“Online budgeting tools have significant potential for growth. Just over half of the internet population show an interest in using this type of service in the future. Under-45s and higher earners are much more likely than average to see the appeal of tools that help them to keep track of their finances.”
– Deborah Osguthorpe, Head of UK Financial Services Research Mintel
So why don't any of the major debt management brands even a mobile responsive website? Let alone an App.
Do a search for debt management on Google - all you see is a load of companies with "debt" in their name - they are faceless - they want you to fill out a form - they they will call you back and manage your accounts over the phone.
Being in debt is a scary thing and most people do not want to face up to it, and they defiantly don't want a long phone conversation with a salesman. They want to sort it discretely under the radar. in private.
The opportunity to disrupt the debt management market is staring business in the face - so why are they doing it?
Technology & investment - it is a tough market and margins are tight. Spend tens of thousands of pounds on a unproven market is scary - but it needs to happen, Technology and peoples expectations are pushing investment across all financial services verticals and very soon someone will do this and potentially dominate the market with a stand out product that is simple discrete and most dangerously free (Step Change).
A Simple Free App with some back up could decimate the debt management market.