EXECUTIVE SUMMARY

Powered by OeNPAY Financial Innovation HUB, the idea of an easy-to-use and secure liquidity-managing tool called “Meet Harry” was further developed into an app with a corresponding comprehensive business plan. Together with our project partners from OeNPAY we found a way of managing your financials online but not in the usual time-consuming, complicated, and frustrating way, rather with a convenient procedure, and with some fun and a significant regional aspect. 

Goal

The goal of this project was to develop a new way of managing personal financials online and a way which allows the users to spare time, have fun and learn at the same time. The intention was that the users can combine all of their different accounts (e.g. Crypto, Giro, Cash, Investments, etc.) within one app in order to save time and frustration. In addition to this, an effort was made to bring fun to this experience by including challenges and games. Moreover, the focus was also on regionality and community which we wanted to include within the project.  

Methodology

In order to identify the customers' needs, a lot of research has been done and a survey with 327 participants was conducted. By analyzing and combining the data of the survey and from the secondary data, we were able to determinate the most important issues. After that, a series of different features and tools in the app were developed in order to eliminate the pains and strengthen the gains of our customers. To get a good overview of the big picture, an extensive market analysis is included in the paper as well. Furthermore, the financial aspects of creating such an app and starting a company for “Meet Harry” are also considered within the business plan. A best-case scenario, a worst-case scenario and a realistic scenario are presented and explained in the paper. Thanks to the research, our survey and the good cooperation with our project partner and professors, a complete and valuable business plan emerged from the project course.

Results

In the end, an in-depth elaborated business plan was produced which provides detailed information about our customers' needs and how “Meet Harry” will satisfy them. All the information we collected led us to three main points which together form the USP: connectivity, gamification and regionality. These main characteristics of the app differentiates it from other regular banking apps and offers a new and fun way of managing one's personal financials online. The different features of the app, which will be closely connected with the USP, as well as a prototype of the design can also be found in the business plan.  Themarket analysis shows that there is a huge demand for such a financial management assistant app like “Meet Harry”. Even though there already are some similar apps on the market, due to our USP no other app is an exact substitute for “Meet Harry”. The financial plan shows how many employees would be needed, how many users should be reached and when the project breaks even. In the realistic case scenario, we evaluated that the break-even-point will be in the year 2026. All in all, it can be said, that there is a huge potential for an app like “Meet Harry” and that with the right strategy and sufficient funding it can be a successful project.

Cooperation Partner

• OeNPAY Financial Innovation HUB GmbH
  Praterstraße 1 / Space 22
  1020 Wien
  www.oenpay.at

Contact Person

• Paul Wessely
  Paul.wessely@oenpay.at

• Franz Deim
  Franz.Deim@oenpay.at

Student Team

• Chiara Hollenstein

• Hanna Krassler

• Viktor Längle

• Ben Schnell

• Franziska Weigl

Project Manager

• Alessio Delpero

• Richard Olbrecht