Use Case
Expansion of the product portfolio through a Personal Financial Management (PFM) application.
The Company
Our client is a major German financial services provider.
The Initial Situation
Digitalization opens up a variety of opportunities for companies in the financial industry to expand their product portfolios. The company plans to broaden its portfolio with a Personal Financial Management (PFM) application. The starting point for this expansion is the idea of increasing customer loyalty and generating additional revenue through digital applications. The application is intended to help users manage their individual liquidity more effectively. A forecast of future account balances will allow users to better assess their financial situation and act accordingly.
The Approach
- Holistic Support and Collaboration: 4C provides comprehensive support in the conceptualization of the product and works closely with the client to analyze target groups and derive customer personas, which serve as the foundation for innovation development.
- Feature Conceptualization Based on Customer Needs: Based on the individual needs of the derived personas, various features of the application are conceptualized to enhance the application's attractiveness to customers.
- Gamification of Liquidity Management: Integration of gamification elements into liquidity management to make the topic more engaging and entertaining, addressing what is often perceived as a dry but important subject.
- Market Position and Value Proposition: Through environmental and market analysis, the application's market position is defined, and a unique value proposition is developed that differentiates it from competitors.
- Prototype Development and Validation: Detailing of features through user stories, prioritization, and development of initial prototypes and click-dummies, followed by user research and testing to validate the product's market fit.
- Support and Experience of the 4C GROUP: We support the entire development process as needed and leverages its extensive experience in digital products and business models to ensure effective conceptualization and implementation.
4C Use Case Digital Product & Business Model
Expansion of the product portfolio through a Personal Financial Management (PFM) application.
Your Benefits
By collaborating with the 4C on the conceptualization and development of the PFM application, the client benefits from a holistic approach. This includes analyzing target groups, deriving customer personas, designing product features, and developing the platform’s implementation strategy. The structured approach and comprehensive support from the 4C GROUP enhance customer retention and unlock additional revenue potential. The application provides users with improved management of their individual liquidity and allows for better assessment of their financial situation. Additionally, the integration of gamification elements increases the application's attractiveness and user-friendliness.
