IDEATHON 2024 FinTech Winner🏅
Managing your business expenses can be a breeze with our latest AI-powered solution
Role
UX/UI Designer
Product
FinTech Platform
Deliverables
User Research, Market Research, Wireframes, Prototypes, Branding, Typography
Overview
What is SpendSight?
Your Own Chief Operating Officer — A web app that simplifies financial management. Easily record expenses by scanning receipts, access AI-driven analytical insights, predict future spending, and get instant answers to your financial questions through an intuitive chat feature.
Problem
Small Business Financial Management Challenges
Small business owners face challenges in manually tracking expenses, leading to disorganized historical data and a lack of actionable analytics. This time-taking and error-prone process overwhelms them, making it difficult to manage financial data effectively on their own.
Final Design
Feature 01
Scan Receipt and Digitize Expense Data
After scanning a receipt, our pre-trained AI categorizes each item, presenting them as editable fields for user confirmation, and securely stores the receipts with digitized data.
Feature 02
Provide General Analytics and Trends
To help users instantly understand their expense data, general analytics and trend insights are provided through an expense dashboard featuring a total expense graph and a breakdown of expense per category, offering a clear view of spending patterns.
Feature 03
Get Your Business Insights Through AI Chat
Our AI chatbot offers customized question suggestions, delivers dynamic analytics, and presents relevant data directly within the chatbox, ensuring a seamless and interactive experience for users.
User Research
User Insights on Financial Management and AI Tool Challenges
Our user interview consisted with a restaurant owner, a freelancer, and a person managing personal expenses with extra income. The restaurant owner faces challenges with predicting seasonal ingredients and restocking trends. Freelancers and those with external income need quick and easy access to general financial data. For personal savings, users want to track their progress toward financial goals. All interviewees mentioned struggling with AI chat tools, unsure how to ask questions effectively.
Persona: Restaurant Owner Seeking AI for Cost Management and Profitability
Jason Lee, a 32-year-old restaurant owner in Los Angeles, seeks AI tools to streamline cost management, predict price fluctuations, and make data-driven decisions without needing deep financial expertise. His main challenges include the time spent on manual expense tracking and managing unpredictable ingredient costs. Jason's goal is to maintain profitability through efficient, technology-driven solutions.
Market Research
Affordable Financial Tool for Niche Users
SpendSight is an affordable financial management tool for a smaller, niche market. It appeals to users who need budget-friendly solutions, like small business owners or freelancers. Compared to pricier competitors like QuickBooks and Xero, Spendsight focuses on offering essential features without the high cost.
Technical Knowledge
How does it really work?
With Spendsight, users can easily record their expenses by scanning a receipt with their phone’s camera. Our OCR technology extracts key information from the image, while the AI categorizes the expense items and stores the data in a secure database. The idea is we trained the AI with fine-tuned pre-defined categories and implemented SQL query generation for effective data extraction. Users can interact with AI chat bot, Benji.Ai, asking questions in various formats and receiving responses in analytical formats such as graphs or tables. Additionally, Spendsight aims to provide industry insights as a business coach, helping users optimize their spending based on industry data.
Business Development
The Start Up Mindset
What makes SpendSight unique?
SpendSight differentiates itself from other expense management tools through its innovative use of AI chat technology. This feature enables us to provide tailored business and personal insights, offering a more personalized and interactive experience for users.
How can SpendSight build further?
Our team decided to target independent restaurant owners, particularly millennials and Gen Z, who are more likely to embrace new technology. Currently, 61% of these owners use bookkeeping services, as they often manage numerous expenses and paper invoices. Additionally, 21% of these independent restaurant owners are interested in tracking their business metrics.
To attract customers, our business strategy involves utilizing the "foot-in-the-door" effect by offering a free one-month trial. This approach allows users to familiarize themselves with our tool while also building their database. Following the trial period, the subscription will cost $20 per month. Initially, we will focus on local markets, targeting the West Coast, including Vancouver, Canada, and Los Angeles, California, before expanding to the East Coast of North America.
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