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Splitwise: Financial Planning App Insights

Splitwise is a financial planning and expense tracking app operating in a competitive market. The document discusses challenges around market uncertainty, meeting user expectations for a smooth experience, addressing technical constraints, and establishing an effective monetization strategy such as advertising or a subscription model. It recommends focusing on essential user requirements and regularly enhancing features based on product positioning and feedback.

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palepukaushik
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446 views1 page

Splitwise: Financial Planning App Insights

Splitwise is a financial planning and expense tracking app operating in a competitive market. The document discusses challenges around market uncertainty, meeting user expectations for a smooth experience, addressing technical constraints, and establishing an effective monetization strategy such as advertising or a subscription model. It recommends focusing on essential user requirements and regularly enhancing features based on product positioning and feedback.

Uploaded by

palepukaushik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
  • User Experience
  • Market Uncertainty
  • Technical Constraints
  • Monetization Strategy

Splitwise:

Financial planning and spending expenses tracking app

Competitors: Many local and global players on various levels. Ex: paypal, zoho expense,
venmo, settleup, tricount.

PS: create a user-friendly platform that empowers to take control of finances and build a
short term strategy for that application.

[Link] uncertainty: uncertainity in market growth, income level growth and as well as
high level of competitors.

 Working on creating a platform that can either try to cater as many segments of
people as it can OR try to cater to a specific segment of target audience with a
premium features and differentiating product in terms of
pricing/features/usage/customer experience, etc.

[Link] Experience: Many applications offer a decent level of experience.

 Customers expect to have smooth and interactive UI, easy navigation of screens and
paths, quick grievance resolution, quick performance, expense management with
visual aids, possibility of integrating payment or banking systems for smooth
experience, reminder system for payment of split bills, reliability and availability of
application on all platforms, data privacy and security, personalized experience based
on the geographic location.

[Link] constraints:

 Each consumer expectations turns out to be technical constraint. Within short term,
need to work on the best or the top most essential requirements of customers within
the available financial resources, put forward for testing and launch it with regular
feature enhancement. Again the features addition depends on how the product is
positioned.(low data usage,etc..)

[Link] Strategy:

 Initially to be offered on a trail basis to user testing, get feedback and then release on
full scale. Once done, ads are easy way to generate revenue. Bonus/reward system is
also a very helpful. Spending patterns to push ads is also helpful. Next way is to
create a subscription model (post customer base formation) or a one time fee model.
Going forward, if the number of users are more and if the payment systems are
integrated, then transaction fees also needs to be levied.

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