Introduction
This was a part of a small five-day assignment did for JUSPAY in which I had to design an AI-Powered financial assistant app for GEN-Z
Team
Individual
Duration
5 days
Project type
Assignment
Assignment
Design an AI-powered personal finance assistant app that helps Gen Z manage their finances effectively. Consider how AI can personalize the experience, provide actionable insights, and gamify saving and budgeting practices.
Research
During this, I researched about the financial behaviour of the gen-z and also interviewed 7-8 people to know more about their behaviour towards finance.
Gen-Z are considered to have a current age between 12 to 26
So I divide this big gap into three parts on the basis of transitional phases
Age 12-17
In their school, having a parental support
Age 18-22
In their colleges
Age 22-26
Working profession have started to earn
Interviewing, all of these three category noting their challenges, their behaviours,
I have decided to focus on the Age: 22-26 (which lies under working Profession those who have started earning
Because these individuals genuinely need a solution to guide them better in managing and assisting with their finances.
Here is a persona, to better understand the whole story
Meet Arun, he’s a 24 year old. A software engineer. Living away from family and managing his finance on his own.
He wanted to buy a bike to daily commute to his office,
But he really don't know as per his financial conditions, when should he plan and how?
let's see what Internet says
So Overwhelming...
This generates whole bubble of thoughts and confusions as there is no personalised answers based on his financial conditions
Considering all these insights
Figured out that Decision Making plays the vital role
Introducing
WIZE
Quick Balance overview
To provide a quick glance of all balance overview
Financial health score
This score reflects user’s overall financial health based on your spending, saving, debt management, investments, and credit.
Recent transactions
These transaction will be analysed by AI and will be categorised automatically.
Goal indicator
AI analysis based on your spending
AI Advisor
Named as Sara AI will help the users in managing and taking the best decision for their finances
Why AI Chatbot into an app?
Although we have ChatGPT and other AI in the market, but having a personalised AI advisor who knows your financial behaviour, who knows your financial conditions will able to guide you much more practically.
Decision to Augment AI
The main goal was to make the users make their own decisions. It just way to guide them. I don't want the AI to make the decision by its own ( therefore, not to automate the AI, but to augment), users are one who make the decision.
Like in the above example, Sara-AI advisor, advised the user, how he can plan to buy a bike by providing multiple options and ensuring that there would not be any big expenses ahead
AI based Insights
Here the user can get the quick insights about his finances
Budget & Goals
Having an AI finance assistant to advise, now Arun can take decisions more wisely.