Virtual Affairs has supported the new fintech startup Peaks in the development of a new investment app. The idea behind the app is to make investing accessible to everyone. Users do not have to insert large amounts of money, but can invest with spare change. When the investor makes a bank payment, the amount is rounded up to the next euro, the difference is transferred into the Peaks account and invested according to the profile chosen by the customer.
Employees of Virtual Affairs helped develop the minimum viable product of the app and the platform in a short time. “Peaks and Virtual Affairs worked together as one team during the important early phase of Peaks”, says Tom Arends, co-founder of Peaks. “Virtual Affairs developed several financial apps for startups and this knowledge and experience was very useful during the early phase of the development process.”
The customer journey process of the app is based on a chat flow, which ensures that information is provided bit by bit, so that customers can make a considered decision. This is important as Peaks wants to attract a younger target group (20-35 years) that, in most cases, has not invested before. That is why the information delivery and user interface have been developed in a new way, that puts clear communication on investing and user experience first. The challenge was to design an investment product that is attractive to a younger audience. Most non-investors are under the impression that investing is complex and time-consuming. It is often thought that investing is risky and that it takes a lot of money to start investing. With Peaks, that is not necessary.
Concept developers and developers of Virtual Affairs helped to create the minimal viable product of the app and supported Peaks in customer research. Arends says: “Virtual Affairs has given Peaks a kick-start in the early phase. “They helped us tremendously with the design and development of the first version of the app. This gave us time and space to focus on customer research, setting up the organization, compliance and legal aspects of the product.”
Erik Lamers, director of Virtual Affairs: “Innovating and coming up with new initiatives is part of our company and the way we think. The combination of market knowledge, a good indication of consumer expectations and our know-how in the field of technology enables us to innovate like no one else. When Peaks came up with this idea, we immediately wanted to collaborate and think about how we could develop the app as good as possible. We are happy that we could use our knowledge here.”