Abstract:
"This project explores and emphasizes on personal finance management (PFM) within
the context of Sri Lanka, where individuals face significant challenges in managing
their personal finances, especially in economic instability and inflationary pressures,
as currently faced within Sri Lanka. This study included a combination of methods
that included surveys of possible users, interviews with domain and technical experts,
a review of existing literature, and an examination of PFM and other FinTech systems
that were already in place. This provided insightful information, considerations and
potential challenges involved in designing, development and overall structural
implications of conceptualizing a PFM in the Sri Lankan landscape.
Key findings from the study shed light on the requirements and expectations of a PFM
solution, especially focusing limitations of already available solutions, technical
challenges involved, service availability, etc., where a gap was identified particularly
in accessing comprehensive financial data and receiving personalized
recommendations, beyond a general PFM application.
To address these challenges, the proposed solution, named FinGoal, offers a
comprehensive platform that combines eWallet functionalities with PFM features such
as budgeting, transaction tracking, and financial advisory services. FinGoal aims to
empower users with real-time insights into their financial activities, personalized
budget recommendations, and the ability to forecast budget trends based on historical
transactional data.
The proposed solution, FinGoal, provides a comprehensive platform that brings
together PFM features like budgeting, expenditure tracking, and financial
recommending services with eWallet functionalities to address these shortcomings.
FinGoal aims to empower potential users with sufficient insights into their financial
activities while also taking a step forward by including personalized budget
recommendations and forecasting based on historical transactional data."
