[LondonOpenCoffee] Feedback on fintech startup

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[LondonOpenCoffee] Feedback on fintech startup

Ajit
Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
Hi Faisal

I like the concept and have been working on something similar for a while - perhaps it would be worth chatting more in person in case there's an opportunity to develop something together. (drop me a line at [hidden email] if you think that would be worthwhile)

In terms of the site: I like the tone - very much a tone I think is often missing in FS generally - but as it stands you're positioned as being helpful-as-possible with opinion-and-experience rather than presenting anything as definitive or necessarily authoritative in the way the FS sections of papers or the comparison sites try to a bit. This may be a function of the tone you're aiming for, but I immediately get a little suspicious that there might be gaps (i..e other providers, other opinions).

There's a lot of areas not covered too - loans, investments, credit cards, protection etc - you probably have plans to add these at some stage.

I quite liked some of the ways you presented content too - the cards that flip around are a nice device, though from a design and UI perspective I wonder how well they would work with large volume of users. Something to look out for if you tracking engagement with them.

I'd probably change the Page Title throughout ;-)

If you fancy it, let's chat further and I can share my (to date) unpublished thoughts and see what you think.

Richard

On 31 July 2017 at 21:18, Faisal Khalid <[hidden email]> wrote:
Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit
Hi Faisal,

Have a look at this company https://www.totallymoney.com/. It looks very similar to your idea. 

As a customer I agree there is definitely a lack of transparency when it comes to bank products. Re website - I like the tone of your voice, the structure is clear (although you’d need to do some research/testing with users on that), UI is ok but a bit clumsy - e.g. not good quality photos, yellow highlighter looks odd, no footer, media icons are not aligned (again it’s my personal opinion, your audience might like it:)) I hope this is helpful and good luck!

Kind regards,
Olesya

On 31 Jul 2017, at 21:18, Faisal Khalid <[hidden email]> wrote:

Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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Re: [LondonOpenCoffee] Feedback on fintech startup

faisalkhalid1980
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In reply to this post by Ajit
Thanks Richard and Olesya for the feedback. You're right we need to add more categories, will come with time.

For now I just want to make sure it's worth doing (as in, it's something people care about and don't have a good solution for right now.)

Also don't want to reinvent the wheel. Has something like this been done properly before? The closest I could find was moneysavirngexpert.com, but that feels really cluttered and link farm-y to me..(I've personally never used it).
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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit

Thanks Richard and Olesya for the feedback. You're right we need to add more categories, will come with time.

For now I just want to make sure it's worth doing (as in, it's something people care about and don't have a good solution for right now.)

Also don't want to reinvent the wheel. Has something like this been done properly before? The closest I could find was moneysavirngexpert.com, but that feels really cluttered and link farm-y to me..(I've personally never used it).

— View this message in context: http://opencoffee.3783750.n2.nabble.com/LondonOpenCoffee-Feedback-on-fintech-startup-tp7605073p7605078.html Sent from the London Opencoffee Meetup Archive mailing list archive at Nabble.com.

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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit
There's a lot of attempts to demystify the industry but they all take slightly different angles.

Lovemoney.com
BlackBullion (.com probably)
Mainstream banks all pretend to do it.
Goodwithmoney.com
Young money(.com)
And so on.....

Difficulty for all is less about content more about reaching an audience that doesn't want to think about money much.....

On 1 Aug 2017 12:06 a.m., "Faisal Khalid" <[hidden email]> wrote:

Thanks Richard and Olesya for the feedback. You're right we need to add more categories, will come with time.

For now I just want to make sure it's worth doing (as in, it's something people care about and don't have a good solution for right now.)

Also don't want to reinvent the wheel. Has something like this been done properly before? The closest I could find was moneysavirngexpert.com, but that feels really cluttered and link farm-y to me..(I've personally never used it).

