MoneyWize

MoneyWize is a personal finance management Rich Internet Application that helps users to take control of their financial life by allowing them to know exactly where they're spending their money

Type

Personal Finance Management Platform

Industry

Finance

Systems integration

Integration with online banking systems using Web-Services

Partnerships

Web-Responsive

Current state

Paused at 70% / Awaiting investment

Estimated development time

5 months

Technologies

Overview

MoneyWize is a user-friendly but very powerful personal finance management application that helps users take control of their financial life, by allowing them to categorize their income and expenses. Moneywize is prepared to run inside bank's infra-structure and to connect to online bank systems for synchronizing transactions with the user accounts. Transactions collected by MoneyWize are then categorized by the user, where he specifies the entity, the category, sub-category or even multiple categories per transaction. The platform learns with user patterns, so after some time it can suggest categories and entities automatically, reducing user's work. Users can then analyse the reports and interactive charts generated by MoneyWize, letting them know exactly where they're spending their money. Moneywize also features budgeting, sub-categorization, splitting transactions in multiple categories, multiple accounts and payments calendar, among other.

Smart auto-categorization

MoneyWize learns with user patterns, so it can suggest automatically entities and categories for each transaction. Auto-categorized transactions are marked as temporary so users can approve them with one click, or correct the categorization themselves. The algorithms behind auto-categorization have a very high accuracy rate since they learn not only with the user patterns, but also with the patterns of all other users using the platform without breaking privacy.

Budget

MoneyWize helps users controlling their expenses by allowing them to specify limits for the expenses in each category. For example, a user can set a limit of 60€/month in tobbaco, and when the expenses on this category are close to reach this level, MoneyWize will warn the user. In banks supporting realtime synchronization between the online banking system and MoneyWize, warnings can be sent as SMS in realtime so a user can receive the warning a couple of seconds after making the payment.

Sub-categories and category-split

Sub-categories allow users to be more specific when categorizing their transactions so generated reports can be even more precise. In another words, a transaction can be categorized has "Transportation" (main category) and sub-categorized as "Train" (sub-category). Moneywize also features category-splitting, which allows users to specify several categories in the same transaction. For example, one 50€ transaction can be splitted as 15€ in food, 25€ in clothing and 10€ in personal higiene.

Dashboard - all your finances in one screen

The dashboard shows in one screen the summarized picture of the user financial situation. In a couple of seconds users are able to know how much they're spending by category on the current month, to know if they're being able to fulfill the budgets they defined, to analyse their cashflow on the previous months and check the calendar of upcoming bills.

Advanced reports with interactive charting

Reports are the most important feature in MoneyWize, so they were built to be very flexible but simple to use. All reports allow users to set their own time range showing simultaneously the data in a table and the resulting charts. Charts are interactive, and connected to the table so a user can click in a cell on the report to, for example, highlight the right sector in a pie chart. Charts can be switched from pie to bar with one click, and users can also specify their own colors for each item in the chart.

Runs inside banks

Together with Web-Responsive - a company expert in online banking and J2EE -, we've designed the platform to be installed inside the bank infra-structure:

  • The application is prepared to be deployed on a server following bank's security policies;
  • Authentication, which is normally a very expensive and complicated system, is simplified by reusing the session created by the existing online banking application;
  • The connection between Moneywize and the online banking is done through a web-service with a simplified API;
  • Moneywize supports multiple skins, so the look&feel are completely costumizable to fit the bank's branding and needs;

Accessible from everywhere

MoneyWize is built on top of the latest RIA technology making it acessible from all browsers and operative systems. It has the ubiquity of a normal web application, but the speed, responsiveness and user experience from a desktop application. The interface of MoneyWize was designed for desktop computers but it can be easily adapted to run in Android and iPhone mobile phones or even digital tablets.

Multiple skins

We've been dealing with several banks, each one requesting to have their own branding in MoneyWize. The platform was built to support different skins so banks can have a costumized version of MoneyWize with their own look&feel and branding. Almost items on the layout can be costumized to the bank needs.







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