Inspiration
To help myself buy an Xbox, and also help more people be able to buy items they are dreaming of by saving money.
What it does
Based on how much you want to save over a period of time, our app will tell you where you can save money so that you can buy what you want to buy in the future.
First, the user will put in an amount they want to save over a specific period, eg $200 over a 6 weeks period. Second, we import bank transaction records from a bank app API to our app to create a spending profile history of how much the user spends on specific things and we visualize the spending through a pie chart. Then we analyze the data and calculate how much you can save on each spending category to reach the target amount the user wants to save. There will be an alert system that notifies users when they are getting close to spending limits. It will also periodically send out notifications if the user is on track to achieve the goal.
When the user registers, the user will be given an option to also put in their height, weight, and age so that the app can be more precise when recommending how much the user can save on food while keeping in mind their daily caloric requirements.
A selling point for banks would be that banks could then advertise investment ideas to users since they would have more disposable income available. Also, the fact that users are saving more money/spending less, means that the banks would have access to more money for loans and investment purposes.
How we built it
Using proto.io(which mirrors the app being used on an iPhone) to do user interface design, and using Swift programming language and Xcode application development platform to create the function behind UI.
Challenges we ran into
How to receive bank statement data from the specific online banking apps' API?
Accomplishments that we're proud of
Our idea is pinpointing the Capitol One challenge of using finances and money management as the main idea of our application.
What we learned
Teamwork was very important when figuring whether this app would be practical for all different types of online bankers who are struggling with proper saving techniques.
What's next for Money makes money
To collaborate with more mainstream banks and credit unions in order to gain more users and justify whether our app is marketable enough to expand with far more sponsors and investing companies.
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