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Source: Unifimoney Fintech Tracker

Real time crowdsourced market research

How the Fintech community created a new market research model

A market like Fintech is complex and difficult to track using conventional means. An extraordinary community of Fintech leaders came together to solve for this and created a crowdsourced market tracker that provides a unique and real time insight into the Fintech market in the US and increasingly internationally as well.

In the past accessing industry research would mean buying a report created by a 3rd party research company or consultancy. …

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Photo by Thought Catalog on Unsplash

Based on the crowdsourced US B2C Fintech tracker

A quick look at consumer Fintech in the US

I took a bit of time this weekend to update the B2C Fintech Tracker I have been maintaining for the last year or so. I also added in more detail that people keep asking about such as which banks are working with which brands and whether they are working with MasterCard or Visa.

I also wanted to encourage a more nuanced analysis of “challenger banks” as a sector. …

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We are now available for download on the App Store!

You can download here https://apps.apple.com/us/app/unifimoney/id1515674781

Thanks to an amazing team with a shared vision and our partners — especially UMB Bank, Visa, Innotech Corporation Vietnam, Drivewealth, WSGR, Railsbank and our investors — we have got to the point where we will be onboarding our fist Beta customers by the end of the month.

It’s taken us six months of dev time (and collectively over 80 years of industry experience) and less than $50K to get to this point — entirely bootstrapped. …

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Source: Promo.com

Banking doesn't have to be bad

And what drove us to create an alternative

When we started creating a new bank in the USA, we were keen on having it be the sum of our (Ben & Ed) 40 years of international experience in banking, payments, and fintech.

We went through an exhaustive list of what we perceived as critical failures of US consumer banking and talked to over 300 consumers in the process. The composite image we got of the US Personal Banking sector was horrid and we decided to compile the problems in this preliminary post.

We’ll be coming back with more later post-launch of Unifimoney.

Here’s what we learned over 90 days…. …

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www.unifi.money

Better banking vs digitalizing banks

We don't need to digitalise banks but a whole new approach to managing money

“Hi Ben,

Thank you. I went over the deck and will Pass on this opportunity. I think there is plenty of Digital banks out there offering very similar services.” [sic]

With over 60 neobanks in the US alone — and more launching every month — some people wonder if we really need another digital banking service.

So, why do I have such conviction that I will one day be able to paste that email on my bathroom wall and laugh about it?

Because we’re doing something different.

So if we don’t need more banks, what do we need? Better banks

First off, let me say: I agree with the sentiment that we don’t need more banks — digital or otherwise. …

Unifimoney — Simple money for smart people

Please join us

Over the last 12 months or so I have posted over 50 articles on my personal Medium Board — mostly about money, financial services, financial technology, product design and psychology.

I am now primarily posting on Unifimoney — a new startup designed to put into practice many of the things I have written about. We believe that it’s possible to deliver far better value for money for consumers in banking.

To help people help themselves we believe that integration and automation is the key to better personal financial management. Purposefully and systematically automating many of the boring, repetitive and frequent tasks that optimal personal financial management demands. …

It’s not easy choosing a bank — and that is just how they like it

Look carefully at the small and the large print

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Photo by Erik Mclean on Unsplash

According to some statistics, 25% of Millennials and Gen Z are using a neo bank already, with almost 50% of those 18–50 saying they would move to a digital-only bank.

With new digital-only bank accounts are being opened in there millions every month globally how are people choosing which ones to choose? In the US alone there are over 40 that offer some form of checking account. Competition is as fierce here as amongst the conventional banks and that can lead to some bad behaviors.

To help you, dear reader, here is our guide on how not to choose a new digital…

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Exploring the potential impact on your life and others from a well managed financial life

Discipline builds resilience

Poor money management when you are a young high earner is mostly about what you don’t do and less about what you do do. After all, what’s the point of saving, building a pension/401K, investing and generally conservative with money when you are earning so much and have so much ahead of you.

Playing Fortnite, going out, shopping and working hard leaves very little energy, inclination or time for managing personal finances especially as its hard, boring and the benefits so long in the future — that $100 you put in the investment account you may not touch for 30 years or more — a lifetime away. …

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Source: Shutterstock

We all make bad decisions all the time — some of these we can solve for

And how you can learn and profit from it

Doctors and Nurses have topped the list of the most trusted professions for almost 20 years. Bankers, Lawyers and lastly Members of Congress being the least.

We rely on and trust this community of medical professionals to, in a very literal sense, keep us alive.

Yet these intelligent educated people, in whom we put so much faith, who have dedicated decades learning and practicing taking care of others including the impact of smoking, choose to commit slow-motion suicide themselves? With one study finding between 15–20% of medical professionals smoking, a staggering proportion.

Doctors it turns out are just like the rest of us. Prone to make poor decisions even though all the logic, evidence and even social pressure are pointing to a different path. We can hardly say Doctors smoke because they are ignorant of the effects. …

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Photo by Jonathan Borba on Unsplash

Banks are desperate to attract cash-rich time-poor customers

Earning more than $150K a year? you are most likely to be working in Medicine, Law, Tech and Finance. Demanding jobs both to get and maintain to be sure. The last thing a young doctor or lawyer wants to do at the end of a long week is to manage their finances. This costs them dearly, potentially well over $100K in their lifetime of hidden costs and fees in banking and investing.

Banks are desperate to target these cash-rich time-poor customers to power their profitability for the next 16+ years. How? …

About

Ben Soppitt

Founder Unifimoney www.unifimoney.com

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