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🎧The Fintech OG Series: Max Levchin and Jackie Reses
This Week in Fintech's Podcast
Focus on the Right Audience for Personal Financial Managers
Personal financial managers like Mint tend to attract users who are already good at managing their finances, while those who actually need financial help are reluctant to use such tools. The early adopters of these tools were people who were already balancing checkbooks manually or using Excel. However, individuals struggling with financial management and facing potential overdrafts are the ones who truly need these tools. The challenge lies in engaging users who need financial assistance the most, as they often struggle to follow through with the onboarding process and usage drops significantly. Providing financial advice to those who are already in a precarious financial situation is challenging and requires a different approach.
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