Currently, information on products is readily available online and offline, unforunately, it takes much effort to consolidate and understand the product information. Online forums tend to lack credibility while aggregation sites are often passive in engagement and are not built for comparison. Hence, our team plans to build a website that helps consumers identify their financial needs, and possibly provide solutions and explanations to help consumers understand and address their needs.
Different financial tools and calculators would be developed to help consumers to work out their minimum weekly, fortnightly or month repayments on their loans, a budget planner that helps to assess their financial position, and a borrowing calculator to access how much they could borrow based on their salary and existing financial commitments.
As purchasing of financial products and services can be quite a perplexing due to its vast array of choices that are of subtle differences, an intuitive comparison tool that allows consumers to compare products in an unbiased manner might help in making a well informed purchase. By having this tool, consumers can compare different products and services, where they find the ideal product to their purchasing dilemma.
While most consumers have post-purchase behavior, where they feel inclined to comment on the purchases that were made, a community platform can be built to allow comment and track consumers’ comments. This could also allow consumers to exchange information about different products, where they seek to understand a product better.
We aim to provide available information about the products and simplify them so that it makes sense to consumers who have no financial knowledge, and allow consumer to compare these products easily in a single portal. The portal would also educate consumers on financial terminology.
In addition, the portal would provide in-depth detailing on products information, uncovering its terms and conditions, and recommend consumers on the suitable products that fit their needs cost-effectively. On a whole, we hope to provide retail banking consumers a platform to learn about available retail banking products and help ease their pain in purchase decision.