Prototype Demonstration
Smart wallet
Our smart wallet was designed with simplicity and ease-of-use in mind. A 4-inch touchscreen display, a 4x4 numerical keypad, a mini LCD monitor, a RFID tag, and a GPS module are all tightly packed into a sleek, pocket-sized, WIFI-enabled wallet powered by Arduino UNO and the NodeMCU module. With a sleeve for your cash, this smart wallet gives users the ability to choose whatever medium of payment they desire, while ensuring that every single transaction is tracked and accounted for.
cloud dataBASE
Our cloud database, powered by Google Firebase, stores information about users' transactions, whether that be amount, category, or location. An NML machine learning algorithm utilizes location-based information to categorize transactions into different spending categories. We then utilize our AI-based algorithms to detect patterns in spending and generate financial suggestions that enable users to change their spending habits to improve their financial wellbeing.
Mobile Application
Our mobile application connects directly with our cloud database and displays information about users' spending habits in a comprehensible manner. Neatly organized charts display all the information you need to understand your personal spending habits - when, where, and how you spend your money. Jeff, your personal financial buddy, is powered by groundbreaking AI-algorithms that detect financial habits and generate suggestions to minimize redundant spending.
How MoneyMate works
Brining together the classic wallet we all know and love with 21st century technology, our smart wallet enables users to combine the best of both the cash and cashless worlds. With a 4-inch LCD screen to display all your personal IDs, a 4x4 numerical keypad to enter information about cash transactions, a RFID sensor to perform cashless user-to-user and user-to-merchant transactions, and a GPS module to keep track of location, MoneyMate's smart wallet cannot get better. All components connect seamless together via the Arduino UNO. With the NodeMCU, your wallet is directly connected to the cloud, making sure to keep track of every penny you spend. Packed with all the features you need, our smart wallet is set to transform your daily lifestyle and financial wellbeing.
MoneyMate Smart Wallet
Marketing Mix
MoneyMate’s channels of distribution are through online retail. Since most of young adults have access to internet and frequently buy products through E-commerce, Selling MoneyMate can improve convenience and make marketing easier. Distributing the product online is advantageous because there are fewer geographical boundaries preventing customers from purchasing MoneyMate, we can reach higher profitability and the company is easier to scale . We plan to reach our target market through channels like social media, influencer and a rewards based referral system. We plan to position our product as an all-inclusive financial service helping individuals to track, save and invest their money to secure their financial future!
Our Mission
In today's world, financial management is a critical skill for young adults to ensure future well-being. Many college students are living independently for the first time and have very little experience in sticking to a budget or handling their money. Our survey results show that 60% of the 134 college students we surveyed did not have budgeting skills and neither used a personal expense tracker. Most young adults end up spending money irresponsibly and do not develop financial management skills needed for future well-being. At MoneyMate, It is our Mission to help young adults form healthy financial habits. Through our Application and Smart Wallet, we provide the tools of budgeting, expense tracking and investing to empower you to secure your financial future!
Our Customers
Do you feel budgeting can help you save? Are you some who spend irresponsibly? Our product is for individuals who are looking to take control of their finances. MoneyMate is incredibly user friendly, so anyone in high school or college should have no trouble working through the interface! After all, our goal is to help individuals in need of financial assistance easily gain a more holistic understanding of their transactions and improve financial wellness. If this sounds like you, why wait? Purchase MoneyMate, your financial buddy!