To encourage more fresh graduates to budget and portion their income, our solution is LitApp, an all-in-one financial management platform that automates expense tracking, providing daily budgeting that dynamically adjusts according to the user’s spending pattern. The platform also incorporates social features such as virtual communities, financial goal syncing and an artificially intelligent chatbot that educate the user in terms of financial literacy.
Solution Features
Ai. Chatbot - An artificially intelligent chatbot that interacts and answers users’ questions, our chatbot gives timely push notifications to remind users to save while instilling discipline. It also provides budgeting tips and tricks from time to time to aid the user’s efforts of saving and budgeting. Serving as an educator, the chatbot also breaks down heavy and complicated financial concepts to the users through digestible and simple bits of information.
Dynamic daily budgeting - Using time-series analysis, our dynamic budgeting model tracks and records the user’s spending data to allocate a daily budget that follows their spending patterns.
Budget customization & financial goals personalization - Our application also allows the user to add and personalize their financial goals and portion their income within the recommended savings ratio in order to track their budgeting progress and reach their financial goals faster.
Virtual communities - We also aim to create a social environment in the application where people can read useful articles and share them with their friends and families. The users can also engage in comments and forum discussions to discuss topics related to financial literacy.
Real Time Sync - Using data tracking and data visualization, our application will allow multiple users to save for common financial goals such as car, graduation trip and house and check on one another progress in saving.
Automated Expense Tracking -Our application also aims to automate expense tracking through the integration of credit card and mobile payment gateways by partnering SGFinDex to make API (Application Program Interface) calls to their API gateways’ database to retrieve transaction information.
Gamification Feature - Users can accumulate points for spending within budget consistently and can in turn be used to earn badges for recognition of their budgeting efforts. In further development, this point system can be partnered with MoneySense to provide incentives such as vouchers as well as from partnering food and beverage establishments, ride-hailing and food delivery services.
Being aligned to our sponsor's objective, Our LitApp features would help enhance their platform for financial matters. Making it simple and intuitive for all Singaporeans.
Through our Dynamic Budgeting and Social aspect, we are able to support the “Practical” aspect to help Singaporeans in everyday financial decisions whether in Long-term or Short-term decisions.
By building a comprehensive A.I. Chatbot, we can provide “Unbiased” and objective information so that Singaporeans would be able to decide for themselves on what works best for them.
Our platform will also provide “Relevant“ and timely information according to each individual needs to allow them to have sufficient information to make an informed and timely decision to reach their financial goals.
In short, LitApp will be able to value-add and enhance current services to reach out to Singaporeans to promote awareness and importance of financial literacy to give users the skills and knowledge they need to analyze their financial options, understand their rights and duties in financial decisions, make well-informed personal financial decisions, and prepare properly for their future.