Revolutionizing Personal Finance: Creating an AI-Powered Financial Agent
What if we could have a professional financial agent to help manage our money!
Timeline:
5 Weeks
Role:
Feature ideation, Product strategy, secondary research and Visual design
I sought to understand the ultimate component of stress that majority of individuals are going through: “Financial stress”. I took the opportunity to explore this space and explore product ideas
OPPORTUNITY
The lack of financial education is a significant challenge, but presents an opportunity to empower individuals by providing accessible and comprehensive financial education, enabling them to make informed decisions and achieve their financial goals.
CONTEXT
73% of Americans rank finances as the number one source of stress in life, CreditWise survey (White, 2021).
When looking to address the issue of financial stress, the simple answer of, “just save your money,” might arise. However, the problem of financial stress is a much deeper issue.
Not everyone can have a personal financial advisor to track costs and overhead
Many individuals have financial goals but no proper strategy to achieve them
Everyday money is spent, but the challenge is to learn one's own spending patterns
CHALLENGE
HOW MIGHT WE HELP YOUNGER ADULTS WHO EXPERIENCE FINANCIAL STRESS AT VARIOUS LEVELS BETTER MANAGE THEIR PERSONAL FINANCES
PROJECT METHODOLOGY
Literature Survey & Interviews
Data Synthesis
Ideation & Strategy
Final Design
SOLUTION
A PERSONAL FINANCIAL ASSISTANT BACKED BY AI
HOW AI CAN WORK
Personal spending data
Personalized goal setting
Personalized Notifications
Spending recommendations
THE LOGIC
How AI can be used perform data sorting in the backend
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Card details
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Store name
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Location details
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Spend Amount
Sorts the spend category to “Food”
Compare spend amount to user set threshold
SORTING
Store location information
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Our design
We have decided to add an AI section to the existing application to better its functionality. Mint is one of the most commonly used applications in our interview sample and is also one of the leading personal planner apps on the app store.
A NEW BOTTOM NAVIGATION
All new section
CHALLENGE 1
Motivating individuals to alter their spending habits and achieve financial goals requires a systematic approach that encourages informed decision-making
IDEATING 'MINT SUGGESTIONS'
Spending data
Data sorting
Personalized suggestions
CHALLENGE 2
The challenge of raising awareness about spending habits is reflected in the statement, "I don't know where all of my money is going!" This lack of understanding can make financial management and goal achievement difficult.
DETAILED SPENDING TRENDS
This screen has been ideated to view deeper details about the spending trends, the user gets to see the category-wise spending, and demographic trends.
CHALLENGE 3
It can be challenging to maintain a clear path towards achieving goals. Finding effective ways to motivate individuals to stay on track towards their objectives is key.
IDEATING SMART NOTIFICATIONS
EXAMPLE 2
CHALLENGE 4
Random goal-setting can be demotivating, and proper guidance is necessary for individuals to set and achieve their objectives effectively.
IDEATING DEMOGRAPHIC TRENDS
LEARNINGS
Diving Deep into FinTech
Expanding My Knowledge and Gaining a Thorough Understanding of the Domain
Enhancing Collaboration
Working with a Research Team to Emphasize the Importance of Interdepartmental Cooperation
Diversity of Spending Habits
Understanding How People Manage Their Money Differently
Empathy Matters
Understanding the Vital Role of Empathy in Design and Life
Unlocking the Impact of AI and Design
Learn’t How this Dynamic Duo Can Revolutionize Our World
The Art of Design Thinking
Mastering the Process of Creative Problem-Solving in Design
