Achieving Financial Freedom
**Flo: Achieving Financial Freedom through Digital Innovation**
**Service Areas:**
- Digital Consulting
- Digital Identity
- Digital Roadmap
- Product & System Development
- Technology Architecture
- User Experience (UX)
**Client Overview:**
Flo is a startup in the financial sector collaborating with a major insurance provider in the U.S. to revolutionize the way financial advisors engage with their clients. More than just an application, Flo fosters a community of strategists, partners, and products united by the goal of attaining financial freedom.
**Engagement:**
Since 2017, DefinedLogic has acted as Flo’s comprehensive digital partner. Initially, we assisted in shaping the customer experience by creating a sustainable business model and the necessary technological framework for success. We developed the company’s brand identity and devised its go-to-market strategy, which included establishing a web presence and creating various brand assets across different channels. Subsequently, we created two applications for Flo: a mobile app for clients and a web app for advisors, both built on a transaction management platform integrated with two leading financial institutions. Our partnership continued with the successful launch of Flo’s pilot program in July 2019, and we have outlined plans for further releases throughout 2020.
**Strategic Approach:**
Working closely with Flo’s founders, we identified essential features for the future app experience. Flo then engaged DefinedLogic to formulate a go-to-market strategy that would propel the company forward. Collaborating with Flo’s leadership, we developed a business model and user adoption strategy focused on enhancing the relationship between financial advisors and their clients. Rather than opting for disintermediation, Flo chose to pursue a channel partnership based on our advice, resulting in a successful pilot launch.
**Implementation:**
Determining the right minimum viable product (MVP) for Flo was vital to its success. Our team of specialists came together to identify, design, and develop an MVP that aligned with the Flo promise. This process involved assembling a cross-functional team of product strategists, marketing experts, and experienced designers and developers, all with a unified goal of ensuring the client’s success in the market. This integrated strategy enabled a swift market launch, making effective use of Flo’s development budget.
**Outcomes:**
In July 2019, Flo rolled out its pilot program, enlisting 10 general agencies and 100 advisors who began working with clients. The company is currently supporting these advisors, referred to as Flo Strategists, in onboarding clients and tailoring their experiences. Flo anticipates commencing development on a new version of the app in Q1 2020, aimed at enhancing the functional capabilities for advisors to better influence their clients’ financial futures.