— View this message in context: http://opencoffee.3783750.n2.nabble.com/LondonOpenCoffee-Feedback-on-fintech-startup-tp7605073p7605078.html Sent from the London Opencoffee Meetup Archive mailing list archive at Nabble.com.

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Re: Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
Hi Faisal,

There's a fintech startup called Finimize which also tries to demystify finance. They are focussed on Millenials and try to educate people on financial issues/news via a daily newsletter.
You can get access to some restricted content via this link -  

Jitin




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Re: Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit
Hi Faisal,

As others have said, it looks like you wouldn't necessarily be the first to do this, but that doesn't mean it isn't an idea worth exploring. It's certainly true that there are many people who don't fully (or don't at all) understand how bank products work. Not surprising as much of the time, the small print is intended to confuse and frustrate the reader until they eventually give in and just click the 'buy' button in a bid to end the monotony. I've probably been guilty of the same on occasion.

I don't think the fact that there are other sites trying to monetise this phenomenon is a barrier to your success, in fact it could be a boon. You can look to these sites as examples of what does and doesn't work and build a case for success off the back of that.  

What many of the sites listed in this chain have in common (with the exception of finimize.com) is that they are largely failing from a branding, design and UX angle. Thats not to say that they can't succeed, but in a culture where time is incredibly precious to so many people (especially the people who would be seeking this type of quick, concise clarification of financial products), first impressions are everything. A site that is well designed, and delivers a clear mission within just a few seconds of landing on its homepage (and maintains that throughout), is more likely to captivate and retain an audience. So to my mind, those sites that are looking great and delivering information clearly and concisely have an instant advantage here.

The finimize.com example does a cracking job of this. The fact that it is targeting millenials gives it a rationale for simple messaging and a stripped back feel. I'd say much of their initial success is facilitated by how well their brand and UI caters to their audience.

From what you say about moneysavingexpert.com (which is clunky as hell but successful due to a massive advertising and pr investment), and from the initial design of your site, it seems as though you share a similar vision for approachability and simplicity. You've already taken a bold step in opting for casual and slightly tongue-in-cheek language. This is the basis of a brand voice. You could use this as a jumping off point to develop a USP for yourself. There is a caveat though - as someone with a background in design and branding, I have to say that it is much harder than it looks to create a coherent brand. If you want to really stand out and compete for an audience - you will need to go through a structured branding exercise, which costs money.

A 'true' blog format could be a good way to gauge interest and build a following without having to climb the mountain of building and all-singing-all-dancing beautifully crafted site. At the moment it looks as though your site isn't a blog, but it also doesn't have the UI/UX flow of a standard site either. It seems somewhere in-between. Maybe that is something to look at if you want to move forward and generate interest, without breaking the bank? Just my two cents.

Victoria Cartwright / Director

On Tue, Aug 1, 2017 at 10:24 AM, Jitin M <[hidden email]> wrote:
Hi Faisal,

There's a fintech startup called Finimize which also tries to demystify finance. They are focussed on Millenials and try to educate people on financial issues/news via a daily newsletter.
You can get access to some restricted content via this link -  

Jitin




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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit
Hi with all the regulatory issues I wonder about you are dealing with this? Also giving advice about financial advice could pose an issue.

I talk to a lot of brokers and I think the field is quite complex.

Maybe you've done the market research. Lending is a huge market from first time buyers through to
Commercial developers.

This is just off the top of my head.

Have you looked at the FCA website?

Rgds
B

On Mon, Jul 31, 2017 at 9:18 PM Faisal Khalid <[hidden email]> wrote:
Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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Re: [LondonOpenCoffee] Feedback on fintech startup

faisalkhalid1980
This post has NOT been accepted by the mailing list yet.
Thanks so much for the feedback, Barbara and Victoria!

Regarding regulation, it depends on what I say and the product involved - for things like money transfer, money exchange and current accounts unless I actually offer a service, I don’t need to be regulated. Mortgages are a bit trickier, but I’m stopping well short of what might be deemed ‘mortgage advice’ by FCA for now. I used to run an FCA regulated payments business so I have some background on how they think.

