Overview
Our PFM (Personal Finance Manager) bot is an innovative solution that integrates with OpenAI's ChatGPT. We are gonna call it Bankey Ai Wealth Assistant. This bot is designed to provide personalized financial suggestions to users based on their transactions data. Bankey is trained to answer questions related to our product only, ensuring that users receive accurate and relevant information.
Features
Personalized Financial Suggestions: Bankey uses machine learning techniques to analyze customer transactions data and provide personalized financial suggestions. This ensures that users receive tailored advice that is relevant to their unique financial situation.
Collaborative Improvement: Our team works constantly to improve the Bankey's performance and accuracy. By collaborating with our team, we can ensure that the bot remains up-to-date and effective.
Saving: Based on the customer’s data, our algorithm will scale up the saving capabilities of our customers.
Security: We understand that security is a top priority for our users. That's why Bankey is designed with security in mind. We take all necessary measures to ensure that the bot is secure and reliable.
Scalability: Bankey is designed to be scalable, meaning it can handle a large number of users at once. This ensures that users receive prompt and efficient service.
Quality Standards: We are committed to providing the highest quality standards for our users. Bankey is designed to meet these standards, ensuring that users receive the best possible experience.
Wealth Increase: We are committed to provide suggestions and actions to increase customer’s wealth
How it Works
Our PFM Bankey uses several factors to create a financial health score for users. These factors include debt-to-income ratio, savings rate, credit utilization ratio, emergency fund, and net worth. By analyzing these factors, Bankey can provide users with personalized financial suggestions that are tailored to their unique financial situation.
To elaborate further on how the financial health score is calculated:
Debt-to-Income Ratio: This factor compares the amount of debt a user has to their income. A lower debt-to-income ratio indicates a healthier financial situation, as it means the user has more disposable income to work with. for example 0.6
Savings Rate: This factor measures the percentage of a user's income that they save each month. A higher savings rate indicates a healthier financial situation, as it means the user is better prepared for unexpected expenses and has more funds available for long-term goals.
Credit Utilization Ratio: This factor compares the amount of credit a user is using to the amount of credit available to them. A lower credit utilization ratio indicates a healthier financial situation, as it means the user is using credit responsibly and not relying too heavily on it.
Emergency Fund: This factor measures the amount of money a user has saved to cover unexpected expenses. A larger emergency fund indicates a healthier financial situation, as it means the user is better prepared for unexpected financial setbacks.
Net Worth: This factor measures the total value of a user's assets minus their liabilities. A higher net worth indicates a healthier financial situation, as it means the user has more assets than debts.
By analyzing these factors, our PFM bot can provide users with a comprehensive financial health score and personalized financial suggestions that are tailored to their unique financial situation.
Debt-to-Income Ratio:
Debt-to-Income Ratio is an important factor to consider when analyzing a person's financial health. It provides a snapshot of how much of their income is being used to pay off debt, which can help identify potential financial stressors. A higher debt-to-income ratio indicates that a larger portion of a person's income is being used to pay off debts, leaving them with less disposable income for other expenses.
For example, if a person has a gross monthly income of $5,000 and a total monthly debt payment of $2,000, their Debt-to-Income Ratio would be 40% (2,000 / 5,000 = 0.4). This means that 40% of their monthly income is being used to pay off debt. A lower Debt-to-Income Ratio indicates a healthier financial situation, as it means the person has more disposable income to work with.
It's important to note that while Debt-to-Income Ratio is a useful metric, it should be considered in conjunction with other factors, such as savings rate, credit utilization ratio, emergency fund, and net worth, to get a complete picture of a person's financial health.
Savings Rate:
Savings Rate is an important metric to consider when evaluating one's financial health. It measures the percentage of a person's income that they save each month. Calculating your Savings Rate is relatively simple: divide the amount you save each month by your gross monthly income.
For example, if you earn $5,000 per month and save $1,000 per month, your Savings Rate would be 20% ($1,000 / $5,000 = 0.2).
A higher Savings Rate indicates a healthier financial situation, as it means the person is better prepared for unexpected expenses and has more funds available for long-term goals, such as buying a house, starting a business, or saving for retirement. On the other hand, a lower Savings Rate could indicate that a person is living paycheck to paycheck and may not have enough savings to cover unexpected expenses.
It's important to note that while having a high Savings Rate is generally a good thing, it's not the only factor to consider when evaluating one's financial health. Other factors, such as debt-to-income ratio, credit utilization ratio, emergency fund, and net worth, should also be taken into account to get a complete picture of one's financial situation.
