Education

An app for financial literacy

Team Quantum Gurus (Clockwise from left) Saumya Choudhary, Rohitashwa Parikh, Shreevardhan Shah 

Team Quantum Gurus (Clockwise from left) Saumya Choudhary, Rohitashwa Parikh, Shreevardhan Shah  | Photo Credit: Special Arrangement

Have you ever wondered where your salary or pocket money vanishes by the end of a month? Where did you spend it? When did you spend it? Why did you spend it? How to save, buy things you actually 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 that 72% of Indians are unaware of how much to put aside or invest. Such facts highlighted the need to educate people about different financial instruments available, how they behave, and can be used to one’s advantage. Hence, we chose the Fintech track at the YaleHack 2022. The aim was to find novel ways in which financial technology can be further developed for ease of use and efficiency.

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

The FinSchool app aims to teach users about how to manage money. | Photo Credit: Special Arrangement

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

This financial literacy teaches you to manage and create wealth in a gamified manner. The user starts with a set amount monthly. When each module is completed, a set of questions makes one think about how to deal with different situations. Completion of modules also brings in a bonus, which can be used in the stock exchange simulator, along with the monthly income. The simulator also changes the companies’ stock prices depending on various situations, helping users relate to real-world scenarios. The questions also capture data about attitude to finance: do you tend to save or spend? As one completes courses, the user earns money and builds wealth.

While there has been progress and technical advances in daily financial dealings, these are still limited to a very small demographic. The next generation of fintech is when everyone of any age, socio-economic background or gender has the technology at their fingertips and is able to access its potential. We hope to make this application available by Q3 2022.

While we are delighted with our win, for us, it is more about validating our ideas on a worldwide platform.

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


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Printable version | Jul 26, 2022 12:56:30 pm | https://www.thehindu.com/education/an-app-for-financial-literacy/article65661086.ece