TrustSphere

TrustSphere

TrustSphere is a digital financialcompanion for India’s elderly, using AI to simplify finances, protect from fraud, and support tasks like deposits and benefits—all in one secure, senior-friendly app

Created on 4th November 2024

TrustSphere

TrustSphere

TrustSphere is a digital financialcompanion for India’s elderly, using AI to simplify finances, protect from fraud, and support tasks like deposits and benefits—all in one secure, senior-friendly app

The problem TrustSphere solves

TrustSphere addresses a major challenge faced by India’s elderly: managing finances in a digital world that’s often not senior-friendly. As India’s senior population grows, many find it difficult to use financial tools not designed for their needs. Low financial literacy, unfamiliarity with digital interfaces, and a high risk of fraud make seniors vulnerable and dependent on others for help with financial tasks. TrustSphere’s mission is to empower seniors with a secure, easy-to-use platform tailored to their specific needs.

Current Solution: Phase 1 - Functional Prototype
In our initial phase, TrustSphere focuses on Account Aggregation, Fraud Detection and Alerts, and Access to Government Scheme Information. These core features allow seniors to gain insights into their finances, monitor account activity, and stay informed about government benefits. Generative AI with voice-based services makes these tools accessible, providing information in a natural and conversational way.

Account Aggregation with Financial Insights

Unified Financial Overview: TrustSphere aggregates seniors’ financial details—such as bank accounts—into a single, secure view, simplifying tracking and reducing the complexity of managing multiple accounts.
Pension Tracking: TrustSphere monitors transactions to confirm timely pension deposits, helping seniors stay financially secure.

Generative AI for Voice-Activated Financial Insights
Conversational Support: With our AI, seniors can ask questions in their language, making complex financial information more accessible and empowering.

Future Solution: Phase 2 - Expanded Capabilities
In Phase 2, TrustSphere will expand to support bill payments, reminders for financial tasks, and deeper financial insights. These additions will give seniors greater control over their finances, enabling them to independently manage payments, track renewals, and gain tailored advice, enhancing both security and independence.

Challenges we ran into

While developing TrustSphere’s prototype, we faced several technical and operational challenges, leading us to pivot from WhatsApp as our main channel to a more manageable web app interface.

Account Aggregation and Channel Selection: We initially planned to use WhatsApp, but complexities in secure data transmission and aggregation led us to shift to a web app. This adjustment provided better data management and security for seniors.

Voice Interaction and API Limitations: To make the app accessible, we aimed to use voice interactions. While Sarvam APIs supported Indic languages, they didn’t support English, so we added Azure AI for English, managing two APIs to ensure multilingual support.

Voice Flow Control: Managing the start and end of voice interactions was challenging. Chrome’s default mic settings proved ineffective, so we built click controls, allowing users to manage the microphone easily.

Query Accuracy and NLP Platforms: In testing, RASA Pro with FAISS performed best for data retrieval but struggled with complex queries. This limitation led us to explore Agentic AI however we couldn't complete it and have scheduled it for Phase 2 to enable better planning and reasoning.

TruFIU Integration: TruFIU simplified consent management but required adjustments with added delays for smoother data retrieval. For Phase 2, we’re exploring non-GUI methods to support platforms like WhatsApp.

Building TrustSphere has taught us valuable lessons in flexibility and user-centered design. Our Phase 1 solution delivers essential features like account aggregation and fraud detection, with payments and advanced insights planned for Phase 2. We continue to refine our approach, creating a resilient solution aligned with our vision for safer, simpler financial management for India’s elderly.

Tracks Applied (2)

Democratizing Insurance and Investment Advisory for Indians

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Empowering Customers to Leverage their Digital Footprints

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