The Myliffe project is to develop a web based meeting place/community for consumers, small business owners, and financial services providers to research, evaluate, obtain counseling, and transact financial products and services. The application will have 2 components: 1) Consumer Portal, and 2) Institution portal. MyLiffe will provide extremely powerful search functionality. If users want to research any financial topics, they can use a simple text search function similar to Google. The search options will display both sponsored and non-sponsored links for financial products and services. The advanced search will provide criteria based search results. The name of the advanced search would be “Quick Find”. The users have multiple options to compare and evaluate. The search engine will also provide a scoring parameter based on how many previous customers have selected the product (similar to Amazon.com sales ranking).

Users have the ability to customize bids and put up for bid for lenders to agree, renegotiate or not respond. The bids can be customized through multiple points of entry. User uses the “SEARCH” function and finds some offer that meets their requirement, but wants to see if someone can better the offers. The auction engine listing can be displayed in multiple ways, like borrower name (screen name), location, products requires, terms of commitment, bid open & close date, number of bids already received, Verification (FICO, Asset, Income, Liabilities), CEV Score, CRV score, Offer Seriousness, etc.

The web application will provide an excellent reward program for users. The rewards can be earned in multiple ways: 1) Just by registering on the web site, 2) Providing detailed information about themselves, their current needs, etc, 3) By accepting offers from partner programs, 4) By registering for learning credits, 5) By participating in any transaction on the website, 6) By providing referrals, etc. The customer rewards then can be redeemed as well as swapped across the network. The users can create their own webpages and blogs, which will complement the network/community involvement within the web engine. : The uses can refer/recommend financial products and services (similar to customer feedback in Amazon. com).

Product Scope & Implementation

Size of the market opportunities;
Competitive strength and perceived ease of penetration;
Product complexity;

Phase I : Savings, Checking, CDs, Money Markets
Phase II: Auto, Home, Life, Personal Liability
Phase III: Mortgage Loan, Home Equity Loan, Car Loan, Student Loan, Credit Card Balances, Personal Loan
Phase IV: Brokerage, Mutual Funds, Separate Accounts & Asset Management