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Credit Karma is a popular credit score checking website. They also offer detailed information and comparison tools about financial products like loans and credit cards. Through their research Credit Karma has found that they provide a lot of value to people who are further along in their financial journey or have already experienced setbacks with their credit score. They haven’t yet figured out how to engage meaningfully with people just starting out their financial journey.
Credit Karma is on a mission to create the next generation of adults with good credit. They want to engage young people in a positive and meaningful fashion, specifically people who are soon to, or are making the transition from living at home to the world of adulthood (around 17-26 years old).
Defining the Problem
Alex notices that all of her friends are buying houses or getting married and starts to worry about her own future. She needs a better way to understand the impact of her credit score so that she can achieve her future financial goals.
Solution
Vision Board is a mobile app by Credit Karma that will allow Alex to visualize her dreams and see how her credit score affects them. This will ensure she is actively engaged with her future and can better plan for what may happen after graduation.
COmpetitive analysis
Who will be using our app?
Young adults (17 - 26 years old)
Recently entering the real world and thinking about renting her own place
Starting to think about longer term financial goals
They have a basic understanding of how to establish credit but not the full details on how it could impact her future
At most they only use a banking app to track their current spending, but she has no formal spreadsheet or budgeting processes
Minimal credit history (2 credit cards)
“I’ve never checked my credit score before. I’m not interested in credit, I’m more worried about budgeting my money.”
