AI Financial Assistant for Immigrants
An AI-powered assistant empowering immigrants with personalized budgeting, financial and investment education.
Problem Statement:
How might we improve financial inclusion and increase customer engagement through increased savings and investment among immigrants and newcomers in Canada by enhancing their experience with banking apps using AI-driven solutions?
Problem Background:
Immigrants in Canada face significant challenges navigating complex financial products such as RRSPs, TFSAs, and credit-building strategies. Traditional banking apps focus primarily on transactions and lack tailored financial education. Language barriers and high living costs further compound these issues, leaving many immigrants without the personalized guidance needed to make informed financial decisions.
Research Insights
User Pain Points:
- Feeling overwhelmed by complex financial jargon and product options
- Lack of personalized, proactive financial coaching
- Frustration with limited multilingual support in current banking solutions
Supporting Data:
- Immigrants constitute 23% of Canada’s population (Statistics Canada, 2023)
- Preliminary research revealed that over 80% of users were dissatisfied with existing banking app financial education features
Feedback:
User interviews and surveys consistently highlighted the need for a solution that offers real-time, tailored financial insights along with multilingual support. This feedback validated the problem and reinforced the urgency of an AI-based solution.
Landing on the Solution
Explanation of Solution:
I developed an AI Financial Assistant that integrates within existing banking apps to deliver personalized financial education, automated budgeting, and real-time savings recommendations. What sets my solution apart from tools like Cleo, KOHO, or EBC Nomi is its deep personalization and dedicated focus on underserved immigrant communities. Unlike one-size-fits-all budgeting apps, my assistant continuously learns from each user’s unique spending habits, financial goals, and language preferences—ensuring that every recommendation is tailored and actionable.
Key Differentiators Include:
- Deep Personalization: My advanced AI adapts in real time, moving beyond generic advice to offer insights that evolve with the user's financial behavior.
- Multilingual and Culturally Sensitive Support: I provide support in multiple languages, specifically addressing the unique needs of immigrants—a feature often missing in existing solutions.
- Integrated Educational Journey: Instead of merely tracking expenses, I deliver interactive, bite-sized educational modules that empower users to understand and manage complex financial concepts.
- Seamless Integration: Designed to work within existing banking apps, my solution adds significant value without disrupting core functionalities.
User Flows/Mockups:
- Onboarding: Seamless sign-up with a personalized dashboard that outlines financial goals
- Education Modules: Interactive, bite-sized lessons covering budgeting, credit building, and investment basics
- Budget & Savings Tracking: Dynamic visual dashboards and progress indicators for easy tracking
(Refer to the attached mockups and wireframe diagrams for detailed visuals.)
Future Steps
- Voice Command Integration: Develop hands-free navigation to enhance accessibility
- Expanded Language Support: Add additional languages based on evolving user demographics
- Enhanced Human-AI Collaboration: Integrate escalation protocols to connect users with human advisors for complex queries
- Iterative Improvements: Utilize ongoing user feedback to refine educational content and budgeting functionalities
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Learnings
Product Manager Learnings:
Chidiogo Ezechukwu
Working on the AI Financial Assistant project has deepened my expertise in agile product management, cross-functional collaboration, and user-centered design.
I learned that effective product management requires a relentless focus on addressing real user pain points and continuously iterating based on data-driven insights. This project reinforced the importance of aligning technology with diverse user needs and the value of integrating feedback throughout the product lifecycle.
That said, the road was not without its bumps. Tight deadlines implied that I often had to make quick decisions, which sometimes felt like juggling multiple priorities at once.
Working with the free version of Figma also brought its own set of challenges—it limited some of my design options and slowed down the creative process, forcing me to be extra resourceful with the tools at hand.
In addition, aligning diverse stakeholder expectations and rapidly evolving user feedback required me to remain flexible and adaptive. Despite these hurdles, each challenge taught me valuable lessons in creative problem-solving and the importance of integrating feedback throughout the product lifecycle.
These experiences not only strengthened my project but also deepened my appreciation for the human side of product management, where persistence and open-mindedness pave the way to success.
Designer Learnings:
Designer Learnings:
Jo Sturdivant
- Adapting to an Established Team: Joining the team in week 6 of 8 was challenging, as I had to quickly adapt to existing workflows, dynamics, and goals. This mirrors real-world situations where you often integrate into teams mid-project, and flexibility is essential.
- Work-Blocking for Efficiency: With only two weeks to complete the project, I learned the importance of a structured work-blocking system. This approach allowed me to manage my time effectively and meet deadlines under pressure.
- Making Data-Driven Design Decisions: Unlike my past projects, I had to rely on research conducted by others. This was a valuable experience in using pre-existing data to guide design decisions, helping me focus on the core insights without starting from scratch.
Developer Learnings:
Developer Learnings:
Vanady Beard
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As the back-end developer, I learned how important it is to create efficient and reliable systems that support the entire application. This experience also taught me the importance of optimising the database and ensuring the backend is scalable and easy to maintain.
Developer Learnings:
Stephen Asiedu
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As a back-end developer, I've come to understand the importance of being familiar with various database systems and modules. This knowledge enables me to build diverse applications and maintain versatility in my work. I've also learned that the responsibility for making the right choices rests on my shoulders, guided by my best judgement.
Developer Learnings:
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Developer Learnings:
Maurquise Williams
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- Process of Creating an MVP: Developing a Minimum Viable Product (MVP) taught me how to focus on delivering core functionalities balancing between essential features and avoiding scope creep.
- Collaboration in a Real-World Tech Setting: This experience taught me how to collaborate efficiently in a fast-paced tech environment, keeping the team aligned and productive, even while working remotely across time zones.
- Sharpening Critical Thinking and Problem-Solving Skills: This experience honed my ability to think critically and solve problems efficiently. By tackling challenges and finding quick solutions, I sharpened my decision-making and troubleshooting skills in a dynamic, real-world setting.
Developer Learnings:
Jeremiah Williams
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All in all this experience was very awesome I learned that in coding with others being transparent is key
Developers Learnings:
Justin Farley
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I learned how important communication is when working with a team. Communication provides understanding, advice, ideas, and much more. While working with the product team, I’ve found that communication keeps everything flowing smoothly. Working with a team also showed me that every member brings something different to the table and we all have to work together in order to align and meet our end goal.