Beyond budgeting: a disruptive product development for augmented personal finance management

Submitted to : Prof. Arun Sreekumar

Submitted by: Hithesh Tapila, Gaurav Bhama

India's economic landscape presents a unique juxtaposition of rapid growth and untapped financial potential, particularly within the realm of personal finance management. Despite being one of the fastest-growing emerging economies, a substantial portion of the Indian population grapples with financial planning challenges. Notably, over half of the populace lacks a retirement plan, and a significant number of those who do plan fail to consider critical factors such as inflation. This shortfall is rooted in cultural norms where discussions about money are often taboo, leading to a lack of financial literacy during formative years. However, a shift is occurring. A vibrant and young generation of Indians is emerging, displaying an increased interest in financial prudence. This is evidenced by a surge in new Demat accounts, predominantly opened by those under 30, signifying a burgeoning engagement with financial markets. While this trend doesn't directly correlate with comprehensive financial planning, it represents a positive shift towards financial awareness. This landscape presents a ripe opportunity for innovative financial services tailored to this demographic. There's a notable gap in the market, particularly in the budgeting aspect of personal finance, which is yet to be fully addressed by existing financial products. This void offers an avenue for new entrants to provide solutions that cater to the unique needs of young Indians, guiding them on their financial journey and potentially scaling up to offer more complex finacial services as their financial literacy and needs evolve. Leveraging the latest technological advancements, the goal is to craft a product that not only addresses the immediate financial planning needs of the young Indian population but also fosters a long-term vision of financial stability and empowerment.