This project involves integrating chatbots into personal finance management and promoting financial health. The Santander Foundation sponsors this initiative. Financial health is important as it is when a person or organization can smoothly manage their financial obligations and have confidence in paying any kind of bills, debts, or future payments.
Our goal is to have an insight on how a chatbot can be valuable in promoting financial health and how we can integrate it into a personal finance management application. Additionally, we also want to understand what type of features can be beneficial for users in handling their finances, exploring their addition into the application.
To achieve this, we decided to focus on a specific target group and their possible problems related to finances.
Target Group
Problems
This particular demographic was chosen because they're easily accessible to us. We're all young adults pursuing our Master’s degrees, and some of our friends have opted for employment over further studies. Having insight into this group, we recognize that some of their struggles upon starting to work are their budget and the desire to relocate to another country.
To summarize our research idea, we wrote this hunt statement:
Many young adults face challenges when starting a job, especially with managing their newfound income. Some have never had this level of financial responsibility before, leading to struggles with overspending and not knowing how to manage the money. We believe an app that helps their money management while also providing a chatbot could assist them in making more informed financial choices.