Abredefe Francis Ajomafuvwe

PRD FOR PERSONAL FINANCE MANAGEMENT AND BUDGETING APP CALLED MOODBUDGET INTRODUCTION BACKGROUND The MoodBudget finance management and budgeting app is the focus of this PRD which has been developed as part of the EntryLevel Product Management Level 2 course. This individual project required the selection of a single product from four hypothetical project briefs. I chose this project to diversify my product management portfolio. PRODUCT OVERVIEW This Product Requirements Document (PRD) is intended to outline the development of a new personal finance management and budgeting app called MoodBudget. The app is designed to help users track their spending, create and stick to a budget, and make informed financial decisions. The development of MoodBudget is driven by user's goals of improving financial health, increasing financial literacy, making informed financial decisions, and sticking to a budget. PRODUCT VISION STATEMENT MoodBudget helps individuals who want to take control of their personal finances, achieve financial stability, and make informed financial decisions. We'll achieve this by: Expanding on the app's budgeting features to provide personalized budgeting recommendations and insights based on users' spending habits and financial goals. PRODUCT GOALS Goal 1: Create a more personalized and engaging user experience that motivates users to achieve their financial goals. Goal 2: Develop advanced machine learning algorithms that provide users with personalized financial advice and insights. PRODUCT OBJECTIVES AND KEY RESULTS (OKRS): Goal 1: Create a more personalized and engaging user experience that motivates users to achieve their financial goals. Objective: Improve user engagement and retention. Key Result 1: Increase daily active users by 20% over the next quarter. Key Result 2: Increase user retention rate by 15% over the next six months. Goal 2: Develop advanced machine learning algorithms that provide users with personalized financial advice and insights. Objective: Implement machine learning models to provide personalized financial advice. Key Result 1: Develop and test a machine learning model that provides personalized investment advice to users with a 75% accuracy rate within the next six months. Key Result 2: Develop and test a machine learning model that predicts users' future spending patterns with a 70% accuracy rate within the next year. LEADING AND LAGGING INDICATORS Goal 1: Create a more personalized and engaging user experience that motivates users to achieve their financial goals. Leading Indicator 1: Number of new users signing up for MoodBudget. Lagging Indicator 2: Average user rating of MoodBudget on the App Store and Google Play. Goal 2: Develop advanced machine learning algorithms that provide users with personalized financial advice and insights. Leading Indicator 1: Number of users who opt-in to receive personalized financial advice. Lagging Indicator 2: User satisfaction with the quality and usefulness of personalized financial advice provided. FEATURES Basic Features: Sign-Up and Onboarding: Enables user to sign-up for MoodBudget Budget Tracking: Enable users to set and track their budget on a daily, weekly, and monthly basis. Transaction History: Provide users with a detailed history of their transactions. Account Syncing: Integrate with users' bank accounts and credit cards to automatically track their spending. INNOVATIVE FEATURES: Expense Categorization: Allow users to categorize their expenses and view their spending patterns. Bill Reminders: Send timely reminders to users to pay their bills and avoid late fees. Personalized Goal Setting: Allow users to set personalized financial goals, and provide recommendations on how to achieve them based on their spending patterns and income. Financial Education: Provide users with financial education content, such as articles and videos, to help them make informed financial decisions. Social Sharing: Allow users to share their progress and achievements with their friends and family on social media. Personalized Rewards: Provide users with personalized rewards, such as cashback or discounts, for achieving their financial goals. AI Chatbot: Implement an AI-powered chatbot that provides personalized financial advice to users. MOSCOW FRAMEWORK FOR PRIORITIZATION I used the MoSCoW framework to prioritize the product features. MoSCoW Framework for Prioritization PRODUCT FEATURE: Sign-Up and Onboarding User story As a new user I want to be able to create an account easily and quickly So that I can start tracking my expenses immediately.  Acceptance criteria Given that I am a new user  When I access the account creation page  Then I should see a clear and concise form with required fields marked  And I should be able to enter my personal information, including name, email, and password  And I should receive clear feedback if any of the entered information is invalid or missing  And I should be able to submit the form and receive confirmation that my account has been created  And I should be automatically logged in and directed to the dashboard page to start tracking my expenses. Product Feature: Budget Tracking User story As a user I want to be able to create a monthly budget easily and quickly So that i can track my monthly spending Acceptance criteria Given that the user is logged into the budgeting application,  When the user selects the option to create a monthly budget,  Then the system should present the user with a user-friendly interface to input income and expenses PRODUCT FEATURE: Expense Categorization User story As a user I want be able to categorize my expenses easily and quickly So that i can track it based on category ACCEPTANCE CRITERIA Given that the user is logged into their account,  When the user navigates to the expenses section of the app,  Then the user should be able to create new categories and assign expenses to those categories.  And the user should be able to view a summary of their expenses by category, with the option to filter by date range. Product Feature:  Bill Reminders User story As a user I want to be able to set reminders for upcoming bills So that i can avoid missing payments and incurring late fees Acceptance criteria Given that the user has logged into their account  When the user navigates to the "Reminders" section  Then the user should be able to create a new reminder by selecting the bill from a drop-down list of their existing bills PRODUCT FEATURE: Transaction History User story As a user I want to be able to view my transaction history for a specific period So that I can view my spending habits ACCEPTANCE CRITERIA Given that I am logged into my account  When I select the "Transaction History" option And I choose a specific time period (e.g., last week, last month, custom date range)  Then the system should display a list of all transactions that occurred during the selected time period PRODUCT FEATURE: Account synching User story As a user I want to be able to connect all my bank accounts and credit cards to the app So that I can track expenses across my accounts automatically ACCEPTANCE CRITERIA Given that the user has registered for the app and logged in,  When the user navigates to the "Connect Accounts" section,  Then the user should be able to see a list of supported banks and credit card providers.  