Home Your Tech Apps Crowd Mobile’s new Q&A app for financial advice

Crowd Mobile’s new Q&A app for financial advice

The $5 billion Australian financial planning and advice industry is about to get a shake-up courtesy of a new app that enables users to ask advice from experts for a very small $9.99 fee.

Crowd Mobile’s (ASX: CM8) existing apps include Souschef, Coach Me, Copilot, Nutri, Bongo, Passion for Fashion and What would Jesus Do as well as a micro-payment app to monetize them. The new app is offered using the services of Peak Asset Management and is underpinned by its Crowd Experts technology platform that goes beyond the information provided in searches.

Some of the questions asked include:

  • Should I buy BHP? 
  • What is the highest dividend stock at the moment? 
  • Will the RBA cut interest rates next month? 
  • Have Melbourne property prices reached a peak? 
  • What is the best cash/savings rate at the moment? 
  • Will Oil continue to slide? 
  • How much deposit do I need to get a Home loan
  • How do I setup a Self-Managed Superannuation Fund? 
  • I want to setup a business. Where do I start?

It is the first professional services Q&A service by Crowd Mobile as they look to move up the value-chain to diversify its revenue base. It's existing portfolio of Q&A apps deals with more general topics ranging from fitness to fashion to database administration.

The announcement comes at a time where they reported its half year revenue increased 153% as underlying (EBITDA) jumped 89% with positive operating cash flow up 1,500% to $3.2 million. Crowd Mobile have also just signed partnership agreements to launch into Brazil and Columbia.

Domenic Carosa, CEO of Crowd Mobile, said, “We are on track for our ninth consecutive quarter-on-quarter growth in the number of paid questions, and this clearly shows that people are increasingly looking for personalised answers that go well beyond the Google experience. By offering a professional services Q&A app, we are not only diversifying our income base but have the opportunity to charge a greater fee to reflect the professional quality of the advice being provided and consumers’ willingness to pay an increased level of fees for such advice. Financial services is only our first foray into this niche market. We plan to introduce an extensive range of professional services Q&A apps to connect seamlessly people with professionals such as doctors, lawyers and veterinarians.”

Niv Dagan, executive director of Peak Asset Management, said. “We are excited about the opportunity Crowd Mobile brings to our business. We view Crowd Mobile's growing ecosystem in over fifty countries as a great avenue to add value to our global audience of investors. In particular, we were drawn to Crowd Mobile and their expertise in running a Q&A process on a technology platform that we know works. We believe this partnership revolutionises the way investors receive general advice by providing clients with greater flexibility, on-the-go convenience and technology on a global scale.”


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Ray Shaw

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Ray Shaw ray@im.com.au  has a passion for IT ever since building his first computer in 1980. He is a qualified journalist, hosted a consumer IT based radio program on ABC radio for 10 years, has developed world leading software for the events industry and is smart enough to no longer own a retail computer store!