Lessons Learned
The module has provided a number of important and interesting insights into the process of managing finances and addressing financial risks. In the environment of the digital economy, factors affecting the financial progress of an organization are as numerous as they are in the context of a physical market. However, the digital environment introduces essential changes to the risks in question, making them more pernicious for those organizations that have failed to understand their unique properties and build an appropriate risk management framework (Anshari et al., 2019). Therefore, helping to discern these risks ad providing vital pieces of advice concerning their management, this course has become a path to the effective functioning in the target market.
In addition, this course has helped to understand that companies working in the setting of the fintech market have to face a range of unique challenges that require an elaborate strategy and a proper understanding of the digital market. Specifically, the process of digital wealth management appears to be the most complicated issue to have been addressed during this module (Moşteanu & Faccia, 2020). Specifically, evaluating the digital market expansion opportunities requires a slightly different forecasting approach, which needs to consider the viability of a particular digital technology and the significance that it has for the selected segment of the digital market.
A range of issues touched upon during this course have also been quite useful to me as an entrepreneur. Specifically, the concept of digital risk management and, particularly, the need to evaluate the target market for the emergent trends, as well as their further development, has been of huge importance to me. Performing the market analysis that will point to the possible areas of interest to me as a fintech developer and a businessman has been truly value and quite helpful.
My Family Tree
Determining the source of the financial income for a particular product is vital for ensuring the viability of the product in question and its significance for a company as a source of income. “My Family Tree,” a digital application created to build a framework for managing finances for an entire family, is expected to be quite successful among the target audiences. Given the nature of mobile applications, the product’s revenue stream is believed to be derived either from ads or from monthly payments that users will submit after getting a subscription. Each of the models has its advantages and problems; however, the former model appears to be the most effective tool since it will attract a greater range of users. The paid monthly subscription concept should remain as an option for VIP users. However, the general revenue stream should be built based on the advertisement model.
Arguably, the model based on advertisement may lack efficacy since a range of users tend to install ad blockers on their mobile devices. However, bypassing ad blockers is possible by developing an advanced code. Therefore, the suggested approach will require regular updates of the code that will allow showing users ads even when they turn on the ad blocker. The proposed model might seem as rather demanding. However, it is still preferable to the premium model, which users are likely to dismiss when free options for developing a budget are available (Myllylahti, 2014). To gain extra revenue, a monthly subscription that does not involve advertisements should be provided to users so that it could attract extra attention. Thus, “My Family Tree” is likely to become instantly popular among the target audiences.
References
Anshari, M., Almunawar, M. N., Masri, M., & Hamdan, M. (2019). Digital marketplace and FinTech to support agriculture sustainability.Energy Procedia, 156, 234-238. Web.
Moşteanu, N. R., & Faccia, A. (2020). Digital systems and new challenges of financial management–fintech, XBRL, blockchain and cryptocurrencies. Quality-Access to Success Journal, 21(174), 159-166.
Myllylahti, M. (2014). Newspaper paywalls – The hype and the reality: A study of how paid news content impacts on media corporation revenues. Digital Journalism, 2(2), 179-194. Web.