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Managing money with Artificial Intelligence

Wallet.AI is a way to manage money, which can help the elderly with their financial services.

Photo of Seemran Momin

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Elderly have a hard time managing their finances.  Statistic shows that about 5-10% of the elderly need assistance with managing their money because of mental impairments and a loss of someone who manages their finances. Wallet.AI is a way to help elderly make wise decisions when it comes to money. Wallet.AI is an app that helps people make smarter purchasing decisions, control finances, and make cost savings when you are spending your money. 


Wallet. AI is a financial smart wallet that monitors consumer's habits and alerts users on how to restrain their needs, alter their spendings, and improve their saving behaviors. It analyzes user's financial data and creates a profile. From this profile, Wallet.AI serves as a financial advisor. There are a lot of planning and financial management softwares out there, but Wallet.AI is different because it does not only focus on figuring out what is going on with taxes, but serves as a monitor that advices on decision-making and tells when a person has wasted a lot of their money. It is basically a financial advisor in your pocket. 


Wallet.AI can help the elderly make wise decisions when it comes to spending, saving, and financial planning. This artificial intelligence will serve a role as a financial coach, telling them which decision is more beneficial.    

https://www.wired.com/insights/2014/02/artificial-intelligence-way-forward-personal-finance/

http://dataconomy.com/3-reasons-why-banks-cant-afford-to-ignore-ai/

Wallet.Ai website: http://wallet.ai/

What is a provocation or insight that might inspire others during this challenge?

Wallet.AI is a great way to help the elderly be on track of their finances. They do not have to worry about making decision on whether if it is financially acceptable or not. Wallet.AI provides advices which is driven by a system of conceptual awareness on a user's wants and needs.

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I am an undergraduate student at University of Texas at Austin, majoring in Management Information Systems.

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  • I'm not currently involved in a credit union, but am curious to learn more!

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Photo of Rabbia

Great research! I learned a lot about wallet.ai through this post. This could turn into a great idea for the next phase. Good job!

Photo of Seemran Momin

Thank you, Rabbia! I do believe Wallet.Ai is a great app for all ages and can help elderly immensely when making financial decisions. 

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