Lending is a great one that I will add soon. I was also thinking of insurance, that seems to be the most popular category for MSM and GoCompare.

You’re right that I’m hardly the first to do this, but that’s sort of the point. Almost every ‘space’ in banking has had a refresh and reboot provided by a startup in the past 5 years. Revolut rebooted travel money; TransferWise rebooted money transfers; Monzo rebooted banking; Trussle rebooted mortgages. Timing-wise it seems that ‘financial advice’ aka MSM, GoCompare might be due a bit of a reboot as well.

The thing I’m finding right now is that its incredibly hard if not impossible to rely on SEO as a way to get people to learn about the site. MSM and GoCompare have around 2 million words on their sites on average, and the former employs a team of 50+ people churning out new articles every day. So it’s unlikely I’ll ever rise to the top of SEO any time soon. I sort of don’t want to get into that anyway - the more ‘articles’ you publish, the fatter the site grows and the harder it becomes to remain ‘simple and straight’ which really is a value I want to stick to.

One question I’ve been thinking about is whether there’s any benefit to going mobile only. Solves my ‘SEO problem’ and drives another wedge between me and MSM, GoCompare etc. What do you think?

Best,

Faisal

On 1 Aug 2017, at 13:13, Richard Robinson-2 [via Opencoffee] <[hidden email]> wrote:

Hi with all the regulatory issues I wonder about you are dealing with this? Also giving advice about financial advice could pose an issue.

I talk to a lot of brokers and I think the field is quite complex.

Maybe you've done the market research. Lending is a huge market from first time buyers through to
Commercial developers.

This is just off the top of my head.

Have you looked at the FCA website?

Rgds
B

On Mon, Jul 31, 2017 at 9:18 PM Faisal Khalid <<a href="x-msg://47/user/SendEmail.jtp?type=node&amp;node=7605109&amp;i=0" target="_top" rel="nofollow" link="external" class="">[hidden email]> wrote:
Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit
Thanks so much for the feedback, Barbara and Victoria!

Regarding regulation, it depends on what I say and the product involved - for things like money transfer, money exchange and current accounts unless I actually offer a service, I don’t need to be regulated. Mortgages are a bit trickier, but I’m stopping well short of what might be deemed ‘mortgage advice’ by FCA for now. I used to run an FCA regulated payments business so I have some background on how they think.

Lending is a great one that I will add soon. I was also thinking of insurance, that seems to be the most popular category for MSM and GoCompare.

You’re right that I’m hardly the first to do this, but that’s sort of the point. Almost every ‘space’ in banking has had a refresh and reboot provided by a startup in the past 5 years. Revolut rebooted travel money; TransferWise rebooted money transfers; Monzo rebooted banking; Trussle rebooted mortgages. Timing-wise it seems that ‘financial advice’ aka MSM, GoCompare might be due a bit of a reboot as well.

The thing I’m finding right now is that its incredibly hard if not impossible to rely on SEO as a way to get people to learn about the site. MSM and GoCompare have around 2 million words on their sites on average, and the former employs a team of 50+ people churning out new articles every day. So it’s unlikely I’ll ever rise to the top of SEO any time soon. I sort of don’t want to get into that anyway - the more ‘articles’ you publish, the fatter the site grows and the harder it becomes to remain ‘simple and straight’ which really is a value I want to stick to.

One question I’ve been thinking about is whether there’s any benefit to going mobile only. Solves my ‘SEO problem’ and drives another wedge between me and MSM, GoCompare etc. What do you think?

Best,

Faisal

On 1 Aug 2017, at 13:13, Richard Robinson-2 [via Opencoffee] <[hidden email]> wrote:

Hi with all the regulatory issues I wonder about you are dealing with this? Also giving advice about financial advice could pose an issue.

I talk to a lot of brokers and I think the field is quite complex.

Maybe you've done the market research. Lending is a huge market from first time buyers through to
Commercial developers.

