Finance
Autor: Claudia Candra • September 2, 2016 • Course Note • 1,136 Words (5 Pages) • 743 Views
Subject Code: FNCE20003 | Subject Name: Introductory Personal Finance |
Student Name and Student ID: Andrew Yeo – 694352 Claudia Candra - 743256 Isabella Lau - 710257 Tongyu Shi - 752668 | |
Tutorial Day/Time: Friday, 10am (Claudia) Friday, 11am (Andrew, Isabella, Glen) Wednesday, 2.15pm (Tongyu Shi) | Tutor Name: Andrew Lunardi Michelle Ye |
Assignment Name or Number: Assignment 1 | |
Due Date: 09/04/2016 |
Ne$t
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Service
Function
Users
The target audience for the app is generalised to people of all ages. Alongside, with the upwards trend of social platforms and the need for apps, we have also considered targeting children and middle school students in a way that provides basic forms of financial literacy that could prepare them for the future. One consideration addresses the target audience to be cut-off (more so to less signs of usage) across adults aged 50 and over, as research-based studies show that with age, the amount of mobile-phone users decreases to approximately 18% by age 50. Therefore, allowing the assumption to be made that with age, the app will become less prevalent across ages of 50 and over.
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(PewResearchCenter, 2013)
The app deems to be useful as it aids consumer’s financial spending in the following ways:
- Control risk of overconsumption of funds
Helps constrain unanticipated spending by forcing an expected decreased amount of liquid funds. E.g. Now that I have deposited $5 into the app, I now have $5 less to spend on other things.
- Aid in achieving a target
By depositing a set amount of funds every day, this will progressively build a ‘mini’ bank and satisfy achievement of saving levels. What distinguishes this from a savings account, is that, the app asks for permission to accumulate savings every day.
- Educate youth about the importance of savings
Aims to expose why saving is particularly important from an early age and introduce basic principles of finance, such as the time-value of money.
Estimate: 1000-1300 new users per month ~ equating to 12,000-15,600 users for the first year.
However, an abundant amount of factors come into play the marketing of the app, that is the costs charged for the app, how the name of the app is spread and marketed and how much of the app ecosystem is consisted of financial apps/how many people buy and use these financial apps. We have decided that the app will have free trialing period for 3 months and then charge users a flat rate of $0.99 AUD per month.
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