8A- Solving The problem
- My product has to do with people having debt and not able or ever to pay it off in the future.
- Many people this topic has mixed emotions since we live in a society that the economy is growing and products are getting more expensive and an average persons salary is staying the same.
- Ideas for this are:
- Create an emergency/ saving fund with employer: Most people try to put money away for a rainy day or when something unexpected comes up, but the problem is that if the money is close or near by that the persons knows of then they are more likely to use it. Their employer should keep a percentage for whenever something happens.
- Use a budget app: Log all your expenses that you have in your daily life and then all the extra money you have left over can be divided accordingly just by the click of your fingers. Budgets and incomes change so when you would input it in the app there will be a new planned budget for you.
- Banks using specific device to see where their money is going: It would work as a tiny chip like a credit card has and would detect if you are over spending on things you want instead of things you need in your day to day life. If you go over the limit you made with the bank they will shut all your cards down and decline them.
- As of right now my audience is people with debt and the lenders that give them the money. It is still an issue today but some of the ideas I have thought of can help change a persons whole lifestyle.
- I think banks and credit card company’s would definitely excel in this because they are the most that lend money or credit away. At a sense they are responsible for the persons debt because they showed them the different options but aren't fully liable since they didn't force them to go into debt.
I agree with your post. Debt is the worst thing besides losing your health. I feel though rather than a person trying to do personal banking, the banks should help in this process when signing them up for an account and tell different options. In the long run this will be better for client's financial health. Overall great post keep up the good work and thinking outside the box.
ReplyDeleteGreat Post! I think that the next step would be to brianstorm and refine this idea into a product or service that is easily marketable. Maybe looking at apps like mint could help with the layout of a service like this. I was in a similar position with my app where I could identify the issue but wasnt able to pinpoint the exact steps needed to remedy the situation. Awesome Job though!
ReplyDeleteJanan, I found this post to be very interesting and pose a very thought provoking question: who would consumers trust enough to hold their money for them? There are potential risks with holding money with your employer, as that can lead to potential complications with financial independence and freedom. Out of the options you presented, I really like the app idea as most consumers would likely be receptive to that without much reluctance whereas the other two ideas might require more convincing.
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