‘COINscious JUAN’ is an affordable, localized savings tracking application that aims to make every-’JUAN’ conscious about every coin that they spend by letting him know how much he could save given a set of options.
According to the Bangko Sentral ng Pilipinas’ (BSP) quadrennial Consumer Finance Survey (CFS) in 2017, 86 percent of Filipino households are unbanked or do not have a deposit account. This means that only 14.1 percent of adults save in banks, which cover 83.1 percent of all deposit accounts - further implying that majority of Filipinos do not have savings.
The survey states that the number one reason cited by the respondents is that they do not have enough cash to spare for keeping. And while majority of those unbanked are self-employed, or working for a private household, other household’s farm, or in other informal occupations, another study from ADB suggests that even if we account working professionals, Filipinos, it would seem, are the worst savers in Southeast Asia.
For every spending decision - from eating to transportation and entertainment - the app will provide clear graphs on how each option compare to each other. Users that choose a cheaper option will be given a token for saving ‘x’ amount of money. All the saved amounts will pile up to a virtual piggy bank, wherein the saved amount will be compared to the initial target savings of the user for a certain month. If the user hits his/her goal, he will be rewarded with a badge as a ‘COINscious JUAN’.
The app will feature the ‘COINscious JUAN’ of the month in the app’s home page, and contains many other free resources on financial planning.
The unique value proposition of COINscious JUAN heavily lies on its specificity to the Filipino market. There are a lot of expense trackers out there, but the problems are:
1) they’re tailored for global use, without Filipino currencies being available, and are highly aloof from the Filipino market;
2) they speak these financial jargon that discourages the users;
3) the expense tracking is made tedious and its connotation is negative (why not track savings
instead?
4) they’re very expensive
COINscious JUAN aims to offer an affordable, localized savings tracker that addresses each of these concerns, and hopefully get a better user adoption rate from Filipinos. But even more than that, we hope to empower Filipinos financially by educating them about their financial decisions and how conscious spending can help them save financially.
Our financial literacy initiative stands out in the sense that we dream of pioneering the Philippines’ first localized savings tracker, in the same way how Paymaya has localized cashless payments.
Also, ‘COINscious JUAN’ removes the exclusionary financial jargon by making sure that all interaction points, graphs and languages used are localized. It also rewards savers or CONScious JUANS, and because people respond to incentives, people will be attracted to save. We also leverage the shift of financial approach from expense to savings.
According to the Bangko Sentral ng Pilipinas’ (BSP) quadrennial Consumer Finance Survey (CFS) in 2017, 86 percent of Filipino households are unbanked or do not have a deposit account. This means that only 14.1 percent of adults save in banks, which cover 83.1 percent of all deposit accounts - further implying that majority of Filipinos do not have savings.
The survey states that the number one reason cited by the respondents is that they do not have enough cash to spare for keeping. And while majority of those unbanked are self-employed, or working for a private household, other household’s farm, or in other informal occupations, another study from ADB suggests that even if we account working professionals, Filipinos, it would seem, are the worst savers in Southeast Asia.
For every spending decision - from eating to transportation and entertainment - the app will provide clear graphs on how each option compare to each other. Users that choose a cheaper option will be given a token for saving ‘x’ amount of money. All the saved amounts will pile up to a virtual piggy bank, wherein the saved amount will be compared to the initial target savings of the user for a certain month. If the user hits his/her goal, he will be rewarded with a badge as a ‘COINscious JUAN’.
The app will feature the ‘COINscious JUAN’ of the month in the app’s home page, and contains many other free resources on financial planning.
The unique value proposition of COINscious JUAN heavily lies on its specificity to the Filipino market. There are a lot of expense trackers out there, but the problems are:
1) they’re tailored for global use, without Filipino currencies being available, and are highly aloof from the Filipino market;
2) they speak these financial jargon that discourages the users;
3) the expense tracking is made tedious and its connotation is negative (why not track savings
instead?
4) they’re very expensive
COINscious JUAN aims to offer an affordable, localized savings tracker that addresses each of these concerns, and hopefully get a better user adoption rate from Filipinos. But even more than that, we hope to empower Filipinos financially by educating them about their financial decisions and how conscious spending can help them save financially.
Our financial literacy initiative stands out in the sense that we dream of pioneering the Philippines’ first localized savings tracker, in the same way how Paymaya has localized cashless payments.
Also, ‘COINscious JUAN’ removes the exclusionary financial jargon by making sure that all interaction points, graphs and languages used are localized. It also rewards savers or CONScious JUANS, and because people respond to incentives, people will be attracted to save. We also leverage the shift of financial approach from expense to savings.
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