Targetted at Millennial consumers, Finversity is an automated financial advice platform that helps users manage and control their finances. The platform is able to provide automated budgets, savings, and retirement advice based on the user's age and income.
Moreover, by analyzing the user's spending habits against the recommended goals, Finversity will alert the user's when they are over budget to ensure they can pay their bills, save money to meet goals, and gradually help users shift their negative spending habits.
The brand argues that the "current solutions lack the functionality and insight to provide useful, proactive financial recommendations... and aren't linked to financial management." Finversity, on the other hand, fulfills these needs.
Millennial-Targeted Financial Advice Platforms
Finversity Offers Affordable Financial Advice
Trend Themes
1. Automated Financial Advice - The trend of automated financial advice platforms like Finversity presents opportunities for disruptive innovation in the financial industry by providing personalized and proactive recommendations to millennial consumers.
2. Budgeting and Savings Automation - The trend of budgeting and savings automation offers disruptive innovation opportunities in the fintech sector, enabling users to effectively manage their finances and meet their financial goals using advanced algorithms and personalized insights.
3. Behavioral Analysis for Financial Management - The trend of using behavioral analysis to manage finances, as seen in platforms like Finversity, presents opportunities for disruptive innovation in the field of personal finance by helping users identify and change negative spending habits.
Industry Implications
1. Fintech - The fintech industry can leverage automated financial advice platforms like Finversity to disrupt the traditional financial services sector and provide cost-effective and personalized financial management solutions to millennial consumers.
2. Personal Finance - The personal finance industry has the opportunity to embrace budgeting and savings automation, as well as behavioral analysis, to disrupt traditional financial management methods and improve users' financial well-being.
3. Tech Startups - Tech startups specializing in automated financial advice and behavioral analysis have the potential to disrupt the financial industry by offering innovative digital solutions that cater to the unique needs and preferences of millennial consumers.