A prototype is a preliminary model of something. Projects that offer physical products need to show backers documentation of a working prototype. This gallery features photos, videos, and other visual documentation that will give backers a sense of what’s been accomplished so far and what’s left to do. Though the development process can vary for each project, these are the stages we typically see:
Proof of Concept
Explorations that test ideas and functionality.
Demonstrates the functionality of the final product, but looks different.
Looks like the final product, but is not functional.
Appearance and function match the final product, but is made with different manufacturing methods.
Appearance, function, and manufacturing methods match the final product.
The history behind Numus
My first year in Norway and I was working as a consultant, I saw a colleague that just graduated from college trying to get control over his costs by copy it's financial data from his bank account into Excel sheet where he had a budget model made in its own. I said to myself, there must be a better way of doing this but I still was not convinced about the impact that a solution like this can have. Then, I saw an episode of Luksusfellen (Luxury trap) and what I got the impression that the main reason behind peoples bad economy is losing control over it.
After we did some research, I found out that the problem is global and has a great social impact.
We were so inspired to solve this issue at that time, so I wrote a modest research paper on IJSER and you can read it here.
Based on the technology available at that time, it was very hard to build an end-to-end solution as we can do it today, without being associated with a bank.
Based on research already done by Gallup, NerdWalled and CNN Money about Personal Finance culture, they found out that 70% of the West Europe and the US live paycheck to paycheck while only 32% have some kind of a budgeting tool helping with their economy. For the rest of the World, the situation is even worst!
The problem we try to solve
When 3 in 4 families do not save money, this is not a good sign that we live in stable financial times. They are sitting on the edge of being prone to loans and shark loans that they will never be possible to payback and another Financial crisis may appear.
Our solution solves an important issue with World's economy today and has a large social impact as it tries to educate the user to be a better spender and even better saver without making the end user very much implied.
We did our own research on why people don't use current solutions and results are diverse from manually handling the process, safety, usability to the low engagement that existing apps provide.
Some of the products already on the market have solved most of the issues regarding automated processes, data integration, multiple account data processing, automated transaction segmentation but all of them failed to increase engagement of the users towards their own economy. Or with other words, none of them managed to create an attractive personal finance application.
We have studied this part well and we think that to increase engagement in such application we need a different approach, an approach is disruptive to the industry. So we came up with the idea of a gamified personal finance application that will increase engagement within and out app activities. Based on these activities we will be able to trace the important behavior of the user and improve his/her experience with the application.
We at Numus, took seriously the feedback from surveys and we did a lot of research on our own before we decided how our product should look like and it should be served to our potential clients.
We have prepared a video about our product and we hope to make it easy for you to understand Numus and its mission:
We at ELA (the company behind the product), came to a conclusion that Numus should be provided free to end-users, should be fully automated, should represent the unique way of visualizing financial data and rise engagement among users. We are committed to that, so we prepared a web version PoC where you can taste benchmarking against Ola N (Norwegian version of John Smith).
How we are goig to make it?
Follow the link to the blog post where a Power BI PoC is posted.
Numus Progress and Milestones
Scientifically proven idea: IJSER (International Journal of Scientific and Engineering Research) published a research paper on how we can create architecture and infrastructure to support the solution
Innovative idea behind Numus: Innovation Norway granted the idea with “Market Clarification” to create the Prototype
Financial evaluation by Accelerators: 3.5 – 4 million pre-money evaluation from The Factory (#FinTech accelerator)
Invited to SU incubator at NASA HQ in the US
IDG Global named Numus as one of the most innovative app ideas in 2017
At this point in time, we are between PoC and MVP and our time plan looks very busy next couple of months.
Base on our plans, we are going LIVE between November and December. and we are working hard to achieve that goal.
Numus operates with financial data, one of the most critical data and regulations day by day are becoming very strict. EU, lately, released to regulations that affected directly finance sector and our product GDPR and PSD2. We are working hard so our product will complain about both regulations and give fair treatment to personal data.
Data security is also part of our concern and our development team is informed to set it as the top priority in every development stage and level of the product.
Risks and challenges
We will launch our products in Scandinavia where we have great technologies for digital authentication with high security and one of them that we want to use for our products is BankID. More information about BankID: https://www.bankid.no/en/about-us/ Later we plan to expand in Europe or EU zone and there we have to face two regulations that seem complex but following them has helped us very much.
GDPR is EU regulation that deals with security and personal data access, while PSD2 is more about open banking concept where every bank should share all bank transaction via API solution.
After we have established our business in Europe then we plan to go Global.
In technical terms, the biggest challenge for us is finding right technologies that can replace digital identification like BankID in the rest of EU or Globally.
Legally, we need to compliant with EU regulations and same time with the law of the country where we operate.