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AI-Powered Personal Finance Management System for Retail Banking

websensa.com

Financial services

Retail

Customer Financial Management Challenges

Nova Bank's customers struggle with managing their finances effectively due to a lack of intuitive tools for transaction categorization, budgeting, and financial planning. Existing online banking platforms lack personalized insights and automated financial management features, leading to customer dissatisfaction and limited bank engagement.

About the Client

A large retail bank aiming to enhance customer engagement and provide superior financial management tools through AI-driven solutions.

Project Goals

Enhance customer engagement through a user-friendly Personal Finance Manager (PFM).
Improve customer financial literacy and empower them to make informed financial decisions.
Increase customer retention by providing valuable financial management tools.
Generate actionable insights into customer spending patterns for targeted marketing and product development.
Elevate Nova Bank's online banking platform to a market-leading position.

System Functionality

Automated transaction categorization with high accuracy (target 95%).
Customizable budgeting tools with spending tracking and alerts.
Generation of personalized financial reports and insights.
Notification system based on spending patterns and financial goals.
Financial goal setting and progress tracking.
Secure access to financial data with robust privacy controls.

Technology Stack

AI algorithms for transaction classification

Data analysis tools (e.g., Python, R)

Cloud-based infrastructure (e.g., AWS, Azure, GCP)

Integration with existing bank software (core banking system)

Secure API for data exchange

External System Integrations

Core banking system
Customer database
Payment gateway
Fraud detection system

Non-Functional Requirements

High performance and scalability to handle a large volume of transactions.
Robust security measures to protect customer financial data.
High availability and reliability.
User-friendly interface with intuitive navigation.
Data privacy compliance (e.g., GDPR).

Expected Business Impact

The implementation of the AI-powered PFM system is expected to result in increased customer engagement, improved customer satisfaction, higher customer retention rates, and valuable data-driven insights for product development and marketing campaigns. This will ultimately lead to increased revenue and a stronger competitive position for Nova Bank.