The problem FinTransXT – Your Personal Money Management app solves
Consumers holding multiple bank accounts or cards do not have a single view of their money. FinTransXT consolidates all this money into a single application with insights and trends.
Most current PFM apps use the SMSs in the phone to provide insights to consumers, however consumers might delete the SMSs received therefore not getting the complete picture of their financial view. With AA, as the information for the last 6 months is provided by the banks, the consumer immediately after linking his accounts and gets a view across his bank accounts seamlessly.
One of the biggest issues with Personal financial applications is that while they do provide insights and recommendations to consumers about thier financial life, but to take action on these recommendations, someone needs to go to a separate application (e.g. Mobile Banking app) to complete the transaction basis the recommendation. The app combines the PFM functionality with the functionality of making payments through UPI/BBPS from the bank accounts that the consumer is already those payments from.
This makes the application sticky and provides transactional capabilities on a PFM app.
Challenges we ran into
As this was the first time, AA APIs needed to be integrated to the bank end system to create the application. Understanding these APIs were challenging but we were able to understand the same and build a strong platform to consume these APIs.
Creating the app which would be seamless for the consumer, from scratch was difficult in a short period of time.
Creating the sample data having enough coverage across income, expenses and categories to be able to be used for building the AI model to show visualisations on the app as well as recommendations to specific scenarios.