B-Wize

Crowdsourcing financial wisdom. B-Wize is a community driven personal finance management platform that empowers user to analyze financial data and learn from their peers.

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B-Wize

Crowdsourcing financial wisdom

Inspiration

"Human decision making was primarily unconscious and irrational.Our insecurities drive us to excess and overcompensation. People are, at heart, animals and are easily manipulated, especially in groups" - Freud

Globally brands spent ~$3 trillion in marketing (as of 2021, and ever-growing) with the key aim of analyzing consumer behaviour and thereby trying to influence their spending patterns.

On the other hand, studies show 95%+ consumers have little to no clue about their exact expenses.

In essence, we realized that brands had more control over our spending decisions than ourselves

B-Wize is our humble effort at helping each and every consumer regain that decision making power, with the help of data, machines and mutual co-operation - leveraging the power of collective wisdom.

What it does

We empower every consumer by

i) giving them an easy to understand overview of how their hard earned dollars are spent

ii) helping them benchmark against a peer group to see how they can improve

iii) Providing actionable insights into their spending behaviours based on a comparative analysis with their peer group

iv) Brands pay users for the increased visibility they provide

How we built it

Step 1: Brainstormed to build a solution that was true to our problem statement, value additive to all stakeholders and economically sustainable in the long run

Step 2: We followed an iterative approach. Started with wire-framing on Figma, Used no-code to build early prototypes and then developed a working prototype using our limited developer skills

Challenges we ran into

  • Availability of actual data sets that can be exploited to derive insights/ to be used into building our product

Accomplishments that we're proud of

  • We were able build our product on a sustainable concept without compromising a bit on the value proposition, i.e. enabling our users to thrive against a world full of bots and machines trying to manipulate them
  • The speed and enthusiasm at which we were able to conceptualize, iterate and come up with our working prototype
  • Leveraging State-of-the-Art algorithms for our search and recommendation
    1. Multi Attribute Nearest Neighbor Search for identifying peer group
    2. Directed Collaborative filtering (used by google's and youtube's recommender systems) for generating personalized recommendation

What we learned

  • There is a lot we can eventually achieve if we stick to our core value proposition
  • Data has the power to influence people's lifestyle in many ways, we chose to stick with one of the positive ways

What's next for B-Wize

  • Validate our concept: Take feedback from end-users, industry experts
  • Keep Iterating: based on the feedbacks and our learnings till date, we plan to keep iterating on our product, for ever
  • More value adds: Goal setting, retirement planning, financial education, active tracking & monitoring of transactions

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