One of our group members had an issue with impulsive spending. He saw that, of his $150+ daily spend, ~$50 of which was composed of unnecessary, spur of the moment transactions. The issue was, he wasn't aware of the impact these purchases made until whenever it was he decided to check his financial app. What if we can move that moment of awareness up to JUST BEFORE that impulsive point of sale decision is made? What if, before you pulled out your card to purchase that 2nd/3rd cup of coffee, you could visually see how this purchase fits within your daily, weekly, and monthly budget? Effectively reducing chances of overspending significantly, with our in-wallet alert acting as a last line of defense against impulsive user behavior.
What it does
The smart wallet is an IoT device that pairs with an app on a phone to display a users account balance and budget overview on an embedded screen. The user can also designate different budget subset groups such as, coffee, uber, and groceries allowing them to see how much of their budget has been used and how further purchases will impact their financial projections. The goal, curbing impulsive spending behavior & preventing overdrafts, resulting in increased customer satisfaction.
How I built it
Our team used the Capital One API to retrieve a customers banking data via HTTP. We were able to convert the API to use push notifications by building an intermediate query sever in flask. Purchase notifications are pushed to an android phone were the most recent balance in downloaded from the Capital One API. The LCD display on the wallet is then updated using Bluetooth Low Energy to display the most current balance, all under a second from the purchase.
What I learned
After running a preliminary user test group of 20 people we received a score of 85% of people who would definitely buy this product at a $125 price point and 95% of people said they'd but this at a $99 price point.