You are a PM at Meta. Design a product for personal finance.

So we need to design a personal finance management product within meta product suite for the users to drive more engagement into the meta platform and can plan to monetise from this product later.

As part of the initial phase, we will consider India only and then scale up gradually at a global level and since the app is for personal finanace management we would start with mobile app only (both Android and iOS)

Users and persona-

Students (staying alone): Receive a fixed montly amount from parents and need to ensure all the fixed and daily expenses are managed judiciously
Working professionals: Receive monthly salary, post which they need to pay for fixed expenses post which they need to manage the remaining expenses with the balance amount and hence need to track their expenses to ensure they are not running short of money before next payday
Business professionals: They don't have any fixed day, but depending on the nature of their business, they keep getting cash inflows through out the month. Hence, they need to know what is the current balance and also manage their expenses accordingly
House wives: Receive a fixed amount every month from their spouse and manage the entire month's expenses from that
Senior citizens (Retired): They either receive a monthly amount from their children or in the form of pension which they need to manage effectively to take car of their day to day needs including medicines

For this discussion, we will restrict the scope to working professionals.

User pain points -

Want to keep track of their cash inflows
Make payments for emi, rent and utilities
Make investments
Make online purchases
Purchase food/ grocery online
Track daily expenses
Monthly budgeting

Product solutioning -

Integration with salary account to receive salary credit notification
A wallet feature to transfer money from salary account to the wallet to consider it as the budgeted amount
A budget tracker, where users can set thresholds for different categories will automatically track the inflow and outflow of money from the wallet and display the current remaining balance
Ability to transfer money from wallet to other accounts to pay for rent and utilities
Option to invest in different financial instruments
Option to make online purchases through the app
- Food
- Medicines
- Grocery
- Meta market place purchases
An AI assistant to send personalised alerts when any threshold is breached or unplanned spends are detected
Detailed analytics to monitor the budget utilisation, expense management and deviations report

Prioritisation -

For the MVP phase, we can limit our scope to the below features -

Wallet feature with capability to add money and transfer money to any other bank account
Budget tracker to maintain inflow/ outflow and current balance
AI assistant
Spend analytics report

Key success metrics -

Awareness
- # app downloads
- % users who signed up
Adoption
- % users who added money to wallet atleast once
- % users who did atleast one outgoing transaction from wallet
- % users who went to the budget tracker section atleast once
- % users who reviewed the analytics report atleast once
Engagement
- Daily wallet transactions
- Avg value added per transaction
- Daily outgoing transactions
- Avg value outflow per transaction
- Avg time spent in the budget tracker section
- Avg time spent in the spend analytics section
- DAU/ WAU/ MAU
Retention
- D7/ D30 returning users
User satistfaction
- NPS
- # complaints received