Embark
Formerly known as 'Knowledge First Financial,' the company rebranded to 'Embark' in 2023. As Canada's largest provider of education savings plans (RESP), Embark manages over $6.0 billion in assets, supporting students with the necessary funds and resources for academic success. This non-profit organization oversees more than 600,000 education savings plans and assists approximately 60,000 post-secondary students annually. Since its inception in 1965, Embark has disbursed around $9.0 billion to plan holders.
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Audience Insights
The financial app targets Ontario customers, primarily English-speaking with an average income of $60k. It also supports French-speaking customers in Quebec and is expanding to the Western, Northern, and Eastern regions. Most users prefer monthly contributions toward a $30k savings goal. The primary users are parents over 40, earning above $50k, with multiple children, seeking financial guidance for their children's education. The app also serves teenagers planning for post-secondary education, usually supported by parents. Key enrollment factors include parental education, family income, urban residency, and immigrant status. The app meets these diverse needs, ensuring accessibility and support for educational savings goals.
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Customer's pains
Parents need comprehensive support for saving for their children's education, while rising costs demand effective expense management. Users seek intuitive digital tools for budgeting and expert guidance in academic planning. Additionally, families desire personalized financial advice tailored to their unique circumstances and goals.
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Result
The financial app offers comprehensive solutions for economic and academic planning. To guide savings plans, investments, financial aid, budgeting tools, and cost calculators. With user-friendly features for budget tracking, savings goals, and real-time updates, the app offers expert advice, school comparisons, and personalized recommendations for academic planning. To deliver personalized financial plans using data analytics and ensure regular updates and direct communication with advisors, helping users achieve their educational savings goals effectively.