Executive Summary
Managing personal finances refers to planning and executing the financial aspect of one’s life. Most people struggle with managing their finances efficiently due to a lack of financial knowledge and complexities.
Developing appropriate financial habits can help make long-term plans the best financial decisions and keep bank accounts more balanced by preventing impulsive choices. Budget management has a lot of benefits. It can find ways to pay down debts, reduce costs, save more, reduce stress, and have more money for things important to families.
This startup intends to provide a platform for developing an application that can be used on mobile phones. Families can find their best economic policy, considering all the financial flows of a family sets the best example for them.
About Company
The founder of this startup is fully aware of the importance of budgeting for companies and institutions because of his university education and work experiences during his career. He believes that this issue can be used in families to make a massive difference in economic attitudes and planning. He wants to develop an application to provide families with the best budgeting and planning using ultra-smart algorithms of artificial intelligence. He believes that budget Planning by this app helps families know how much they should save and invest to achieve their goals, such as paying for their children’s education, buying a home, spending for their interest, entertainment, and travel. It does not need financial and banking knowledge, and the savings will be invested based on the investment risk profile and the user’s goals.
Through his research on artificial intelligence, he has concluded that financial concepts implemented through artificial intelligence can have tremendous results for the family on the one hand and society on the other.
The purposes of designing and developing a budget management software based on AI and the use of Blockchain are:
Creating satisfaction in families by providing a way to achieve their goals
Provide custom financial advice and tips for families
Making the right economic culture in families and especially their children
Identify consumer behavioral patterns and help them to modify
Improving the economic level of society in the long run
Mr. Hamid Reza Abgharizadeh is the company’s founder and will serve as the company’s General Manager. He is an expert in the banking sector with more than 20 years of experience in different departments in business banking. He has the potential to bring about unique talents that he needs to develop through his creativity or the help of others. He has the required knowledge of treatment to help the team grow the business based on the desired company plan. His capability, experience, and other characteristics such as teamwork, diligence, and a creative mind enable him to help design and establish pesticides production plants.
Innovation
Given the importance of financial and economic issues in people’s lives on the one hand and the situation caused by cases such as the Coronavirus on the economic crisis of countries, governments and families more seriously than in the past to find the proper methods of financial management are. Advances in various industries and leading people to consumerism have led people to have more outflows in their money flow with limited input.
Based on this, multiple solutions for the financial management of families have been offered to families by accounting companies, financial advisors, and even mobile applications. With a relative awareness of these cases, the founder of this startup has launched this application with two significant innovations.
Using artificial intelligence as a financial and economic advisor for families, he has used machine learning algorithms to simulate a human mind by collecting maximum data and performing the best and most advanced analysis. It can provide the ideal economic thinking line for the family. Along with this technology, Blockchain has made it possible for the user to enter the most confidential data that he may not be able to give to his consultants without the slightest fear and wait for the best answer.
Market in Canada
The period of the COVID-19 epidemic and the financial vulnerability of many Canadian households have opened up opportunities to understand better the impact of these shocks on the household budget and strengthen the resilience of the household budget.
Using data on Canadians’ financial condition and providing products and services related to making appropriate financial decisions enhance the productivity of their current and future planning.
According to the above, the goal of this startup is to develop a mobile application so that families can more easily and better plan their finances for their savings, investments, and daily life. Based on the above, the number of families in Canada is recognized as one of the target markets of this startup.