Given that the user has selected their bank or credit card provider,  When the user enters their login credentials,  Then the app should securely connect to the user's bank or credit card account PRODUCT FEATURE: PERSONALIZED Goal Setting User story As a user I want to be able to set financial goals for myself, such as saving for a vacation or paying off debt. So that i can better achieve my savings goals. Acceptance criteria Given that the user is logged into their account,  When the user navigates to the "Financial Goals" section,  Then the user should be able to create a new goal by selecting a goal type, setting a target amount, and specifying a deadline. PRODUCT STRATEGY Product Moats 1. Advanced Machine Learning Algorithms 2. Gamification of Personal Finance 3. Seamless Integration with Multiple Financial Institutions PRODUCT SIGNALS Market Signal: 1. Increased demand for personal finance management apps due to the pandemic and economic uncertainty. 2. Growing adoption of machine learning and AI in the fintech industry. Customer Signal: 1. More customers seeking personalized financial advice and insights. 2. Increasing demand for user-friendly and engaging mobile apps. Business Signal: 1. Increasing competition in the personal finance management app market. 2. Greater demand for seamless integration with other financial services and institutions. PRODUCT BETS (INITIATIVES) Product Bets for Goal 1: Personalized Budgeting: Develop machine learning algorithms to provide personalized budget recommendations based on users' spending habits, income, and financial goals. Product Bets for Goal 2: Predictive Analytics: Develop machine learning models to provide predictive financial insights, such as predicting future expenses and income. METRICS TO MEASURE SUCCESS Product Bets for Goal 1: Personalized Budgeting: User engagement with personalized budgeting features Percentage of users who set and achieve their budget goals Product Bets for Goal 2: Predictive Analytics: Number of personalized financial insights provided to users Percentage of users who take action based on predictive insights provided CRAZY 8’S SKETCH I developed simple low-fidelity sketches for potential screen design which will be converted into mid-fidelity wireframes, high-fidelity designs and prototypes. Crazy 8’s Low-Fi Sketch High Fidelity Designs USER FLOW DIAGRAMS I developed user flow diagrams to illustrate the process a user would take to utilize each of the features that will be developed for the MVP, namely, Sign-Up and Onboarding, Budget Tracking, Transaction History, and Account Syncing. Sign-Up and OnboardingBudget TrackingTransaction HistoryAccount Syncing PRODUCT ROADMAP I created a product roadmap for the development of the product MVP. The product roadmap incorporates the product goals and objectives, product bets and features. Product Roadmap PRODUCT LAUNCH STRATEGY Launch Strategy: Alpha/Beta/General Availability releases This launch strategy involves releasing the product in stages to gather feedback from customers and make changes before the full release. For your MoodBudget app, we can start with an alpha release to a small group of beta testers who can provide valuable feedback on the app's functionality and user experience. We can then make necessary changes before launching a beta release to a larger group of users. The insights gathered from the beta release can help us refine the app further before launching the general availability release to the public. This strategy is a good fit for MoodBudget because it allows us to get feedback from early adopters and make necessary changes before the full release. Additionally, it will allow us to engage with customers and create a sense of exclusivity among early adopters. However, we will need to find customers to start with, and it may take a longer time to launch the full version. PRE-LAUNCH COMMUNICATION PLAN Subject: Upcoming Product Launch - MoodBudget Dear team, We are thrilled to announce the upcoming launch of our MoodBudget app on Thursday, September 14th, 2023, at 9:00 AM. This new product will offer users a unique and innovative approach to managing their emotions and finances, providing a range of features that will enable them to live happier, healthier lives. To ensure a successful launch, we need everyone on the team to be fully prepared and ready to assist customers. We will be providing product training sessions and demonstrations over the next few weeks to ensure everyone has a solid understanding of MoodBudget's features and benefits. As part of our pre-launch communication plan, we will be reaching out to our existing customers, as well as potential new users, to generate interest and excitement around the app. Our marketing team will be using a range of channels to get the word out, including social media, email marketing, and targeted advertising. To handle any technical issues that may arise during the launch, we have established a support system that will be available to customers 24/7. Our customer support team will be fully briefed on the product and its features to ensure they can assist users with any issues they may encounter. If you have any questions or concerns, please do not hesitate to reach out. We are excited about this new product and believe it has the potential to make a real impact on people's lives. With your help, we are confident that this launch will be a huge success! Best regards, Product Manager at MoodBudget AARRR METRICS FOR PRODUCT PERFORMANCE Using the AARRR Pirate Metrics framework, I have identified the following metrics that will be used to track and gauge the product’s success. ACQUISITION: Traffic: The number of website or app visits from potential users. Cost per acquisition (CPA): The cost of acquiring a new user through marketing or advertising efforts. ACTIVATION: Sign-up rate: The percentage of users who create an account on MoodBudget. User engagement: The number of users who actively use MoodBudget's features within the first few days of sign-up. RETENTION: User retention rate: The percentage of users who continue to use MoodBudget over time. Churn rate: The percentage of users who stop using MoodBudget over time. REVENUE: Average revenue per user (ARPU): The average revenue generated per user on MoodBudget, which could come from subscription fees or in-app purchases. Customer lifetime value (CLV): The estimated amount of revenue a user will generate during their time using MoodBudget. REFERRAL: Net promoter score (NPS): A metric that measures how likely users are to recommend MoodBudget to others. Referral rate: The percentage of users who refer MoodBudget to others.