FinGoal - A comprehensive all-in-one financial application with Personal Finance Management capabilities

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."