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DIFM(Do It For Me) vs DIY(Do It Yourself). This is an un tapped opportunity. Fintechs/financial services startups listen up. Most people are really bad at managing personal finances till it's too late. People crave financial independence esp in a tough economy. Its a trust thing
Most regular people simply don’t have the expertise to DIY their money because we suck at financial literacy,we also havent had the opportunity as we go from pay check to pay check without a planned strategy & most won’t use an advisor, because well there aren't any real options
Finance like surgery is a skill/patience/training/labour of love/passion/commitment game - it takes years of training & dev to be competent let alone excel. We don’t expect people to perform their own operations, so why the double standard when it comes to financial outcomes?
This is a problem worth solving at the smallest scale, form high school students putting away a few hundred rupees to housewives(core group that needs support) to putting away money for a rainy day. This is not a "play for" budgeting app or banks selling shitty insurance policies
This is some one building a service the ground up. Most avg joes wake up see/hear stock marketing breaking records, they also hear about "real estate" file culture making people rich, they hear about people having "wind fall" profits doing some trading. The question to answer is
"how do you make this participative" without making it an mlm scheme, insurance re sell, budgeting app, digital bank, lending scheme/app? My view is simplistic, logical folks are very willing to share control of their salary to a trusted partner only if it enhances their outcomes
Trusted partner is key, this is not some thing u get a domain for and start offering. Sadly whilst startups can build for this, the trust will come from established credible institutional players with the fortitude to move past wealth management and use tech for good
and go down the path of financial management services. For instance, why hasnt any 1 stepped up & created divorce insurance, which husbands fund from their pay check so the house wife is not at the mercy of (joint families and inlaws) incase of things not working out. Similarly
why does our insurance industry only sell beema policies and shadi policies etc? Why not elevate beyond that, give people what they need vs centuries old nonsense. With crappy terms & worse policy encashment hurdles. Why no insurance against job loss?
It goes beyond just insurance, but if there was some one who could advise people where to use/deploy/save funds and do a long term strategy with them. People would be better off. Most folks need real practical trust worthy solutions vs tools. So who is building these solutions?
Banks have a real play at this, instead of just reselling insurance nonsense, if they looked at the account data of all the ppl whose salaries come to them and where they get spent based on credit/debit card data etc+ where their deals are being consumed.Same for payment tech cos
Dont forget the money transfer cos, jazz/easy. Lots of data, if only we move away from a loan/credit score only mindset across the industry.There is money already being used any one who works on the re-allocation problem will be a big winner.Again solve for one, scale for many X
Instead of just working on who can get groceries delivered faster(albeit burning VC$s), lets work on improving the quality of life of hard working salaried folks. @rebootdude @fmsheik @raza_matin @jehan_ara @FaizaYousuf @su_kaina @AribaShahid @SaadGH @YusufJan @adamdawood @Huk06
