We work hard with the ultimate aim of becoming financially independent so that we can live life the way we want and care for the people we love
But How many of us really know how money works or how to properly manage our finances?
Isn’t it weird that we know very little about how to manage our day-to-day finance even though our life literally revolves around it?
Well you are not alone
As per a recent survey by FINRA, only 1 in 5 Youth understand financial concepts
And 3 out of 5 adults doesn’t even make a budget
What is concerning is that India alone will have over 1.73 Billions of Youths who will be entering the workforce by 2050 as per the world bank
Lack of financial education at the school and college level creates a huge information gap which makes the life of upcoming students even harder
By making them an easier target for scams, creating financial irresponsibility, and making them ignorant to better financial choices available to them
Hence we would like to introduce BalancED or Balance Education
Our attempt to fill this Void
What it does 🦾
Some of our key features are :
Easy Sign in 📲 Thanks to google O-auth registering to our platform just got a lot easier.
Budget Diary 📒 Manage your income and day-to-day expenses all in one place, get advanced analytics for your Expenses so that you can save few more dollars to buy your mom a little something.
Set your goals on the profile page and let our AI assistant help you reach this goal.
Reva - AI 🤖
Every good student needs a great mentor. Keeping that in mind let us introduce you to REVA your personal mentor,
Getting started is as easy as clicking on the course you like.
Learning from videos are so last year, REVA will guide you on important concepts and is available to you 24 by 7 ready to answer all your question powered by Google Dialog Flow.
Numbers are cool have your tried graph and charts? They help you understand where the sneaky little 10 dollars goes from your pockets, we provide you with an interactive dashboard that use data from your budget diary to analyze the data for you
Business Viability 💰
Ed-Tech and Financial Literacy have been heavily pushed in recent years as there has been a huge lack of it in schools. 3.5 billion adults globally, most in developing countries/areas, lack an understanding of basic financial concepts Source
We are not even accounting for the countless other future adults who wouldn’t learn this material in school. To combat this, we’ve provided an easy and accessible way to learn where our users have an easy-to-follow course, as well as an AI assistant to help them. These perks that our product has will put it ahead of other applications that have tried to teach financial literacy.
Our idea is also a unique take on how to solve this problem. Instead of a normal online course where you get a lesson and then a quiz, we decided to have a more dynamic style of learning where you ask questions and learn along with a virtual assistant. This came from the inspiration of online chess teachers, and how they'd give feedback on your moves while you play the game. It's always more fun when you learn something along with something or someone else, and our app expands on that concept.
People will be attracted to our product as well since there has been a huge surge for people to strive for financial freedom. One of our teammates runs his own investing/financial literacy community, and he gets consistent views on youtube and an active discord server because of how eager people are to learn this material. That market is something our product can ultimately take advantage of.
How we built it 🧑💻
After intense research into the requirements and current product availability, we decided to build an application that would be easy to use and more inclusive. React was the perfect front-end framework, as it allowed us to switch out components easily on our dashboard page. We combined that with powerful static site generation from Next.js to provide speedy load times. We leveraged Google Dialogue Flow, Azure app services, Flask APIs for heavy lifting in the backend, mongo + cosmos DB, Firebase Auth, Google OAuth, and Next js/React to make this application possible
Dialogue Flow: If you are amazed at our bots answering capability then Google API's extractive Q and A is the reason we use Dialogue flow API to get answers to the users question , we have populated our knowledge base with data relevant to the course we have listed go ahead and give it a try and ask your question or say a hi
Firebase/GoogleOAuth: Allowed for easy Google OAuth and user management on the client-side
Challenges we ran into 😥
Auth & connecting out API to the frontend was a huge pain. There was a bunch of troubleshooting going on and it took up a lot of time. We've learned a big lesson about how to make better APIs now.
Accomplishments that we're proud of 😊
We finished almost all features we set out to do, only 1 feature that is the analytics was left behind we will complete it in the coming days for sure
What's next for BalancED ⏭
We are sure this idea will impact a lot of students like us We are going to work on the AI that powers and supports the user We are planning to expand our team to 4 and bring one more person to work on the AI We are going to revisit the code we wrote and make it error-free and well tested since we will be dealing with sensitive user data we can not ket anything for a chance