FIGG helps users make better financial decisions

FIGG helps users make better financial decisions
  1. What is the FIGG app about?

At FIGG, we are helping people make better financial decisions.

Every day all of us make multiple financial decisions, be it buying a new iPhone or how much money to invest or where to invest? But, most of the time our financial data is scattered in different places which don’t give us a holistic picture and makes it difficult to make an informed decision.

What FIGG does is, brings all your financial data to one place
(Savings, Expenses, Debt, Income). And not only data, but we also provide users with tools to help them make financial decisions.

For e.g, if somebody is looking to save money then we help them in making measurable goals on the app like save money by 5% or 10 or 20%. We also nudge them in the correct direction if they deflect from their path.

When you think about financial advice, most of the advice available on the internet is quite generic in nature. In Fact, if you type in financial advice, you get crores of articles on Google.

In a nutshell, FIGG is helping users by providing personalized advice based on their financial situation without much effort from users.

  1. How are you different from other similar apps operating in this segment?  

That’s a question we ask ourselves every day too, to make sure we are building something which is making a positive impact on people's lives and just another me-too product.

I feel it's our vision that separates us from other apps. Our vision is to bring together all aspects of finance in one place be it Savings, Investments, Expenses & Credit.

While there are different apps, where a user can currently check their investments in one application, track expenses in another and check credit score in the third one, there is no single application that gives a holistic picture of the finance for a user.

Not everybody understands the data very well. We are not just providing data to users but also the right tools which help users make financial decisions best for them.

  1. What are the problems you are trying to solve through your FIGG app?

Let me give you an example from my own story and I am sure a lot of your readers will resonate with it.

I got my first paycheque in 2008 and the first investment I did was LIC on my parents' suggestion to save taxes. Looking back, I didn’t have any liability at the time and I should have made investments in MF or some other place that gave me better returns.

Later I started trading by following a friend’s advice. But as my job got busier, I hardly had any time for trading and left it altogether after investing.

What I realised from my personal experience and  what also emerged in conversations with our users is

  1. No Goals. Most people don’t have any financial goals. They invest or save money without any end goal in mind. Most times they are also not aware of how much money would they exactly need for their goals.  When I also started saving, I didn’t have any actual goal, I just wanted to make more money.
  2. No Discipline: I did trading for some time and then left my shares for the next 3 years when I got busy with my day job. Lack of consistency and discipline is another problem that I feel most people face as well. Financial health like physical health depends a lot on how disciplined we are
  3. Lack of trustworthy Advice: Most people take advice from the wrong place and people. We ask agents who are selling MF/Insurance whether that's a good idea.

These are exactly the problems we are solving through our app.

4) When was the app launched?

We launched the first version of our app in September this year. And we have been working on the B2C version of the app since late last year. The idea was to get the app early in the user's hands and get the initial feedback rather than working in silos. We had our share of issues after launching. Since then we have worked with our users to get their feedback and solved their problems. Using that feedback we were able to build a much better experience in our current version.

5) Tell us about some of your features?

Some of the features we are focussing on this year

Nudge feature - We have recently launched a new tool called Nudge, which not only allows users to create financial goals but also help them track and achieve them by providing constant nudges at the right moment.  An article in Inc.com mentioned as many as 80 percent of people fail in their resolutions.

The reason most people fail in their resolutions

  1. Their goals are not measurable
  2. There is no one to hold them accountable if they lose their resolve

Nudge helps people in making measurable financial goals and helps them in staying on course if they deflect.

For example, for most of our users, the credit score is quite important as it enables them to buy any large purchase in EMI. However, most of them are not aware of how to even do that. Most advice on the internet is quite generic. Based on our experience, we know percentage usage on a credit card is one of the major factors that affect credit score. Anything more than 30% usage, can have -ve impact on users’ credit score. Our AI engine keeps track of all the users’ events and nudges users’ in a timely manner in case they are closer to this limit. Eventually, these nudges help them build better financial habits and become more disciplined.

Another way we are helping users is by providing a single score that represents their financial wellness. Finance is complex and financial health is a combination of different aspects, savings, investments, credit, expenses, and insurance.

Most of our users are not finance geeks. We wanted to simplify finance for them. Our AI engine takes care of that and gives financial advice.

FIGG score is holistic, provides users a simplistic but quantitative view of their financial health. At the same time, our AI engine continuously tracks all the financial events and provides the users with personalized insights to improve their financial health.