Finance shouldn’t be any different
We live in an age which demands that all the information we want and need be at our fingertips. We want to be in control and make decisions for ourselves — especially important financial ones. Our craving for information transparency is so powerful that it has turned numerous industries on their heads. I rarely watch a film without consulting Rotten Tomatoes, never visit a restaurant without looking at Yelp and wouldn’t book a hotel without checking TripAdvisor.
Yet finance, the industry that determines so many aspects of our lives — from our education to our retirement — remains one of the most opaque industries. Infested with jargon and overly complicated concepts that many bankers do not understand themselves, the finance industry has created a strong moat for itself. But, putting barriers between people and information is unsustainable in the age of technology.
At Finimize, we’ve made it our mission to empower our users to become their own financial advisors. We are building a suite of products that sets information free and puts valuable tools and data in the hands of the consumers. Much as you no longer need a travel agent thanks to the likes of Expedia, we dare to envisage a world where you don’t need a financial advisor. Just as you do with films, restaurants and hotels, we see a world where you consult an independent platform before making any financial decision.
Our first product is our daily newsletter that explains what’s happening in the world of finance in 3 minutes and without any jargon. This has attracted 200,000 readers — but removing financial jargon is just the first step in leveling the playing field.
As we look beyond financial news, we observe an abundance of choice in the financial industry. Just think of all the different ETFs someone needs to sort through to discover the right one for themselves. The recent upsurge in Fintechs, for all its benefits, fragments the market further and risks overwhelming the end consumer even more. Through engaging with our community, we understood that this choice paralysis is a major pain point, which prevents people from pursuing their financial freedom.
So, we’re building the TripAdvisor for finance. A platform where you can read user-generated reviews on financial products — making the consumer’s voice heard. We started off with automated investment providers (i.e. robo advisors) and we’ll add further products soon. As we launch to the public, we already have one of the largest collections of user-generated reviews on robo advisors. It’s the power of the Finimize community! On top of that, we’ve tracked the performance of major robo advisors in the US and UK — another step in removing the information asymmetries between the traditional finance world and the end consumers.
By putting the power in the hands of people, we believe we can catalyze an industrial revolution in the finance sector.
It starts here.