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Automate Me!

Maybe technology can help.

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Who does this idea benefit, who are the main players and what's in it for them?

This idea would help the common American who might not have the time, motivation or resources for Financial Literacy.

How is your idea specifically using the power of communities to improve financial opportunities and resources?

This could be a great resource offered by Credit Unions.

What early, lightweight experiment can you try out in your own community to find out if the idea will meet your expectations?

There are already some apps out there that are moving this direction. We could get feedback as to their experience and what they would want.

What skills, input or guidance might you be seeking from the OpenIDEO community to help you build out or refine your idea further?

What could an application like this offer it's users?

This idea emerged from:

  • An individual

As I thought about my own Financial Literacy and Empowerment in the Research phase of this project, one of the realizations I had was that I would really like to not have to think about the amount of financial education I need or the work I need to do. 

There are some tools out there like direct deposit and automatic bill pay and apps like Mint.com and Check. Turbotax has made doing taxes for a lot of folks. But they don't seem to be as comprehensive as I would like.

I would love it if my credit unions Savings account could receive my money through direct deposit (it does already) and then look at my profile and automatically not only pay my bills, but determine how much money should go to savings, to investments and to retirement and then give me an allowance to play with.

Of course for those who are savvy, they could tweak and adjust their plan however they want. But for those others like me, it is on cruise control. 

I don't know, maybe it is already out there.

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Financial literacy isn't just understanding how economics works but understanding how to interface with an economic network. It used to be one set of obstacles but now it is two and understanding how to use technology, despite all of its convenience, is probably more complicated than understanding investing and other money making or security strategies. If there were more easy to understand technological avenues for being financially stable and responsible it would take some of the technological mystery ofut of finances in the digital age. ~Paul Stark.

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