. Planning early for later stage in your life is not bad but planning present is important too. With our risk analyzing algorithm people can choose for how much time they want to be with us like if you are planning for next 20 years we are there for you and even if you are planning for next 6 months we are here to help you. We will be changing the whole invest landscape once we enter in the field. We believe good products and excellent service are the only key points to retain a user from leaving and we are good at this.

What is your unique selling point?

Our platform is an app with very minimalist user friendly interface so anyone who has no knowledge about investing can create an account start investing with us within minutes. Leveraging the technology things have become much easier than in past. With great power in finance comes great responsibility. Our app as an inbuilt expense tracker which will track all your finance in one app only and also we provide financial literacy dashboard where you could topics on economics inside the app only and also our learning's are heavily based on interactive part like user understand topics must better which some quizs in between to track the progress of one who is learning. Apart from this all primary focus is on providing better interest rates to achieve financial freedom faster.

What is your target customer segment?

We target age group between 12-40, Mainly the focus is on teenagers and office going people because they are serious about their finance.

Our approach is bit different and might be unique also we like to target 12-18 year people more but that doesn't change the targeted audience. Our main focus is of audience between 18-28 because it has the highest number of conversions people at this age are fount of doing new things and trying to generate wealth as well call as hustle period where a person does his or her graduation and applies for the job and fill up their needs in a certain budget. People ranging from 12-18 are also favorable because giving them the right financial knowledge will not lead to wasting their money on everything they will be tought lessons on savings , financial planning and budgeting.

We have plan campaigns for various schools, colleges and offices where we will do the lessons are free. Further they might choose us as an option in future for finance.

How do you aim to scale-up?

As fund of the company hit at a certain value we will be doing some structural changes to the company. Scaling is not a problem for us infact this is a thing which will be done automatically by people even if we don't want.. ok let me example how? We are filling an gap between low interest rates provided by bank and high interest provided by stock market with high risk, We come in between with a mix 9% interest slab like people on initial stage can consider us after the bank. Like think why would someone not want better income if they are getting it. With our simplified user interface anyone could open an account and invest with us within some minutes. Further we will be also providing different interest rates to user depending upon their risk appetite, Our algorithms will suggest them the most perfect options for their investment within our app.

What will be the revenue model?

Revenue model might evolve over the time but won't be same they company grows at a certain level. For initial stage we are providing our customers flat 9% interest so anything above 9% is being counted as a profit like let's say some of the company assets had generated an 18% return in one year so as per the guideline we will distribute 9% interest to users and other remaining 9% is our profit. Not only this but we will also be able to make money from selling data and valuable insights to company and government for economic development.

Who are your key competitors?

Investment banks, Asset management companies and fund managers all are our primary competitors. Mainly are more focus on economic development part rather than doing trading in stock market and making profits the main goal of the company is to benefit everyone in the economy. At initial stage it might be hard to overtake the big financial institutions in terms of money power and resources but with some consistent hard work and effort this can we be achieved.

SUMMARY

Our idea is to built an app that can provide a fixed 9% interest rate to its users similar to fixed deposits in bank. Behind this we are also building an economic simulation software called World Economic Engine which could simulate and predict the whole financial system. So for giving 9% to users our software will be generating signals base on that we will be getting money to pay back 9% and anything above 9% is our profit.

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