Fintech combines digital and personal financial advice
No time right now?
Forget Finance is a fintech from Berlin that is committed to consulting and financial education. The whole thing is still in the making, the idea behind it sounds interesting. Will the startup manage to scale and monetize this with the help of personal advice?
If a startup raises EUR 700,000 as part of pre-seed financing, then that is usually not outstanding. But in the case of Forget Finance, there are two founders behind it who are no strangers to the industry: Konradin Breyer was previously Product Director of Freeletics and Jurek Herwig worked as CTO for Neugelb, Commerzbank’s development agency.
The aim of Forget Finance is to close a gap in customer service that results from the closure of numerous bank branches. Because this trend was further accelerated by the corona crisis – and the established big banks in particular are setting a bad (albeit efficient) example here. The idea behind Forget Finance is a combination of personal financial advice and artificial intelligence – with the aim of making financial topics accessible to all interested customers via an app. “The focus is on financial education and the associated financial health of people,” explains Jurek Herwig.
Contents
Forget Finance aims to impart financial education
Because financial education is particularly lacking in a country in which customers leave a large part of their savings in their overnight money accounts due to ignorance and fear of the next stock market crash and thus burn money due to inflation. As part of Forget Finance, an intelligent finance bot is to be developed, which in turn supports people in making financial decisions. However, because that is not enough, a network of financial experts should be available to provide personal advice to customers. As the founders explain, they want to position themselves as a financial coach in return for traditional consultants, “who knows the digital lifestyle of customers and kicks them in the buttocks from time to time”.
Even before the app starts, interested customers should be informed about www.forget.finance Get a free, personalized finance plan that encourages you to save and invest. In addition, there will be personalized video coaching – and ongoing field research will be incorporated into the functionality of the app. There, customers should be able to work towards their personal goals in a structured and long-term manner. To do this, the bot analyzes the current financial situation and gives individual tips.
Also interesting: How to build a startup with your own resources
People between the ages of 20 and 40 save too little
In the course of time, the two founders strive for Forget Finance not only to accompany, but also to increasingly take on financial issues. The monthly savings installments should be distributed over different pots and investments. The aim is to reduce the hurdles of financial products and to develop an automated (now there is also talk of AI) financial solution.
As Jurek Herwig explains, Forget Finance is aimed at the target group between the ages of 20 and 40, who often do not save enough money and for whom such an app could radically simplify the topic of finance. “With our app, we direct the focus to people’s real goals and desires and life planning – and we take care of the complex financial decisions in the background. Our vision is that customers can put their finances on autopilot in the near future. “
In fact, there is a large group of customers who currently think too little about money and retirement provision or – even worse – chase after some kind of hype without considering the risks of investing. The makers of Forget Finance will first have to prove that they can advise competently and sensibly. This can only work if customers are willing to disclose their financial behavior. But the basic idea behind it is initially convincing – a project that you should keep an eye on. However, it is questionable in what way a monetization of personal advisory services from person to person, which is part of the concept, can work.
Tobias Weidemann
Also interesting: You should know these 6 startups
