Two topics affect everyone, whether they are interested or not: health and money. Money is everywhere now. It is a symbol that stands for a thing offered or desired. Money was invented because of the arbitrary barter system. It poses a store value that was not present in the artefacts used in the barter system. And to store money safely, banks were invented. Banking, since its inception, has undergone a revolutionary change from being a simple brick-and-mortar branch for safe deposits of traders’ money to providing various products and services to its users on smartphones, which is getting complex. Now, with the disruption of businesses led by technology, banks are competing with big technology players and new challenger banks, offering a better experience and utility to the current dominant demographics—the digital natives—and challenging the banks’ monopolies. Banks need to redefine their role in the lives of digital natives and provide a simple, contextual experience and not just products and services to survive and thrive along with their non-traditional competitors.
This project attempts to bridge the gap between banks and their users by enabling and empowering users to experience and avail core utilities of banking around personal finance and aid users in improving their financial wellness.
Nest Egg is a platform to help digital natives improve their financial wellness with financial know-how, awareness of their financial situation, and encouraging responsible financial behaviours. The platform aims to help users manage their financial lives and motivates them to build good financial habits with activities, tasks, and challenges. The platform will aid the user in setting up a realistic budget and stick to it with suggestions and nudges from Birdie(virtual assistant). It will help users to track expenses, curb unnecessary spending, and aids them in saving for their Goals.
Conversational banking, Financial behaviour, Financial Wellness, Personal finance, Virtual assistant