By regularly monitoring your Savings Rate and other key financial metrics, you can gain greater control over your finances and make more informed decisions about your money.
Credit Utilization Ratio:
Credit Utilization Ratio is an important factor to consider when analyzing your financial health. It is calculated by dividing the amount of credit you are using by the amount of credit available to you.
For example, if you have a credit card with a $5,000 limit and you have used $2,500 of that limit, your credit utilization ratio would be 50% ($2,500 / $5,000 = 0.5).
A lower credit utilization ratio indicates a healthier financial situation, as it means you are using credit responsibly and not relying too heavily on it. If your credit utilization ratio is high, it could indicate that you are relying too heavily on credit and may have difficulty paying off your debts. This could negatively impact your credit score and make it more difficult to get approved for loans or credit cards in the future.
It's important to note that a low credit utilization ratio doesn't necessarily mean that you have a healthy financial situation. Other factors, such as debt-to-income ratio, savings rate, emergency fund, and net worth, should also be taken into account to get a complete picture of your financial health.
By regularly monitoring your credit utilization ratio and other key financial metrics, you can gain greater control over your finances and make more informed decisions about your money.
Emergency Fund:
The Emergency Fund factor is calculated by measuring the amount of money a user has saved to cover unexpected expenses. A larger emergency fund indicates a healthier financial situation, as it means the user is better prepared for unexpected financial setbacks.
To calculate your Emergency Fund factor, you need to determine how much money you would need to cover your living expenses for a certain period of time in case of an emergency. A common recommendation is to save at least three to six months' worth of living expenses.
Once you have determined the amount you need to save, you can start working towards building your emergency fund. This can be done by setting aside a certain amount of money each month in a separate savings account specifically for emergencies.
By having a well-funded emergency fund, you can have greater peace of mind knowing that you are prepared for unexpected financial setbacks, such as a job loss or a medical emergency. It can also help you avoid going into debt to cover these expenses.
Remember, having an emergency fund is just one aspect of overall financial health. It's important to regularly monitor your other key financial metrics, such as debt-to-income ratio, savings rate, credit utilization ratio, and net worth, to ensure that you are on track to achieving your financial goals.
Net Worth:
Net worth is calculated by subtracting an individual's liabilities from their assets. The formula for calculating net worth is:
Net Worth = Assets - Liabilities
Assets include anything that an individual owns that has value, such as cash, investments, property, and personal belongings. Liabilities include any debts or financial obligations that an individual owes, such as credit card debt, loans, and mortgages.
Function Specifications
Objective
Encourage customers to shift their spending to Bankiom Card
Offer Concierge services to customers
Increase visibility of spending
Promote Saving Pots
Automated Saving by Denomination
Goals Oriented Saving
Saving via Concierge
Phase 1: Visibility on Data from Bankiom Transactions & Linked Bank Statement
Onboarding: Creation of customer personas by asking different sets of questions. (Psychometric Test)
Categorization of Transactions
Prompts for upcoming Subscriptions Payments (fetch from Connected Bank)
Expense Tracking: Define Spending Habits
Phase 2: Emphasis on each Persona e.g (Henry's)
e.g Salary 30000 AED
Food: 7000 AED
Fitness: 1500 AED
Clubbing: 10000 AED
Beach: 5000 AED
By providing customers with greater visibility into their spending habits, Bankiom's Personal Finance Manager feature will help customers make more informed financial decisions. With a clearer understanding of their spending patterns, customers can better manage their finances, reduce unnecessary expenses, and ultimately save more money.
List of things Ai can do
Budgeting
Financial Goal Planning
Investment Advices
Retirement Planning
Integrations
Integration with Lean to collect customer’s bank transactions and info
Connecting to 3rd Party services to give UpToDate overview over loans, stock market, financial practices that are relative today
Connecting to currency status and conversion to suggest growing currencies
Connecting to other apps in on demand
Onboarding Mandatory Info:
During the onboarding process for Bankley, you will need to gather relevant information from the user to set up their account and personalize the AI-driven features. Here are some key pieces of information to consider:
Financial Information:
Current Employment Status
Annual Income
Residential Address
Bank Account Integration:
Connect your bank with Lean
Permission to access transactional data from their connected bank(s)
Goals and Preferences:
Financial Goals (e.g., saving for a house, retirement, travel)
Risk Tolerance Level (conservative, moderate, aggressive)
Preferred Investment Options (if applicable)
Persona Identification:
We will do a psychometric test of the user with the set of questions to determine which persona he belongs to. Here are few examples of the questions.
