1 app, 2 business models, 3 pivots

Imagine you’re the CEO of Australia’s top comparison website, with over 2 million monthly visitors. Your site compares more than 100 financial products, from credit cards to home loans.

However, most visitors use your site anonymously, alongside other comparison websites. They search for products on Google and click multiple links, hoping one is yours. This behaviour forces your business to rely heavily on expensive SEO and limits your ability to personalise services.

We want to turn these anonymous visitors into app members, ensuring they think of your app first when looking for financial products.

• People start their searches on Google and use multiple sites to compare.
• Regular comparison shoppers use Personal Financial Management (PFM) systems, usually through their bank apps.
• Users with multiple financial products often track finances in spreadsheets but update them irregularly.
• Savers for big purchases use different bank accounts and have investment portfolios.
• Investors worry about market volatility, low bank interest rates, and limited liquidity in term deposits.
• Product comparisons are more linked to demographics like age rather than financial status.
• Our top niches are promoted seasonally at the same time each year.

Encourage users to link their financial accounts:

• Make linking financial accounts secure and simple.
• Highlight the benefits and security of account connectivity.
• Measure the time and completion rate of account linking.

Leverage data to create personalised experiences:

• Use aggregated data to offer customised product recommendations.
• Create user-specific dashboards with relevant information.
• Track user satisfaction and usability feedback on dashboards.

Transform personalised experiences into ongoing monitoring:

• Implement features that track users’ financial activities and notify them of changes.
• Provide ongoing insights and time to compare for proactive financial decisions.
• Offer periodic reviews and summaries of users’ financial health and progress.

Our app began as a PFM app in 2021, designed to help users manage their finances by aggregating data, generating insights, and enhancing decision-making.

In 2022, we pivoted to a FinTech model to capitalise on the crypto bull market, enabling users to trade cryptocurrencies and earn high yields with a stable coin (TAUD).

However, in 2023, we pivoted back to our PFM roots due to the strong sentiment that the crypto market did not align well with our comparison business.

I designed a powerful tool for aggregating financial data, generating insights, and enhancing decision-making. Our app also allows users to trade cryptocurrencies and earn high yields with a stable coin (TAUD), enabling them to save and invest in one place.

Outcomes

• +68.8% monthly app revenue (All-time high, Feb 2023) by simplify credit products
• +54.4% app retention (2021-2022) through monitoring experience
• +53.58% app member growth (2021-2022) through PFM and Earn features
• +35% trading revenue with the new crypto design
• Scaled from $0 - $XX million assets under management (AUM) within a year through Finder Wallet

Impact

• Helped members save and invest in one app
• Helped members in finding the right credit products
• Reduced the risk of hurting their credit scores
• Enabled members to earn about $600k in a year
• Alleviated concerns about investment volatility, liquidity, and inflation
• Won the FinTech Award in 2021
• Contributed to the app’s long-term vision and helped raise $30m