This Duo’s fintech Startup supports Financial advisors to make better decision
06th, September 2017 - FinTech
Money Parrot is a digital platform, Empowering Financial Advisors with tools, insights and services making them SMART, INTELLIGENT AND PRODUCTIVE. It’s a platform which revolutionises the way financial advisors manage their data, communicate with their clients and gain deep insights to grow their business.
How the idea of Money Parrot did came about?
Amit : Through experience over the years, the way the advisors have managed business and with the technological gaps that exist, We felt that there is a big opportunity to address the needs of 2 million + advisors across the country, which would help them bring more efficiency into their business – thereby leading to new customer acquisition, business and revenue growth.
Abhijith: The advisor community has long been using the traditional means of data collection, and are facing challenges from various quarters like online aggregators and other channels of distribution. As per global research, even now, more than 65% of the people prefer to be advised in person before making an investment decision. The idea was to empower the advisor with the latest in technology and make them efficient and productive. The idea was also to unify the advisor community, so they can compare, collaborate and grow.
How does Money Parrot work? Describe the revenue model
MoneyParrot is a B2B2C platform to address the needs of a 2 million strong financial distribution community, who reside in the remotest parts of the country. With a mission to address the technological needs, empower them with powerful tools & information MoneyParrot would help Financial Advisors take informed business decisions for better productivity. MoneyParrot will help the Advisors get actionable insights on business opportunities, engage with clients in a deeper & more meaningful manner and give them a single point dashboard to provide exceptional service to the clients with high efficiency & convenience. The platform would also equip them with need-based solutions for their clients and redefine the way communication is done in this industry.
Currently, its is mainly through the subscription-based model for the financial advisors.
How Money parrot conceptualised?
Before we started developing the product, we had taken feedbacks and done surveys using an MVP (Minimum viable product) with a group of successful advisors who have enormous experience in the industry. Based on our understanding and the learning we had during interactions, we have included those features in the current beta product.
The initial feedback has been very encouraging and the target audience is appreciative of the fact that solution of this nature would help them grow their business and provide meaningful solutions to their clients.
Value proposition to end user
Currently, there’s no other platform which unifies the advisor community, so they can compare, collaborate and grow.
Amit: We are not an insurance portal, but a technology enabler for financial advisors. For Financial Advisors: This would empower them with relevant insights, opportunities to grow their business, deepen customer engagements, manage appointments and know where they rank nationally and compare with peers across product categories. For Customers: Customers can digitise their investments, access data securely on the go, share data with family members, get timely reminders and identify other relevant investment opportunities.
Next Steps for Money Parrot and they are thinking of increasing the reach?
The product can be easily distributed in any part of the country as it’s built to scale across regions. Using Artificial intelligence, we plan to make the solution highly personalised for both advisors and their customers, apart from real-time insights and many other features
Future Plan and Visions
Abhijith: We plan to reach out to as many financial advisors across the country, in the process touching more than a million lives. We want to be aiding the advisor community in 50 cities in the next 1 year.
Categories: Startup Event , Startup , Startup community , News , Food tech , Legal tech startup , HR Tech , Tech Startup , Guest blog , Featured entrepreneur , Startup funding , International news , International Startup , Analytics , Product review , Social enterprise , Health care , My journey , Co working space , Fashion , Sponsored , F&B