Fintech Hackathon

Empowering confidence in finances

/ Background

Helping Gen X & Millennials simplify financial decisions with confidence.

Gen X and Millennials face financial challenges, from managing daily expenses to planning for the future. Many struggle with making confident financial decisions and want better support from banks. Existing digital tools can be complex and lack personalized guidance, making it hard for users to take action.

At the Fintech Hackathon, we aimed to create a simple, easy-to-use tool that helps users plan for major financial decisions. Our solution provides personalized insights, making it easier for them to manage their money and feel more confident about their future.

/ Challenge

We were tasked with addressing the following HMW statement:

"How might we help customers feel empowered and confident in achieving their financial goals/aspirations by providing solutions that evolve with their financial journey?"

Both mass market and premier customers face significant financial management challenges that create stress and anxiety. This prevents them from:

Achieving their goals and aspirations
Planning effectively for the future
Developing proactive financial habits
Spending reasonable time on financial management

We focused on two key user groups:

Millennial Mass: Urban professionals juggling debt, career growth, and major life decisions
Established Emerging Affluent: Gen X managers balancing family care with retirement planning

/ Research insights

Our comprehensive user research has uncovered six critical insights that reveal the complex landscape of financial decision-making amongst banking customers. These findings provide the foundation for designing more effective digital financial tools that truly meet user needs.

Digital Tools Show Tremendous Promise

80%

Believe planning tools boost confidence

Users show strong appetite for planning tools that help visualise long-term financial outcomes

78%

Would take action on insights

High conversion potential exists when tools provide relevant, actionable recommendations

Goal-Oriented Financial Behaviour Drives Decisions

51%

Save for specific goals

More than half prioritise targeted saving over general accumulation

38%

Invest with goals in mind

Investment decisions are increasingly purpose-driven rather than speculative

41%

Want spending habit changes

Users actively seek guidance on optimising their spending patterns

Major Life Events Create Financial Anxiety

50%+

Housing cost burden

Millennials and Gen X struggle with housing expenses, making it their primary financial stressor. Rising property prices and mortgage rates compound this challenge.

73%

Gen X feel retirement pessimism

This generation faces the dual pressure of supporting aging parents whilst saving for their own retirement.

The Complexity Barrier

Existing Tools Are Too Complex

Current financial planning tools overwhelm users with excessive features and complicated interfaces that discourage engagement

Lack of Personalisation

Generic advice and one-size-fits-all solutions fail to address individual circumstances and specific financial situations

Action Barriers

Complexity creates friction that prevents users from taking beneficial financial actions, despite having access to information

/ Solution

A digital tool that helps Gen X & Millennials simulate financial scenarios, receive personalized recommendations, and track financial confidence over time.

Core feature and value proposition

Scenario-Based Planning:

Users can simulate major life events like buying a home or planning for retirement. This directly addresses the 80% who value digital planning tools and the widespread stress around housing and retirement.

Key Benefits:

Reduces anxiety through "what-if" exploration
Builds confidence in major financial decisions
Tailored scenarios for different life stages

Personalized AI Insights:

AI-driven recommendations based on individual income, savings patterns, and goals. This tackles the 40% confidence gap by providing personalized guidance users expect from their banks.

Key Benefits:

Addresses the demand for spending habit suggestions (41% want this)
Evolves recommendations as circumstances change
Balances automation with human expertise

Confidence Score:

A real-time metric that gauges financial preparedness and suggests concrete improvements. This gamifies progress and makes abstract financial health tangible.

Key Benefits:

Transforms subjective confidence into measurable progress
Motivates continued engagement and improvement
Provides clear benchmarks for financial milestones

Guided Decision-Making:

Step-by-step journey from goal setting to action execution. This ensures the 78% willing to act on insights can easily convert intention to behavior.

Key Benefits:

Breaks complex decisions into manageable steps
Reduces overwhelm through structured guidance
Creates accountability and momentum

/ How our solution stands out

Personalized & Intuitive: Simplifies complex financial decisions for both tech-savvy Millennials and experience-driven Gen X
Confidence-Centric: Unique focus on building user confidence through measurable progress
Human + AI Balance: Combines automated insights with access to human expertise
Scenario-Based: Allows risk-free exploration of major financial decisions