An app for financial literacy

A team of Indian students won second place in the Yale Hack 2022. Here they talk about their entry which aims to help people manage their money without real loss

A team of Indian students won second place in the Yale Hack 2022. Here they talk about their entry which aims to help people manage their money without real loss

Have you ever wondered where your salary or pocket money disappears at the end of a month? Where did you spend it? When did you spend it? Why did you spend it? How to save, buy the things you really need at the right time, without repeating the same mistake?

Studies have shown that three out of four people in India are financially illiterate and 72% of Indians do not know how much to put aside or invest. These facts have highlighted the need to educate people about the various financial instruments available, how they behave and can be used to one’s advantage. Therefore, we chose the Fintech track at YaleHack 2022. The goal was to find new ways to further develop fintech for ease of use and efficiency.

The FinSchool app aims to teach users how to manage their money.

The FinSchool app aims to teach users how to manage their money. | Photo credit: special arrangement

The team included the two of us (B.Tech students from Plaksha University) and Rohitashwa Pareek from NIT Durgapur. Once the hackathon started, we started by researching the different financial instruments available and created comprehensive and brief learning modules for each. Next, we created the application’s backend architecture and flows. This architecture was therefore used to design high-fidelity user interface mockups using Figma to represent design flows and visualize application screens. Mockups were brought to a working live prototype using React and Firebase. Our biggest challenge was time, as the project was extremely heavy. Finally, we had FinSchool, an app that simplifies financial jargon and gives you a way to manage your money without real losses so you can make wiser decisions in life.

This financial literacy teaches you how to manage and create wealth in a fun way. The user starts with a fixed monthly amount. At the end of each module, a series of questions leads to thinking about how to deal with different situations. Completing the modules also brings a bonus, which can be used in the stock market simulator, as well as the monthly income. The simulator also changes company stock prices based on various situations, helping users relate to real-world scenarios. The questions also capture data on attitude towards finance: do you tend to save or spend? As courses are completed, the user earns money and accumulates wealth.

Although there have been advancements and technical advancements in day-to-day financial transactions, these are still limited to a very small demographic. The next generation of fintech is when everyone, regardless of age, socioeconomic background, or gender, has technology at their fingertips and is able to access its potential. We hope to make this app available by Q3 2022.

While we’re thrilled with our win, for us it’s more about validating our ideas on a global platform.

The writers are students of Plaksha University and members of the Quantum Gurus team.

About Stuart M. McFarland

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