Inspiration
Our inspiration for Change stemmed from a desire to simplify financial allocation for everyone, regardless of their financial literacy. We wanted to reimagine banking and make it more accessible, as the number of financial accounts/apps available can be daunting and often confusing.
What it does
Change is a user-friendly application that takes user inputs like age, salary, and deposit to provide tailored financial allocation advice. It utilizes algorithms to help users grow their money effectively. Additionally, Change offers a personal AI-powered chatbot for users to get answers to their allocation strategy questions.
How we built it
We built Change using Python, PyQt5, NumPy, pandas, matplotlib, and integrated the ChatGPT API. Our risk algorithm considers age and risk preferences to create investment plans. The risk algorithm starts with a focus on higher-risk, long-term investments for young individuals, primarily involving tech stocks with a calculated average return from the past year. As people age, it transitions to a lower-risk, short-term strategy with a preference for shorter-term bonds. This transition is achieved through a smooth curve by creating investment plans for key ages (18, 42, and 65) and interpolating between them to determine investment weights. Additionally, the system simulates month-to-month banking by modeling stochastic monthly expenses and salary deposits into the allocation algorithm.
Challenges we ran into
One of the main challenges was designing a risk algorithm that accurately catered to users of different ages and risk profiles. We had to find and calculate data to educate ourselves on some assumptions we were forced to make when creating the model. We also sought to use react for the frontend, but ran into many issues, forcing us to use a Python GUI to get the project done on time.
Accomplishments that we're proud of
We're proud of creating a user-friendly platform that empowers users to make informed financial decisions. We are happy that our app offers financial help/adivce to any age, supporting those who may not have as much financial literacy as others.
What we learned
We learned how to apply a series of mathematical knowledge to a tangible program. We also learned how to integrate backend functions with a GUI.
What's next for Change
We would like to overhaul the frontend, making it more aesthetic and professional.
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