Objective:

Increase the number of banking accounts opened on Jupiter by 10%.

 

Vision:

One platform for everything money – doing this by giving unparalleled banking experience

 

User Group:

The potential user groups that might have a need state for Jupiter:

1. Teenagers (Age 12 to Age 18): Don’t have any money of their own. They might have a joint bank account with their parents
   
   
2. College Students (Age 18 to Age 22): Don’t have any money of their own but have expenses on the higher end. They have independent bank accounts of their own
   
   
3. Young Working Professionals (Age 22 to Age 30): They have started earning their own money and are not dependent on anyone else. They also don’t have any responsibility apart from looking after their own well-being
   
   
4. Other Professionals (Age 30+):  They are settled in their careers and have a steady income. They are married and have responsibility for their spouse, kids, and parents.

Let’s pick up the Teenagers & Young Working Professionals user group and deep dive more into some of their current problems/opportunity areas around managing money and see what Solution Jupiter can build to attract these users on its platform

 

Teenagers / Students: 

Let’s see the need state of this user group around money:

1. I should have money for any emergency / unseen situation
   
   
2. I should have money for my daily expenses
   
   
3. I should have money for some enjoyment/entertainment activities
   
   
4. I want to store the money safely – those I get from Relatives, during festivities, etc..

 

Solution:

Solutions / Features we can build that will attract users to create accounts on Jupiter:

1. Parents create an account for their children on Jupiter and that account is divided into three buckets:

        a) Daily Spends: A fixed amount auto-debited from the parent account and deposited in this bucket. The child will use this money for his day-to-day expenses on stationery, travel, food, etc..

        b) Emergency: A lumpsup amount will be locked up in this bucket and this can be only used when it is unlocked via a special PIN. 

       c) Savings: This is the account where a child will ask his parents to put money that he is getting/generating on his own. Also, the unused money from the daily spend bucket will get transferred to this account. The money getting deposited in this account – the child can use it for whatever purpose he wants.

2. Reward: If the child has some predefined threshold savings in his saving bucket at the end of the month, the child will get further money from his parents in this saving bucket. This will push the child to save more money

 

Young Working Professionals: 

Need state of this user group around money:

1. Have to be careful of my daily spend as I have just started earning money – Can spend only a limited amount on Travel, Food, Going Out, and other needs

2. I have to start saving for Future Needs – like Having a car by 28, Having a House by 35, etc…

 

Solution:

Solutions / Features we can build that will attract users to create accounts on Jupiter:

1. Jupiter can auto-create the different buckets, like Food, Travel, Rent/Bills, Going out (Movie / Dining, etc..), and start adding amount in these buckets as per user spend. Based on the user’s salary or the user’s saving goal, Jupiter will put the Spending Threshold on each of these buckets. 

Whenever these buckets are about to reach their threshold, the user will be notified of the same. Whenever the user is trying to spend more than the threshold set, Jupiter will give precautionary alerts (when payment is done by Jupiter). 

 

2. Creating a financial roadmap for the user by tracing back from their Goal. During onboarding, Jupiter can ask the user the major financial goals they have for themselves like the user’s goal can be to buy a car by Age 30 (his current age is 25). 

Jupiter can then create a roadmap for this individual goal. The roadmap will detail what the user can do to generate the amount of income to buy the car without affecting his other responsibilities/spends. E.g. 

     a) The roadmap tells the user how much to save from his current salary

     b) The roadmap telling user how much to invest in Stocks, MF, FDs, etc.. that can generate some lumpsum return in the next 5 years.

     c) The Roadmap telling user, apart from Savings, how much loan the user can take to fund his purchase.

 

I hope this was helpful

PS: I am super keen to join the Jupiter Product team. You can learn more about me here