How do you approach decision-making?
A. I prefer logical and analytical thinking.
B. I rely on my intuition and gut feelings.
C. I consider both rationality and gut feelings before making decisions.
How do you typically handle challenges or setbacks?
A. I remain persistent and determined until I overcome them.
B. I adapt my approach and seek alternative solutions.
C. I seek support and guidance from others to navigate through them.
How do you prefer to work in a team setting?
A. I enjoy taking charge and leading the team.
B. I collaborate and value diverse perspectives.
C. I am comfortable contributing as an individual or a team member.
How do you manage your time and prioritize tasks?
A. I follow a structured schedule and prioritize tasks based on urgency.
B. I am flexible and adapt my priorities as needed.
C. I rely on reminders and deadlines to manage my time effectively.
How do you handle stress and pressure?
A. I thrive under pressure and see it as a motivator.
B. I remain calm and composed, finding ways to manage stress.
C. I seek support and utilize stress management techniques to cope.
Based on the user's responses, you can assign them to different personas that align with their personality traits and behavioral tendencies. These personas can then be used to customize the user experience and tailor the AI-driven suggestions and recommendations provided by Bankley.
Bankley’s Personas
Analytical Thinker
Characteristics:
Makes decisions based on logical and analytical thinking.
Enjoys problem-solving and critical thinking.
Prefers structure and organized approaches.
Values accuracy and attention to detail.
May take more time to make decisions but ensures thorough analysis.
Intuitive Explorer
Characteristics:
Relies on intuition and gut feelings when making decisions.
Open to new ideas and enjoys exploring possibilities.
Adapts to changing circumstances and seeks alternative solutions.
Values creativity and thinking outside the box.
Trusts instincts and may take risks in decision-making.
Collaborative Team Player
Characteristics:
Thrives in team settings and enjoys collaboration.
Values diverse perspectives and actively seeks input from others.
Flexible and adaptable in working with different personalities.
Works well in cooperative environments.
Seeks consensus and focuses on building strong relationships.
These personas represent different approaches to decision-making, problem-solving, and working styles. By identifying which persona a user aligns with, Bankley can customize its AI-driven suggestions and recommendations to better suit their preferences and needs.
It's essential to clearly communicate the purpose of collecting this information and how it will be used to provide personalized financial advice and improve the user experience. Additionally, ensure compliance with relevant data protection and privacy regulations, such as GDPR or CCPA, by obtaining user consent and implementing appropriate security measures to protect their information.
Ai AHA MOMENT? (Potential Numbers)
1- Daily Engagement Model (Fintech)
Implementation of real-time personalized financial advice based on the user's transactional data and behavioral patterns. This means that Bankey's AI would analyze the user's spending habits, income, and financial goals, and provide tailored suggestions and insights in real-time to help them optimize their financial decisions.
For example, Bankey could detect when a user is spending too much on non-essential items and send a notification suggesting a budget adjustment or offering alternatives. It could also identify potential savings opportunities based on the user's recurring expenses and recommend more cost-effective alternatives or discounts.
Moreover, Bankey's AI could analyze the user's transactional data to identify any potential financial risks or anomalies, such as unusual account activity or suspicious transactions. If such activities are detected, Bankey could proactively notify the user and provide guidance on how to resolve the issue, enhancing security and fraud prevention.
By offering real-time, personalized financial advice and insights, Bankey would empower its users to make more informed decisions, improve their financial well-being, and ultimately differentiate itself as a breakthrough financial app in the market.
2- Ecommerce Assistant
Personalized Shopping Assistance: The Bankey AI bot provides personalized shopping assistance by leveraging advanced algorithms and machine learning. It helps users identify their desired products and assists in finding the best deals available.
Efficient Decision-Making: The AI bot streamlines the decision-making process by analyzing vast amounts of product data, user preferences, and pricing information. It presents users with comprehensive insights, allowing them to make informed choices and find the most suitable options.
Optimal Savings: With its ability to compare prices across various online platforms and retailers, the AI bot helps users secure the best deals available, ensuring optimal savings. It considers factors such as discounts, promotions, and user-defined criteria to deliver cost-effective options.
Onboarding Journey
After kyc we ask the user to connect the bank
After connecting the bank, we need to analyze the spending habits of the customer and show if he had pura vida 6 months ago, what potentially he could have saved.
1- Invitation
2- Activate profile
3- Lifestyle
4- eKyc
5- Iban + Card (masked)
6- 3 Days to top up
Top up by Bank is free
Top up by Card is 2%
