All banking mobile apps have their spending insights where a user is able to determine their previous month's expenses and determine whether they need to budget. However, I've not yet seen a way to compare my expenses to users in the demographic profile of my choosing. As a user, I want to see if I'm spending more/less than others in the same income bracket or someone with the same age to determine whether I need to save more. With this sense of competition, I will ensure that I'm able to cut back on spending if needed.
What it does
The app acts as a "middle man" between the banking mobile app and the user and showcases the data (provided by the bank institution themselves) that the user might need. For example, if the user wants to compare their rent expenses with people in their income bracket, they can select these factors on the app and the screen will display the difference between them and the average expenditure of the others.
How I built it
I didn't fully code the backend but I used HTML and CSS to configure the app profile for demonstration.
Challenges I ran into
I ran into many difficulties coding the backend using APIs with C++ so I decided to hammer it out using HTML and CSS and develop the idea instead.
Accomplishments that I'm proud of
I'm proud of the idea that I've come up with. I think its a low-cost and extremely feasible way for users to get an insight into how they're spending and potentially save as well. This idea could also help any newcomers to a certain city as it might help them figure out what is the right amount to spend in each category.
What I learned
I learned to code in CSS and develop a front end! I also learned about customer information security and their risks which I hope to mitigate.
What's next for Banking Insider
Since connecting private banking information to a whole new app is very risky, this might be a cool feature to add into a pre-existing TD or CIBC, etc. mobile banking app. This way all the information is with the bank itself and my app/feature would just display the private information of other users that the bank already has in a way that is secure and anonymous.