This is just off the top of my head.

Have you looked at the FCA website?

Rgds
B

On Mon, Jul 31, 2017 at 9:18 PM Faisal Khalid <<a href="x-msg://47/user/SendEmail.jtp?type=node&amp;node=7605109&amp;i=0" target="_top" rel="nofollow" link="external" class="">[hidden email]> wrote:
Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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Re: [LondonOpenCoffee] Feedback on fintech startup

Ajit
In reply to this post by Ajit
Faisal - my honest view pls rethink your business model. In a few years banking through "centralised agents" for lack of a better word will not exist ... aggregation will always result in lack of transparency and create distrust... and soon will be history. 

Sent from my iPhone

On 1 Aug 2017, at 13:38, Faisal Khalid <[hidden email]> wrote:

Thanks so much for the feedback, Barbara and Victoria!

Regarding regulation, it depends on what I say and the product involved - for things like money transfer, money exchange and current accounts unless I actually offer a service, I don’t need to be regulated. Mortgages are a bit trickier, but I’m stopping well short of what might be deemed ‘mortgage advice’ by FCA for now. I used to run an FCA regulated payments business so I have some background on how they think.

Lending is a great one that I will add soon. I was also thinking of insurance, that seems to be the most popular category for MSM and GoCompare.

You’re right that I’m hardly the first to do this, but that’s sort of the point. Almost every ‘space’ in banking has had a refresh and reboot provided by a startup in the past 5 years. Revolut rebooted travel money; TransferWise rebooted money transfers; Monzo rebooted banking; Trussle rebooted mortgages. Timing-wise it seems that ‘financial advice’ aka MSM, GoCompare might be due a bit of a reboot as well.

The thing I’m finding right now is that its incredibly hard if not impossible to rely on SEO as a way to get people to learn about the site. MSM and GoCompare have around 2 million words on their sites on average, and the former employs a team of 50+ people churning out new articles every day. So it’s unlikely I’ll ever rise to the top of SEO any time soon. I sort of don’t want to get into that anyway - the more ‘articles’ you publish, the fatter the site grows and the harder it becomes to remain ‘simple and straight’ which really is a value I want to stick to.

One question I’ve been thinking about is whether there’s any benefit to going mobile only. Solves my ‘SEO problem’ and drives another wedge between me and MSM, GoCompare etc. What do you think?

Best,

Faisal

On 1 Aug 2017, at 13:13, Richard Robinson-2 [via Opencoffee] <[hidden email]> wrote:

Hi with all the regulatory issues I wonder about you are dealing with this? Also giving advice about financial advice could pose an issue.

I talk to a lot of brokers and I think the field is quite complex.

Maybe you've done the market research. Lending is a huge market from first time buyers through to
Commercial developers.

This is just off the top of my head.

Have you looked at the FCA website?

Rgds
B

On Mon, Jul 31, 2017 at 9:18 PM Faisal Khalid <<a href="x-msg://47/user/SendEmail.jtp?type=node&amp;node=7605109&amp;i=0" target="_top" rel="nofollow" link="external" class="">[hidden email]> wrote:
Hi OC’ers,

I’ve been working on a blog that gives advice on how to choose between different bank products that I wanted to get your feedback on.

The website/blog is: www.moneyunionlondon.com

My thesis is that a lot of people don’t fully understand how bank products work.. e.g. mortgages. credit cards. payday loans because no one really does a good job explaining it to them. People just want honest, unbiased advice when they’re looking for bank products, but that just seems to be hard to get nowadays..  that’s the gap I’m trying to fill.

I’ve spent the past month working on the first version of the website and am now looking to get some early feedback on it. 

Questions for you:  what do you think of this website/ execution? Also, do you struggle to get the information that I’m trying to share, or is understanding how bank products work not a problem for you? 

I’m just trying to understand what kind of content people find most helpful… any feedback you can provide on it would be much appreciated!

Best,

Faisal







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