Case Studies Stone.ai
PM Case Study

Stone.ai

Personal Finance Learning App — Product Discovery

Year
2023
Type
PM Case Study
Context
Submitted for Joveo application
Status
Case Study

A personal finance app built for people who don't think finance is for them

Stone.ai is a personal finance learning app for India — built around the insight that most young earners don't need another expense tracker. They need a reason to care about finance in the first place.

The concept: short-form video stories (1–5 minute episodes, structured into series) that teach financial concepts through real-world narrative. Think Zerodha Varsity's depth, delivered like Reels. Paired with goal-tracking and a gamification layer (earning Stones), the idea was to make the path from "I don't understand money" to "I'm actively investing" feel achievable — not academic.

The problem isn't access — it's the first step

India's fintech tools either tell you what's happening (Finshots, financial news), track what you've already done (IndMoney, FI), or teach you at textbook depth (Varsity). None of them meet people where they actually are: mildly curious, intimidated by jargon, and not sure why they should start now.

Core hypothesis

Financial awareness in India is primarily a mindset and confidence problem, not an access-to-information problem. Structured, narrative-driven learning in short formats can shift someone from passive awareness to active financial behaviour — if it's approachable enough to start.

The barriers I mapped: lack of growth mindset, age (feeling too young or too old), general unawareness, and a misconception that you need existing money to start learning. Stone.ai addresses all four — you learn by watching stories, not by reading your portfolio balance.

10 interviews · 29 survey responses

I ran qualitative interviews with 10 people (22–47 years, across developers, marketers, designers, and an insurance professional) and a wider survey to validate directional findings.

72%
plan finances via family advice or solo research — not structured tools
10
qualitative interviews across age groups and professions
5
user personas distilled from research across different life stages

The core finding: people wanted to understand money better, but felt the existing tools assumed prior knowledge. The gap was an entry point that felt genuinely accessible — not dumbed down, but well-scaffolded.

The 5 personas ranged from Pratiksha (24, developer, wants to start investing but doesn't know where) to Vijay (47, insurance professional, already invested but wants structured tracking). The primary user was in the Pratiksha archetype — early-career, earning, curious, but overwhelmed.

Everyone does one thing. Nobody does the journey.

Product Awareness Tracking Goal Setting Advisory
Finshots ✓ Strong
IndMoney / FI Partial ✓ Strong Partial Limited
Varsity (Zerodha) ✓ Deep
Stone.ai ✓ Storytelling Planned ✓ Gamified Roadmap

The gap Stone.ai targets: nobody connects awareness to action through an engaging learning experience. Finshots informs but doesn't lead anywhere. Varsity teaches but is a commitment. Stone.ai was meant to sit between the two and move people through the journey.

Stories first. Goals second. Advisory deferred.

P1 — MVP Core
Stories
Structured learning series with 1–5 minute episodes. Each series covers a topic (e.g. "How to start a SIP") in 5 episodes. Binge-watchable, skippable, downloadable for offline.
P1 — MVP Core
Goals
User sets a financial goal (emergency fund, first investment). App ties learning series to goal progress. Completing a series unlocks the next step.
P1 — MVP Core
Stones (Gamification)
Earn Stones for completing episodes and series. Redeemable for premium content or partner discounts. The retention mechanic.
P2 — Post-PMF
Expense Tracking
Light tracking layer — not a full finance app, just enough to tie learning to real spending behaviour.
P2 — Scaling Phase
Robo-Advisory
AI-driven investment recommendations based on user's financial profile and learning progress. Long-term revenue driver.

What we'd measure from day one

North star

Customer Retention Rate — target 25% CRR at 30 days post-launch. If people come back to watch the next episode, the core product is working.

Supporting metrics: free-to-paid conversion rate (freemium to subscription), CAC (customer acquisition cost, critical given India's fintech competition), and offline engagement rate (how many people download episodes — a proxy for real interest vs. passive scrolling).

Apr 2022 → Jan 2023

Apr 2022
MVP Launch
Stories core, onboarding flow, goal-setting, and the Stones gamification layer. Freemium model with 2 free series.
Jun 2022
Product–Market Fit validation
Measure CRR and engagement. Iterate on onboarding and content format based on real usage. Add Series 2 and 3.
Oct 2022
Scaling
Introduce expense tracking lite, expand content library, begin paid tier push. Partner with AMCs for distribution.
Jan 2023
Retention loop improvements
Double down on what's driving CRR. Introduce social features (share progress, leaderboard), personalised content recommendations.
34 slides · Submitted for Joveo PM application, 2023 Open in new tab ↗
PM Case Study Product Discovery UX Research Fintech India Freemium Gamification Content Strategy Roadmapping Joveo 2023