The vision of this prototype is to disrupt the banking industry by shifting the emphasis from the traditional client-bank relationship to the relationship between the client and his/her own money. Our ethos is that technology in the modern world should be the mechanism by which the playing field of society is leveled for everyone. Leveraging the power of big data, we are are giving access to every individual user an on-call personal financial analyst, categorizing user spending and calculating the user's financial trajectory both in the short and long term.
What makes FinZen different to its competitors is the granularity of the analysis it provides. The user-experience is much more personalized--every transaction receipt can be taken into account and careless spending can be directly analysed to show adverse effects on long-term trajectories, making the user more aware of the impacts of his/her financial decisions like never before. FinZen has an additional feature to generate a financial plan that leads the user onto a trajectory towards their specified long-term financial goals. This planner is dynamic and adjusts to any deviations on the user's part.
How we built it
We built FinZen with a combination of a ReactJs front-end, Tesseract for the Optical Character Recognition(OCR) part needed for reading receipts, and a Python server with combined the front-end and the OCR so that they could communicate with each other and process the data to give financial instructions to the client
Challenges we ran into
Extracting text reliably from an image using the Optical Character Recognition, getting the python server to communicate with the front-end and the Optical Character Recognition back-end and also trying to make a database with Firebase.
Accomplishments that we're proud of
We were proud of how the Optical Character Recognition part of the project came out as it was new for us and was not an easy task but was extremely rewarding to complete.
What we learned
How to use Tesseract for optical character recognition, learnt how to apply React to make a website, and we learned more about JSON and the web.
What's next for FinZen
Future goals include implementing stock prediction algorithms and financial indicators on companies to offer investment advice. Also, to incorporate stochasticity into our financial models(these will include fluctuating inflation rates and also risk factors).