1.
Introduction
1.1 Project Overview
The aim of the project is to develop a platform to be used as a one-stop personal finance
management platform by individuals. The platform will enable users to access / view details
of their aggregated financial accounts across asset classes – equity, mutual funds, debt – fixed
deposits / loans, special savings vehicles such as NPS etc., carry out transactions as required,
and get financial advice from empaneled industry experts. Users will be able to get a snapshot
of their consolidated financial position and find products / solutions suitable to their risk
profile.
The platform will also onboard / empanel third party financial advisors registered with SEBI,
who will be able to disseminate their financial advisory through the platform to interested
individuals. The platform will enable seamless communication of advisory information to
users, as well as execution of the advice. For enabling execution of transactions, the platform
will tie up with a host of third-party financial services intermediaries – brokers, MF
distributors, banks etc. as would be required.
1.2 Product Functionalities
Key features / functionalities of the product are summarized below:
a) View consolidated statement of their portfolio across asset classes such as –
a. Bank Accounts – CASA
b. Direct Equity holdings
c. Equity – Mutual Funds
d. Debt – Fixed Deposits
e. Debt – Bonds
f. Debt – Mutual Funds
g. Credit Cards
h. Insurance
i. PPF/PF/NPS/other schemes
j. Trading / Demat accounts
b) Interact with / Analyze above consolidated data with analytics layer on top
c) Personal KYC / Risk Assessment module: through data pulled from users’ portfolio
d) Transact: Buy/Sell through the platform across asset classes (through integration with
third parties such as brokers / distributors)
e) Seek Advice: Subscribe to /purchase advisory services from listed regulated advisors
on the website
f) Full-fledged payment gateway integration
2. Project Scope
Scope for current project engagement will include:
• Development of website (front end + back end + UI/UX design) with all elements /
functionalities as listed
• Development of detailed technical BRD for elements of the website
• Development of integration pathway for mobile app / site
• Beta-testing with limited users
3. External Dependencies
3.1 Data Pull / integration
Data concerning financial portfolio of users will need to be fetched / pulled from different
sources, including –
• Depositories - NSDL / CDSL etc.
• Bank Accounts
• Credit Card Accounts
• Broker Accounts
• Mutual Funds
• PPF / PFs
• Insurance folios
Above data pull might be performed though direct integration with the third-party
website through APIs (wherever available and possible) and/or through email/SMS
scraping and reading user uploaded documents.
3.2 Transaction Execution
Integration with systems / workflow of third-party providers of products and services,
including brokers, MFs, distributors etc. enabling transactions to be initiated and
performed from within the platform.
3.3 KYC / Information
Capabilities to retrieve secure user data from authorized KYC databases such as those
linked to PAN / Aadhaar etc. from approved sources / systems to perform seamless KYC.
4. Website Components
Overall, functionalities available on the platform for the users will address either of the
following needs, which will be addressed by specific product features described in this
section:
1. View
Features under this enable a user to view / analyze his current financial portfolio
(assets and liabilities), summarized in a user-friendly manner.
Platform will incorporate other advanced analytical tools to allow a user to drive
insights from his portfolio as required.
2. Transact
Carry out buy/sell transactions on any particular asset or liability as noted in above
section, through integration with relevant third parties.
3. Advisory
Users can browse through listed professional advisors on the platform, subscribe to
the services offered, and make payments as required. Users will receive actionable
advice through the platform, which they can then act upon through transaction
functionalities on the platform.
4. Tools
General financial tools for use by any user, in order to draw insights from their
portfolio details and take action if any.
Overall website map incorporating above functionalities with specific elements will be
covered in detailed BRD.
5. Competing / Comparable Products
A list of competitor products / platforms is provided below for general idea about the final
outcome / desirable end state. Out product will incorporate elements similar to what is
existing in below products, in addition to additional features.
a. IndWealth: [Link] – Account Aggregation, Tools
b. CubeWealth: [Link] – Aggregation, UI/UX
c. Personal Capital: [Link] – UI/UX, flow
d. Smallcase: [Link] – Advisor marketplace / listing
e. Groww: [Link] – Direct purchase / distribution elements
f. Fisdom: [Link] - Direct purchase / distribution elements
g. Betterment: [Link] – UI/UX, Financial Planning
6. Timeline
Expected timeline to build MVP 1.0 is 3 – 6 months, from the date of providing detailed /
full-fledged business requirements document.
