FinSmart

According to the World Bank, around 1.7 billion adults worldwide lack access to basic financial services. The financial literacy rate of adults in India is 27%, which is lower when compared to countries like the United Kingdom (67 %), Singapore (59%), and the US (57%). Despite having the world's 10th largest and Asia's oldest stock exchange, low per capita income, educational inequality, and informal borrowing and lending practices are present in India. 

FinSmart is a financial technology company that aims to address financial inclusion and promote economic growth by providing affordable, convenient, and safe financial services to individuals and MSMEs. Our suite of solutions includes a mobile banking app, digital payments platform, credit scoring system, and financial literacy training.

FinSmart will provide interesting, engaging content that promotes digital financial education under the following knowledge areas:

1. Knowledge of digital financial products

2. Comparison of competing digital financial products and ability to understand the pros and cons of each

3. Awareness of digital financial risks such as online fraud, cyber security risks, etc.

4. Awareness of how to protect oneself from financial risks

5. Knowledge of consumer rights and redressal procedures

Our target population includes individuals and MSMEs who have been underserved by traditional financial institutions due to factors such as lack of credit history, formal identification, or access to affordable financial products. They are unable to access and make use of basic financial services due to a lack of financial literacy. The solution will address their financial need by providing valuable knowledge, and so reducing barriers to financial services.

Our team consists of a web developer and a content creator. With our combination of skills, we can scale FinSmart with a holistic viewpoint from different disciplines. 

FinSmart is making use of its sister service, The SDG Awareness Project (SDGAP), to generate traction among the latter's users. SDGAP brings important civic knowledge to students for free. FinSmart is being tested in tandem with SDGAP.

The solution is being tested on 100 students currently.

We're excited to collaborate with a global network of social impact leaders. We're interested in access to partnerships, collaborations, and knowledge-sharing opportunities with like-minded organizations across different regions. Partnerships could help overcome cultural barriers like varied cultural attitudes and beliefs about money, financial literacy, and online education, and expand our reach to diverse populations. We're looking forward to technical support that could help solve challenges in developing a user-friendly platform that accommodates various devices and connectivity limitations.We'd like to leverage MIT Solve's platform and marketing efforts to reach a wider audience, attract users, and gain visibility within the financial education ecosystem.

Many financial literacy apps do not offer content in regional languages, which is a significant barrier to accessibility. FinSmart addresses this. It changes the market by catering to a wider section of the common population than our competitors.

In the next five years, we hope to:

Increase the financial literacy of our users by 100%, assessed using pre- and post-program surveys.

Foster behavior change by measuring behavior change indicators such as increased savings, reduced debt, and improved credit scores.

Bridge the gender gap in financial literacy by providing specialized content and resources that cater to the unique financial challenges faced by women.

Measure knowledge retention and application by conducting periodic assessments to evaluate users' understanding and application of financial concepts, measuring the platform's impact on increasing knowledge and practical skills.

The following metrics will be measured:

• Session length and depth

• Daily and monthly active users

• Churn rate

• Retention rate

• Daily sessions per daily active user

• Stickiness

• Cost per acquisition

• User growth rate

• Installs

• Uninstalls

• Crashes

• Session Intervals

• Brand awareness

• Load time

• Cohort analysis

• Ratings and reviews

1. Inputs:

• Financial education experts and content developers.

• Technology infrastructure and platform development resources.

• Partnerships with financial institutions, experts, and relevant organizations.

• Funding and financial support.

Activities:

• Develop a user-friendly platform with comprehensive financial education content.

• Collaborate with experts to create engaging and interactive educational materials.

• Ensure accessibility through mobile-friendly design and multi-language options.

• Offer tools, calculators, and practical resources to support financial decision-making.

• Implement user feedback mechanisms to continually improve the platform.

Outputs:

• Accessible and engaging financial literacy content and resources.

• User-friendly tools and calculators for practical financial management.

• Active user engagement and participation.

Outcomes:

• Increased financial knowledge and understanding among platform users.

• Adoption of responsible financial behaviors, such as budgeting, saving, and debt management.

• Improved financial well-being, demonstrated by increased savings rates, reduced debt levels, and improved credit scores.

• Enhanced confidence in making informed financial decisions.

• Increased engagement in investment practices and entrepreneurship.

• Narrowing of the financial inclusion gap, particularly for underserved populations.

Impact:

• Empowered individuals with enhanced financial literacy and skills.

• Positive social and economic outcomes, including reduced poverty, increased economic stability, and improved quality of life for individuals and communities.

Our app uses Flask in its back end. We also use data analytics software like Google analytics to track KPIs.

We commit to leaving no one behind, which is what the SDGs prioritize as well. We place no economic barriers to our platform, ensure people of different cultural backgrounds can make use of the technology, and strive to bring underserved communities the knowledge they need to make educated financial decisions.