Design, build & launch a brand new Fintech venture within a year

Lumiant

People-centred Finance, Innovating for Thriving Futures, Human-centred Digital Transformation

Gold Award for Service Design

“A great example of a well-executed service design platform and business model, which has emerged through the identification of an unmet need in the financial advice industry. Using life goals to drive financial literacy is such a smart and important innovation. You have mastered the artistry of final state mapping (via projections) to get people engaged now and put the power in their hands while exceeding regulatory demands and staying ahead of further potential regulatory frameworks. You have managed to reimagine a highly constrained industry with an elegant and engaging end-to-end experience for advisers and their clients. Hopefully, this has a strong positive impact on many people’s lives. Congratulations” – Good Design Awards Committee

Lumiant was looking to respond to structural changes in the financial advice industry which threaten the viability of many practices.

Tobias was engaged by Lumiant’s founders to co-design a disruptive, multi-channel client experience that addresses pain points and gaps in the current way advice is delivered, codifies best practice across the advice journey, and provides engagement tools based on the latest insights from behavioural science, behavioural economics and emergent global trends in advice services.

Following an iterative process we co-designed, and then validated an innovative service/product with the adviser community, their clients, and prospects. We successfully launched a product in just 9 months delivering a dynamic, values-based planning process and engagement platform that brings to life what really matters to clients, engages couples in a process that drives alignment, and increases the participation of women in financial planning.

Lumiant advisers can actively engage clients in establishing actionable goals and co-design strategies to get there. The platform enables a continuous and valued engagement process that critically underpins the regular advice recommendations and review processes between client and adviser.

The service presents significant value to three stakeholder groups: Lumiant; Advice Practices; and Clients. Practices can drive scale and economic value by serving significantly more clients whilst exceeding regulatory requirements with lower reporting overheads. Three months after it’s Lumiant signed 24 advice practices, 40 advisers, 1,651 billable households. Together we’ve secured ~600K seed capital and $2.2M additional Equity Crowdfunding.

Lumiant’s social impact is significant, driving financial inclusion for women and investment strategies that align with client’s values and social concerns. Its appeal to millennial investors who prioritise values-based investing is also driving higher levels of engagement for a previously underserved segment.