AI in Personal Financial Management
AI in Personal Financial Management:
The bank is looking for startups with personal financial management capabilities such as budget tools, spending analysis charts, and savings goals functionality, integrated into digital banking experiences.
NBF wants to build a financial wellness service that can actually attract and engage today’s evolving consumers. Some features:
* Create an algorithm that calculates how much money customers are left with at the end of the month based on their spending trend.
* Create a system that can help customers in saving based on their percentage choice by rounding the amount they spent. Example: A restaurant bill is AED 126, but the amount deducted will be AED 130; and AED 4 will automatically be transferred to savings account.
* Allow customers to take a photo from their mobile devices of their cheque to deposit in their account instead of going to an ATM or branches.
* Take picture of receipts received on spends made on NBF cards, automatically categorize based on spends and also save records of such receipts for future reference.
* Perform a payment to another party by just entering their email or mobile number.
* Send notifications on deals and promotions to customers based on their location. Customers can switch their location on the app and can get discount or deals from the app based on their location. It should also enable them to link to easy payment plan immediately after purchase and also illustrate monthly instalment amount to the customer before purchase to make an informed decision.
* Integrate digital personal assistants and chatbots that can assist people in performing daily tasks and giving them a personalized virtual financial experience.