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Challenge:

Dealing with financial insecurity

According to FCA, 50% of the UK adult has or had been suffering from financial vulnerability

Why are so many people in this position?

Bank systems are shaped around the ‘ideal’ customer. The economic system is getting more complex. Staggering economy and growing wealth gap raises inequality. 

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The people 's voice?

Disaster can hit anytime, we went out and find those who suffered and learned their thoughts.

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Persona and the Journey

We start forming hypothesis. After gathering the insight from the interview with people, we sum up their journey of financial vulnerability as a hypothetical journey.

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Bad luck could happen, Moment like this could plunged a person into the vulnerability

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Our Mission Statement:

How might we build financial literacy in potentially vulnerable customers to make them more financially resilient?

The service needs ....

1. Ability to Identify vulnerability through Resilience Level

2. Clear short term financial goals provides tools and structure

3. Achievable long term goal - guides to financial literacy

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Our Solution:
Guru Guardian

A digitial solution for Financial vulnerability

The majority of financial vulnerability is not a matter of income, but rather one of financial know-how. GuruGuardian is a one-stop service for financial organisations to tackle its customers' financial vulnerability.

Guru guardian does not just help financial vulnerability. We help prevent financial vulnerability. 

Guru Guardian safeguards peoples' financial health through building financial literacy, and providing relatable guidance to develop their financial know-how, delivered using AI. At the same time, banks can build a stronger customer base for better performance in the retail banking industry.

Match Financial behaviour to give the financial information

The core idea is to deliver"financial information" based on the founding concept of capturing, sharing and matching the 'saving recipes' of those with healthy finances to those struggling. On this basis, our service provides potentially vulnerable customers with a truly personalised, relatable and straightforward financial feed to guide them and help them learn about finance.

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The one-stop service to tackle financial vulnerability

Guru Guardian Refer uses Rainbird AI to analyse the vulnerability levels of customers. It then helps financial organisations to identify which of their customers are in the direst need of support.

 

Guru Guardian Direct targets the largest segment of the client base - potentially vulnerable customers. It matches similar patterns in customers' financial data with other customers who have almost exactly the same financial behaviour and circumstances but have radically improved their saving and spending patterns.

Guru Guardian also acts as a 'gateway' to other services that could benefit its users' financial health.

 

Alternatively, Guru Guardian serves as a non-invasive way to allow financial institutions to know its customers. The Rainbird knowledge map will enable SMEs to quickly extract the information they want from their customers with a user-friendly interface.

YBR Financial personality test

Financial identity quiz is a way of attracting our target customers: financially struggling millennials. 

The visuals of this quiz are designed off-brand - to increase trust and draw users.

Its purpose is to give users sense of their attitude towards money within their personalities

  • We tested this prototype by going to financial independence facebook groups:

    • Our feedback was generally that people did not see themselves in the personalities

    • However, they were interested enough in the concept to engage with it, with a surprising amount of people going through it

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Expert-crafted guidance

The first stage of the financial literacy is going to be delivered by financial experts giving insights to young people. We know that young people who is getting into the financial management is often confused by all the tools on the market. We are not trying to give them another financial management tool. Instead, we are trying to get them a better picture of the environment so that they can get a better understanding of what they should get out of it.

 

The hand-tailored EY suggestions are focused on a plain language for young people to really understand where they are at in the financial market.

At this stage, the weekly report does not give that much insight but merely give them an introduction to the world of managing finance.

Expert-crafted guidance

The second stage of the service is going to be a highly personalised feed based on the pattern of other users who have improved their financial literacy. In our research we found that users do not really like to be told what to do. That is why instead of constantly nudging their behaviour like all the other financial apps on the market, we are more focussed on giving them the right context so that they can build their own decisions based on what is best suited for themselves. The context is shown as the path went down by other people in the similar situations.

 

So if a user knows that there is somebody out there with the exact same financial behaviour - except for a few decisions - but is hugely improving their financial state. Other than being ideal advice for them - it stands as powerful evidence to convince them, that the situation can be improved. With this method we don’t really need to strictly tell them exactly what to do. Just to convince them that the situation can be improved. This does not share the other users data, only makes recommendations on the basis of it.

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Our Result:

Guru Guardian helped our clients validate their future service development and was endorsed within three other RCA projects collaborating with EY / Rainbird