The SORIN concept that I have outlined in this blog does not neatly fall within the Amazon Whisperer exercise but I will attempt to do what I can.
Current Revenue Drivers
SORIN represents an attempt to establish a socially responsible financial services eco-system that is comprised of a central non-profit surrounded by for profit financial businesses dedicated to the overall mission of providing socially responsible financial products and services. SORIN earns revenue through revenue-driven contributions made by its partner businesses (type and amount yet to be determined) for the awareness, credibility, and product development services provided by SORIN, the non-profit. Additionally, SORIN will seek charitable contributions from individuals and organizations that support and advocate its mission. SORIN will also seek grants that fit within its mandate and those of the granting organization.
The Next Service Offering
One idea I have been toying with is an application that simplifies and demystifies the financial landscape for everyday people. SORIN can provide a free version that offers advice in the form of questions and answers and videos but also has a feature where consumers can share reviews and dialogue with each other about financial products and services but also about the companies selling them. The crowd can hold the companies accountable to their pledges of social responsibility or encourage others to become socially responsible. Additionally, the crowd can share stories and help identify people who could benefit from the SORIN Gap Fund.
The paid version of the app can offer more personalized assessments regarding people's financial situation including advice from financial planners, accountants, attorneys, and other other professionals who have been whetted for their commitment to social responsibility. It can also give people who are interested in contributing to socially responsible financial product development a voice in the form of feedback, suggestions, and direct access to SORIN product developers.
Benefits of the Next Service Offering
The customer experience will be greatly enhanced through this app because it will allow customers to get proper advice and an ability to be a part of the SORIN movement by engaging with each other and with SORIN directly. Such an engagement will continue to foster loyalty for SORIN enriching its social responsibility capital in the process.
The app will also allow SORIN to earn advertisement revenue but only from SORIN partners or from other companies that are whetted for social responsibility. The paid version will add another revenue source for SORIN.
Amazon Research
Apps such as the one described above are not available on Amazon but books on the subject are. I was able to find a couple of books worth reading on this issue (picture of one below). A google search showed some articles about socially responsible apps but none of them was built around the aforementioned parameters. There were a few that focused on ethical investing, which is an industry niche that is envisioned to be part of the SORIN eco-system.
It would be great to read feedback and suggestions about the SORIN app idea discussed in this post. Please offer as detailed feedback as possible.
Hi Farrukh,
ReplyDeleteI think you have a really good idea here. I would say most of my family falls in the middle class with me falling toward the poor lower class college student. I know when I was younger, my parents seemed to be able to afford more and do more with virtually the same amount of money they make now. Both of my parents own their own, but separate, small businesses and it seems since the Great Recession of 2008, thing have not been the same. You have a really great idea here, and I can’t wait to see what is in store next.
If you want to check out my blog the link is attached below.
http://amshiremanblog.blogspot.com/2016/03/amazon-whisperer.html
Hi,
ReplyDeleteI must say I like you gave to the idea, "SORIN." Your idea is well-thought out and based on decades of experience. All I can say is bravo and your idea would certainly help people plan out their finances. It is said that many of the people, who are struggling financially is because of a lack of information in planning out their finances. I, on the other hand, created a political application to help people reduce bias using publicly available information. The link to my post is: http://entspring16.blogspot.com/2016/03/the-amazon-whispher.html