Hello guys, need your help to test an app that helps you manage your finances. The app uses the SMS alerts you get on your phone, as such it requires no ATM pin or login credentials.
For now though the app does only one thing - and that is allow you to view balances from various accounts you may have with different banks. The app is still in testing so there may be some bugs, this we are working on and along with any useful feedback from the community we will try our best to implement.
Current available banks are: Firstbank, GTBank, Zenith, FCMB, Fidelity and Sterling. Working to include more banks.
Given the unreliability of SMS, how do you provide the right balance in cases where the alerts take days to come or does not come at all?
More to you, @Olulakun.
good question ukay - the simple and short answer is that in such cases the app won’t be able to. However the next alert that does come through usually gives a current balance which the app will be able to pick up.
The next version of the app under works should take care of that issue. Thanks for the feedback.
Hi olulakun.
Let me confess I haven’t checked the app out, but I will.
Thing is, I have this friend of mine who is working on such a similar product, but heavily from a financial modelling background. I see massive synergy.
Please reach out on zilon56@yahoo.com
Most of the comments already answered my thoughts. I thought as much if the SMS didn’t come at all but you’ve answered that.
First, I love the two steps registration process but is title that important for a sign-up form page?
In between, how will the app determines which alert contains my account balance if two different SMS comes from GTB and in them has values (maybe the 1st for balance alert and the other for a MarketHub promo alert with price discounts)?
Anyways, I love the concept but if you have a plan for diversification into micro-savings, it will be great for revenue.
a great idea !
something to note is that many customers are switching off sms alerts due to magic sms charges from banks and security concerns (kidnapping ,etc)
solutions i propose would be , find a way to integrate with emails too for those that get email alerts.
you can also partner with banks to push the value of your product .
why would banks partner with you ? simple SMS sending is a multi-billion Naira business.for them .
Revenue for you would be to convince the banks of the value of your product therefore they pay you per customer they have .
If you have marketing money , you could collect a commission of 1ngn per sms/customer you successfully convince to activate SMS alerts.
Regarding the title - there is no particular reason really, other than its just part of the information we wanted to be able to collect but the outcome is that we are able to then determine gender of the person registering.
yes spot on with that observation about having two accounts with the same bank, our plan is to provide an option for the user in the next version of the app to select which accounts they want to integrate to the app. So before they use the app, it gives the user a list to select from of all their accounts even if they have 2 from the same bank.
Wonderful thought about micro-savings its something we did consider but thats still much further down the product roadmap and we will need to really define how it would work.
Thanks once again for testing this out - much appreciated.
hmm - good point on email intergration, we looked at that also initially but couldn’t figure out how to integrate, SMS just seemed the easier of the two. But if you know how we could work emails into the solution - by all means lets discuss…
Working on the revenue model with all options still open - though I have to admit, been weary about dealing with banks and the wahala of trying to get anything going…
Thanks once again for testing out the app - let me know if you have any further feedback or comments on usage. Cheers.
Hello @Olulakun so I downloaded the app (I’m not sure I have the update yet).
First off I like your branding (I’m a digital marketer so most of my contribution would be biased towards this). Your Logo looks good.
The app is pretty easy to install. That’s a good thing for conversion.
It however hasn’t accurately logged my account balance. I am assuming that’s because it needs to begin from the date installed to access my SMS. It would be a good thing for your retention rates if there were a way to scan the SMS inbox and log account balance immediately its installed.
Your business model also assumes that your users have more than two bank accounts? … I am sure your team knows best.
Thaks so much Kezie for downloading and testing the app.
Your feedback app performance is perhaps even more important and noted. This is something that we will be working to iron out on our next release, can you please simply let me know what brand of phone you are using and also your android version. If you prefer you can send me details directly to this email: mygoodwealth@gmail.com
As for business model, we looked at BVN registrations and corresponding bank accounts in general, this shows that on average BVN registered banked customers do have more than one account (NIBSS 2016 report). Ofcourse you will get extremes but on average it plays out to an acceptable degree.
Remember to let me have details on the make and android version of your device. Thanks once again for testing and really appreciate your feedback.
@kezie pls let me know the make of your device and version of android, as the app is meant to provide the balance once it has installed and you completed the registration process. So if it isn’t giving you the balance it may be something we need to look into specifically.
to you, 