System Financial provides an automated advisory service

Country: USAFinancial System
Year: March, 2016

 

 

Concept

  • The System is an app that helps users manage their finances and build savings
  • It gives a personalized financial strategy by merging data coming from the user’s bank and credit cards
  • The data received on the app are:  income, spendings on bills and when bills are due
  • Part of the income is used for the bills and to pay off the user’s debt and another part is suggested for savings to achieve long term saving goals

Consumer Benefits

  • Automation: the app is automatically using the user’s spending pattern in order to put aside a certain amount of money in order to pay bills and debt and make savings
  • Easy to use: to get started the user has to put his credit card information and links the app to their bank
  • The user has total control on when he wants to stop using the service by hitting pause directly on the app and before moving any money to a savings account the user has to agree on the plan

How to use

  1. The user links the credit card and the bank account to the app
  2. A portion of the revenue is set aside for bills and debt pay back
  3. A suggested amount of money is set apart and sent to the savings account
  4. The user has to validate the suggestion for the service to start
  5. He pays $3.55 per month for the service

Illustration

  • How System Financial works: