Hey Yigit here! Seeking idea validation and feedback for my MVP
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Hey everybody! Yigit here. I just love to build and make things. I do it throughout my career and finally now, I decided seek your guidance through idea validation, feedback and hopefully some tests.
I had this problem of managing my personal finance for a while now. I tried few apps but was not satisfied with them. Entering names, amounts, selecting categories, dates etc. was too much of an effort for me. That was just the 'creating a record' part let alone my investments, recurring payments etc. So I took the challenge to create fAInant. A personal finance app that leverages AI and automatically captures your bank notifications and turns them into transactions. I have built my MVP and here I am.
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Hey, would love to get some more details for any feedback i can give.
What do you think is the moat, and where do traditional banking apps fall behind? Managing personal finance is definitely a hassle (so I switched between so many different apps and tried sheet logic and stuff), but as someone who's been constantly on the move between korea and US, I'm starting to lean more towards just sticking to those traditional banking apps ever since they started introducing complex dashboards and monthly walkthroughs with great UX.
Are there specific points where those apps still fall behind, or is there a specific market you're trying to focus on?
@jason_kim18 hey!
First and foremost, thanks for dropping a comment!
The main problem I was facing was the lack of control in traditional banking apps. You are absolutely right that the need for personal finance apps started to diminish as complex dashboards appeared. Yet, trying to juggle multiple banking apps still feels like a hussle let alone managing investments. I always looked for a single app that will do it all and could not find it. This was my motivation.
There are other aspects welll such as open banking laws in my country (Turkey) and in EU ( as far as my research goes) which does not allow individuals to use official banking API as individuals which further restrict my options. Therefore, I came up with the idea of capturing notifications and converting them into transactions. The user picks whichever banking apps he/she would like to listen and my app takes care of the rest.
I thought this would be a decent value proposition for the initial MVP. I have other features in my mind to turn this thing into a single personal finance HQ.
Please let me know if I was able to answer/clear some questions! I more than happy to converse on the topic
@yigit_sahin2 that makes a lot more sense. yeah that's why i also kept sticking to using just one bank. Would definitely be interesting if any other markets have similar restrictions.
not sure if this will help, but definitely recommend checking out Toss -- I believe the Korean market has the problem you're experiencing already solved. Hoping the reference can get you some new ideas.