How Our Test Pilots are Shaping the Future of Fintech

Managing money is like navigating a maze. Whether you’re a parent teaching kids about money, a family juggling household budgets, or an employee searching for the perfect reward, we wanted to understand what tools and support you need to feel confident and secure. Our goal? To dive deep into your financial habits, challenges, and desires. How did we do it? By reaching out to our Test Pilots—a dedicated group of people who’ve signed up to give feedback, share insights, and test products. Through 5 surveys, they shared their valuable insights. Here’s what we uncovered!

Passing on Our Money Smarts

Our first survey delved into the world of financial literacy. We hoped to gauge how confident our Test Pilots felt in making financial decisions for themselves and how equipped they were to teach their kids about managing money. Most importantly, we wanted to uncover how we could support them in boosting that confidence.

Turns out, spreadsheets are still the go-to for many of our Test Pilots. It’s a love affair with rows and columns that just won’t quit—but seriously, why are we still using spreadsheets in 2024? Despite all the tracking and planning, 52% admitted to having financial regrets. The culprits? Impulsive buys and poor investment choices. One Test Pilot humorously reflected, “I helped my ex buy a car—lost the man and the car!” Another candidly shared, “Impulsive purchases strained my budget more than I’d like to admit.” These stories remind us that while tools are there, sometimes we all need a little more help to make those confident money moves.

Parents, you’ve got your hands full trying to pass on your money smarts to the next generation. Conversations and allowances are the main teaching tools, but keeping kids interested is a whole different ball game. One parent wisely noted, “Giving the kids incentives for participating in the app/game is vital to keeping their attention.” And with 85% of kids already glued to mobile and video games, there’s a huge opportunity here. Imagine a game where they learn to respect and manage money without even realising it. One Test Pilot hit the nail on the head: “If you could put something together for the kids and they learn to deal, manage, and respect money, you may have a winner.”

Bottom Line: Both adults and kids need tools that are not only practical but also engaging. For adults, the goal is to boost decision-making confidence and cut down on those regretful moments. For kids, it’s all about making money lessons fun and interactive.

Organisation is Key for Survival

Our second survey tackled the all-important topic of document management. We wanted to know how our Test Pilots keep it all together—or at least keep their documents in order. How do they stay on top of organising their important papers? And what if they moved on to life-after-life—would their loved ones know where to find everything they need? We asked some tough questions and received some valuable insights.

When it comes to managing important documents, our Test Pilots revealed a mixed bag of approaches. Some are still holding tight to physical storage, while others are dipping their toes into the digital waters. But when things go wrong—like losing a document—it’s a stress fest. Half of those who’ve lost a document described it as a highly stressful and time-consuming ordeal. And let’s be honest, no one wants to deal with that hassle—or worse, end up in the Home Affairs queue.

So what do they want? Our Test Pilots are all about security and easy access when it comes to a digital document management solution. Reminders for renewals, secure storage, and 24/7 access are high on the wish list. But here’s the kicker—pricing is a big deal. While some are willing to shell out a modest fee, 44% would prefer a free option. It’s clear: if they’re going to pay, it better be worth it!

Bottom Line: There’s a strong demand for a solution that offers peace of mind without breaking the bank. The challenge is finding that sweet spot where security, accessibility, and affordability meet.

Making Family Finances a Breeze

Our third survey dived into the art of juggling family finances! We asked our Test Pilots to share how they manage it all—and if they’ve discovered the secret to doing it right.

Their answer? Managing household finances is like herding cats. Our Test Pilots are doing their best with spreadsheets (50%) and even pen and paper (18%). But let’s face it—time is tight, and balancing everything is no easy feat. With 28% struggling with limited time and 26% finding it tough to plan and manage finances, it’s clear there’s room for improvement.

Real-time expense tracking, savings insights, and comprehensive budgeting tools are on their wish list. They also want a unified view of household finances that makes family collaboration a breeze. While there’s interest in paying for a solution, many of our Test Pilots are still on the fence. We hear you—if it’s going to cost, it better make your life a breeze—maybe even give you a glimpse into the future!

Bottom Line: Families need a tool that’s easy to use, accessible to everyone, and packed with real-time insights. The interest is there, but the solution needs to deliver big time to make it worth their while.

Getting Employee Rewards Right

Next up was a survey focused on employee benefits. We wanted to dig into the details—what, when, where, and why. What truly makes our Test Pilots feel appreciated and motivated when it comes to rewards?

Flexibility is the name of the game. A whopping 94% of our Test Pilots want benefits that let them pick and choose what works best for them. Financial bonuses and extra time off top the list, but vouchers still hold value for some.

One of the biggest gripes? Infrequent rewards. With 24% highlighting this as a major issue, it’s clear that more frequent recognition is a must. And let’s not forget personalisation—rewards need to reflect individual preferences. As one Test Pilot noted, “Different things work for different companies based on culture, finances, etc. Customisable benefits are key to reaching a wider audience.” After all, everyone has their own “reward love language.”

Bottom Line: It’s time for employers to step up their game and offer flexible, customisable benefits that truly resonate with their employees. The days of one-size-fits-all rewards are over—now, it’s all about making perks personal and meaningful.

Easing Financial Stress

The struggle is real, and our final survey focused on finding ways to ease that financial stress. We wanted to know if our Test Pilots would be interested in peer-to-peer loans from their employer at lower interest rates. Most said yay, though a few said nay—but the idea definitely got people talking!

Financial stress is a reality for nearly half of our Test Pilots, with 48% saying it affects their work performance. Securing loans with reasonable interest rates? Not so easy. That’s why 83% are interested in low-interest loans facilitated by their employer. As one Test Pilot put it, “Lower interest rates mean lower monthly repayments and smaller overall repayable amounts, which means more money in the bank.” This is why it would benefit many of them. However, some Test Pilots had concerns about mixing personal finances with work, preferring to keep those aspects of life separate.

Low-interest rates, quick access to funds, and an easy application process are at the top of their list. But privacy is also a big concern—they want to know that their financial information will be handled with care.

Bottom Line: There’s a significant opportunity for employers to offer financial support that could reduce stress and boost productivity. But clear, transparent communication about privacy and the loan process is key.

Wrapping it up

Our surveys have painted a clear picture of what our Test Pilots need to feel financially secure and confident. Whether it’s giving parents peace of mind with fun financial education for their kids, offering employees the flexible rewards they crave, or helping families manage their finances effortlessly, the path forward is clear.

As we continue to develop these solutions, the key will be listening to our future users’ needs and making sure we’re not just meeting their expectations but exceeding them. We’re here to make financial management easier, more effective, and more accessible for everyone.

What financial tools could truly change your life? Join our Test Pilots and help shape the next big thing—we want your insights on what we build next!