Wealthify

Wealthify

Wealthify

A free platform that integrates AI to offer personalized investing and financial suggestions, helps track spendings and teaches financial concepts

Mumbai, Maharashtra, India

India

Not registered as any organization

Financial illiteracy, an issue present around the world, but especially prevalent in India. The extent and damage caused by this is often understated. According to an article by Mint, only about 3% of the Indian population invests in the stock market, compared to 55% of the US. This number highlights the extent of this issue. Most people do not know the importance of investing their money and are not taught why it is important in school. Many consider it no better than gambling and unsure where to start. Additionally, I want to work towards the UN SDG (Social development Goals) target 1.4 which is by 2030 to ensure that all, particularly the poor and the vulnerable, have equal rights to economic resources including appropriate new technology and financial services including microfinance. I believe that financial knowledge should be available to everyone and it is a necessity especially in today's world where one can fall into the trap of debt so easily. I want to create a tailored solution for this problem specifically (play my part in advocating for change). I believe finance and technology should not be limited to the wealthy, everyone should have access.

I created an AI-integrated platform called Wealthify. First users create an account and then using our profile builder feature users can enter basic details that allows our AI to give personalized suggestions. Next is the expenses section where one can set a budget and track expenses. On the dashboard, this will generate graphs and help users track how much they spend. Also, It has a daily tips feature which provides 3 daily financial tips each day. Next, there is the financial AI chatbot, where the user can ask any financial doubts they have and the AI using the profile details will respond quickly. It can respond in over 100 languages, making it accessible to all. Then there is the lesson feature. It provides important lessons on financial concepts, displaying the users progress. Moreover there is the investments section where users can explore popular investments and the AI gives in depth analysis on any investment the user wants. Finally is the action plan, arguably the most powerful feature. Using information and data entered in every other section, the AI recommends a plan with what changes the user should make to be more financially secure and ranks it by priority.

While I am primarily targeting an Indian audience due to the lack of financial knowledge in many households, my website can be used by a global audience. It allows anyone who wants to learn finance a platform to learn for free. Many don't know how to invest and what to invest in. Additionally, another issue that comes with financial illiteracy is debt. Many don't track expenses ending up paying debts for the rest of their lives. One would think with technology, one can easily learn financial literacy. However, the issue is that most platforms that teach finance are paid and are too expensive for the majority. This is why my platform is perfectly tailored to this problem. It allows people to gain control of their finances. They can set their budget and track every expense, providing incentives with ranks received by saving more, appealing to the competitive nature of humans. Users can additionally learn about different investment types and the platform is a first step for understanding investing providing popular investments. Finally, the action plan provides users with step by step changes they can make. Thus giving direction for users and what they can do next.