HelloWallet 2
NCCU Behavioral Finance
Fall, 2014
HelloWallet
1. How do the concepts of behavioral finance create opportunities for HelloWallet?
The followings were few concepts regarding to behavior finance that created opportunities for
HelloWallet:
“Stress point”–when they realized they had debt they could not manage or found they were unable to create a sustainable and effective budget.
“Everyone wants a simpler way to manage their finance these days. People get engaged when we them that the site allows them to view everything in one place.”
Households also made a number of missteps in their day-to-day financial decisions that created immediate costs.
The points mentioned above showed that “mental accounting” were the primary concept of behavior finance recording to HelloWallet. Most peoples could not well manage their debts and budget. They would separate their wealth to numbers of accounts in different applications.
Moreover, people preferred the ways to manage their finance as simple as possible nowadays.
However, individual investors made a number of missteps in their day-to-day financial decisions that created immediate cost. These are the reasons why people may need the service of
HelloWallet.
2. How do the concepts of behavioral finance create challenges for HelloWallet?
First of all, some people think that they have strong abilities to manage their money themselves although it is not true which can imply a strain of overconfidence called illusion of control.
Secondly, greater than 70% of American workers live payback to payback. It is understandable that many people would just as soon not face financial reality.
Third, the company would have to overcome whether customers would take the time to go through the on-boarding process. In other words, asking people for a lot of information is definitely a challenge.
Finally, many people are still quite hesitant about putting financial information online for fear of identity theft or hackers accessing their accounts.
Fall, 2014
HelloWallet
1. How do the concepts of behavioral finance create opportunities for HelloWallet?
The followings were few concepts regarding to behavior finance that created opportunities for
HelloWallet:
“Stress point”–when they realized they had debt they could not manage or found they were unable to create a sustainable and effective budget.
“Everyone wants a simpler way to manage their finance these days. People get engaged when we them that the site allows them to view everything in one place.”
Households also made a number of missteps in their day-to-day financial decisions that created immediate costs.
The points mentioned above showed that “mental accounting” were the primary concept of behavior finance recording to HelloWallet. Most peoples could not well manage their debts and budget. They would separate their wealth to numbers of accounts in different applications.
Moreover, people preferred the ways to manage their finance as simple as possible nowadays.
However, individual investors made a number of missteps in their day-to-day financial decisions that created immediate cost. These are the reasons why people may need the service of
HelloWallet.
2. How do the concepts of behavioral finance create challenges for HelloWallet?
First of all, some people think that they have strong abilities to manage their money themselves although it is not true which can imply a strain of overconfidence called illusion of control.
Secondly, greater than 70% of American workers live payback to payback. It is understandable that many people would just as soon not face financial reality.
Third, the company would have to overcome whether customers would take the time to go through the on-boarding process. In other words, asking people for a lot of information is definitely a challenge.
Finally, many people are still quite hesitant about putting financial information online for fear of identity theft or hackers accessing their accounts.