There Are 2 “i”s In Innovation
25 10 2007By Matt
Just like in the real world, the “Innovation” in our heading has a big “I” and a small “i.”
Curve-jumping, paradigm-shifting innovation belongs to the big “I.” Incremental change and tweaking belongs to the small “i.” They each have their place and deserve recognition, but here are Boulevard R, we’re more interested in the former. That’s mostly because we’re trying to do something that hasn’t been pulled off effectively online- financial planning. There is quite a list of companies who have gone the route of offering online financial advice to consumers, but only to be forced into other markets- Financial Engines (does mostly asset management now), AdviceAmerica (does mostly software for planners now), OneHarbor (sold to a large financial services company in order to re-coup investor’s money).
The Mass Affluent consumer remains an elusive target for financial services companies who can’t provide cost-effective services to this group. So what makes Boulevard R a potential exception from those listed above? Part of what makes us different is the Flash-based interface and the level of customization. Another aspect is that we’ve been working with leading experts who have a deep understanding of how consumers actually behave online when it comes to planning for retirement.
We’re really not interested in a model that offers incremental improvement, because the online financial advice delivery model is broken (or rather, no one has ever figured out how to do it as an ongoing process instead of a one time calculation). There’s really nothing to iterate off of or incrementally improve. It’s lead generation tools vs. software that needs a 70 page instruction manual. Who trusts or wants to use either of these?
Instead a tool that offers new benefits to consumers (customized savings strategies and financial checklists, the ability to track progress, relevant user generated content…), if executed properly, should likely win out over gussied up lead generation tools (a) (b). This only ever happens it the real needs and solutions fo consumers are placed miles ahead of a company’s need to profit off of the consumer’s needs.
If you're new here, you may want to subscribe to our RSS feed
or get updates by email. Thanks for visiting!
