PiggyVest Product Teardown

Content

• Product Overview
• Problem Statement
• Target Audience
• Sustainability of The Business Model
• Product Features
• Product Complaints
• Suggestions To Improve The Product

Product Overview

PiggyVest is the first online “Savings & Investment” app in West Africa. Originally known as “Piggybank.ng”, it was founded on the 7th of January as a savings-only platform but was rebranded to “Piggyvest” and began offering direct investment opportunities to its users.

PiggyVest is a very secure online savings platform that makes saving possible by combining discipline plus flexibility to make you grow your savings.

PiggyVest endeavors to cultivate a community-oriented environment through its product, making the concept of investing more approachable by promoting a collaborative approach among users.

Problem Statement ( Why this Product)

A few years ago, despite the abundance of banks in Nigeria offering various options, many young people still chose to store their savings in wooden boxes, even though they had access to financial services. Recognizing this gap, PiggyVest developed a product to address this issue, allowing users to save and invest according to their preferences, whether frequently or infrequently, thereby promoting a happier and more convenient saving and investment experience.

While resembling traditional banking services, PiggyVest enhances its offerings with simplicity, flexibility, and convenience.

Target Audience (Who)

PiggyVest primary targets are young smartphone users who already possess bank accounts and a basic level of financial literacy. The company chose to customize its product to complement the existing financial tools and knowledge of this demographic.

Business Sustainability

• Breaking Fee — Withdrawing outside the user’s withdrawal day, attracts a 2.5% breaking fee on the amount the user is withdrawing.
• Partnerships — PiggyVest partner with financial institutions to offer their products or services through the platform. In return, PiggyVest receive a share of the revenue generated from these partnerships.
• User Growth and Retention — By continuously attracting new users and retaining existing ones, PiggyVest increase its revenue potential through a larger user base and higher engagement levels.
• Vetted Investment — PiggyVest generates revenue by curating a vetted investment portfolio, which serves as the channel through which users gain access to these investment opportunities.

Product Features

Piggybank

This feature enables users to save and automate deposits daily, weekly or monthly. Users can also earn interest capped at 10% per annum, with four free withdrawal days in a year.

Safelock

This feature enable users to lock cash, preventing them from accessing the money until the maturity date. Users can also earn upfront interest up to 13% on cash.

Target Savings

This feature assists users in achieving distinct savings targets either individually or collectively as a group, all while earning a 9% annual interest.

Flex Dollar

This feature on PiggyVest enables users to save and invest in dollars, providing a hedge against currency fluctuations with an interest capped at 7% per annum.

Flex Naira

This feature serves as a warehouse cash for emergencies. Interests, bonuses, payouts from all other wallets and proceeds from investments are all paid into this wallet. Users can also earn interest capped at 8% per annum.

Investify

This feature allows users to earn up to 35% annual interest. Users can access pre-vetted low-medium risk primary and secondary investment opportunities easily with amount as low as N5,000 . No hidden fees/charges.

Product Complaints

• Customer Service Response Time : Users encounter delays in receiving assistance from PiggyVest’s customer service team, particularly during busy periods.
• Security Concerns : Given the sensitive nature of financial transactions and personal data, users have concerns about the security measures in place to protect their information and funds.
• Limited Investment Options : While PiggyVest offers various investment opportunities, some users feel that the selection is limited or lacks diversity with many investments frequently sold out

Suggestions To Improve The Product

• Implementing an in-app chatbot is valuable as this helps to streamline customer support processes, enhance user satisfaction, and contribute to PiggyVest’s goal of providing a seamless and user-friendly financial management experience.
• PiggyVest should consider expanding its range of investment products to cater to a broader range of investor preferences, providing more options for users to diversify their portfolios. Also, managing investment availability more effectively, PiggyVest can provide a smoother and more satisfying experience for users seeking to invest their funds.

In conclusion , PiggyVest distinguishes itself as a flexible and intuitive financial management tool with a host of cutting-edge features designed to encourage investing and saving. PiggyVest gives customers the confidence to take charge of their finances and work toward their objectives with a variety of investment alternatives and a smooth interface. The platform is still a useful resource for anyone looking to accumulate wealth and financial security as it develops and broadens its offers. PiggyVest offers a strong basis for reaching financial success regardless of your level of experience with investing or where you are in your financial path.