Tuesday, May 11, 2010

Finovate: goalmine

Open a mutual fund with $25. And make the funds accessible by selling a mutual fund gift card in the store.

The website is designed to look unlike any bank website, making it appealing.

Personalize your goal - Hanna's college fund

What is your goal amount? If they don't know how much, they'll help you.

How much do I need to put away?

The aim is to make investing accessible by avoiding technical investment jargon. The customer is buying the actual underlying product, not just making recommendations.

Now you have an account, you can make easy contributions, through the gift card, from your bank account or whatever. And the funds are liquid. You can get at them daily.

Whatabout fund raising? You can put a simple web page online to make the investment social. It encourages friends and family to contribute on Hanna's birthday. With a cute picture of Hanna at age 1.

This is an interesting product to encourage people to invest more.

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