High speed of finance sphere development, introduction of new investment tools and global trends i of the finance services market causes a number of problems for common investors.
Low penetration of legally regulated platforms
Blockchain technology promotes decentralization and lack of control by the regulating authorities. However, in most cases, it does not offer any clear legal mechanisms to protect the user’s property interests, whereas working with an unlicensed exchange or fund significantly increases the risk of losing assets.
A large variety of investment tools and errors in risk assessment
The world is changing rapidly. Because of daily routine a person does not have enough time to evaluate new investment products, especially cryptocurrencies. Partial or inaccurate financial analysis leads to risk assessment mistakes resulting in a complete or partial loss of investment.
Lack of unified integrated platform for building portfolio from different types of investment instruments
The investment portfolio of different instruments implies the use of several platforms — one for trading shares, another for crypto-currency trading, the third one, for example, for structural notes, etc. Each of these platforms will require you to undergo their KYC and AML procedures and gain access to a respective personal cabinet. Spreading the financial instruments across different platforms complicates the analysis and makes it harder to navigate your own investment assets.
Difficulties in understanding state of your own finance at a given point of time
The situation is similar with the banks — a customer cannot quickly determine at which bank and what amount of money he has at the given moment. Due to a large number of offers, a customer usually uses two or three banks: one for settling mortgages at a better rate, the second for a cobranded credit card with travel bonuses, and the third bank for paying public utilities with no fee charged and exchange currency at the best market rate.
The customer also needs to keep track of his monthly spendings in restaurants and understand how much he can save by refinancing a credit card in another bank. But All of the above challenges require a complex solution targeting both a broad functionality, based on the state-of-the-art financial and technological developments as well as maximized simplicity and a comfortable user experience.
Moreover, the solution should function strictly within the financial sector’s legal framework to ensure the utmost investor protection and safety of their assets. A brief market study indicated to the advanced European legal framework regulating the cryptocurrency transactions with a relatively low penetration of mobile financial institutions and robotised capital management solutions in the region. This combination allows us to consider Western Europe as a product development platform, which, after making allowance for a number of functional parameters, will be able to take the leading position in the global market.
The following items should become the product development and roll-out basis.
This requires additional effort and collection of statistics from all the cards and accounts.