LIAM
Simplifying Family Finance
The problem LIAM solves
LIAM is a powerful, family-centric platform designed to simplify and streamline the way families manage their finances. Built on the secure Account Aggregator (AA) ecosystem, LIAM consolidates all your family’s financial accounts—bank accounts, investments, loans, and insurance—into one unified dashboard, giving you a real-time view of your financial health, assets, and liabilities in one place.
With LIAM, families can:
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Track Family Net Worth: Get an instant, comprehensive snapshot of your family’s financial standing, with all assets and liabilities displayed in a single, intuitive dashboard. No more fragmented data scattered across multiple accounts.
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Daily Savings in Digital Gold: Using Gullak, families can contribute to daily savings in digital gold, with automatic deductions from their bank accounts. It’s a simple way to grow wealth collectively over time, ensuring financial security for the entire family.
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Collaborative Budgeting & Expense Tracking: LIAM allows family members to set monthly budgets, track expenses in real-time, and get alerts when spending nears budget limits. It’s a collaborative tool that empowers families to spend smart and stay financially disciplined.
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Create a Digital Will for Seamless Wealth Transfer: The Legacy feature simplifies digital will creation and nominee management, helping families assign heirs to assets such as bank accounts, investments, and property. This ensures a seamless intergenerational transfer of wealth, giving families peace of mind.
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Ensure Data Privacy and Control: Powered by the Account Aggregator framework, LIAM provides secure, consent-based access to your financial data, ensuring your information is always protected and you remain in control.
LiAM makes managing family wealth, expenses, and long-term planning not only easier but safer. It empowers families to take control of their finances, ensuring clarity, collaboration, and security in every aspect of financial management.
Challenges we ran into
Building LiAM involved addressing multiple technical, legal, and operational challenges to create a seamless family-centric financial management platform. Here are the key challenges we encountered:
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Integration with SahamatiNet required troubleshooting multiple technical issues
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LIAM is designed for families, requiring multiple users to be onboarded under a single account. However, the current setup requires the primary user to repeat the consent flow for each member individually, impacting user experience. We would like to explore a hybrid consent flow with our AA partner to streamline this process by allowing consents for multiple members simultaneously, which would greatly simplify onboarding for families
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The digital will creation feature (Legacy) is based on the assumption that digital wills have legal validity in India, but this area remains legally ambiguous. Despite initial consultations with legal professionals, achieving full clarity will require further input from estate lawyers
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The sample data in the AA sandbox lacked nominee information, which limited our ability to test the nominee management feature fully. We had to proceed with the assumption that such data will be available in the live AA environment
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LiAM aims to provide actionable financial insights, but due to limited time and data, we could only develop basic rule-based insights for this version. Our vision includes building a smarter insights engine capable of delivering predictive and personalised financial advice
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LiAM’s Gullak feature enables families to make automated daily savings in digital gold, but integrating with the UPI Autopay system within the hackathon timeframe posed challenges. As a result, we had to use a mocked version of this feature for demo. Full integration with UPI Autopay will ensure seamless, automated savings in future updates
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