Financial Modelling Software for the Consumer
Financial Mappers would like to thank Afiniation who has published an article by the architect of Financial Mappers, Glenis Phillips. This academic piece details the challenges in developing financial modelling software for the consumer.
In the past, sophisticated financial planning software has been available only to professionals, who had to undergo comprehensive training in its use. The challenge was to develop software suitable for consumers, not all of whom will have financial knowledge. The program needed to be holistic so that an advisor could quickly understand the client’s needs in terms of both personal, investment and retirement goals. To keep the client engaged the software design had to be dynamic with quick data entry and selection of multiple options, without having to re-enter data. Extensive modelling tools were developed so that even the novice investor, could understand the ramifications of different “what if” scenarios. Finally the results had to be presented in either plain English short statements or easy to read graphs. The mathematical conventions and innovative concepts necessary to develop the software are discussed.
Here’s our full article on how Financial Mappers is bringing financial modelling software to consumers.
Disclaimer: Financial Mappers does not have an Australian Financial Services License, does not offer financial planning advice and does not recommend financial products.