MyFinMate AI

Why Choose The MyFinMate AI?

The MyFinMate AI is a project designed to simplify and enhance personal financial management. Using artificial intelligence, it helps users with financial planning, investment management, debt management, and savings management. By providing predictive analytics, and personalized recommendations, this system empowers users to make smarter financial decisions and achieve their financial goals effectively.

Planning and Analysis

The Financial Planning and Analysis (FPA) component is the backbone of the AI Financial Management System, providing users with a comprehensive understanding of their financial situation and offering actionable insights to achieve their financial goals.

Investment Management

The main goal of this component is to assist the users in making better investment decisions and also in enhancing their investment portfolios. Using Artificial Intelligence and data analytics, this component provides a full set of capabilities to assist users cope with the complexity of investment planning and management.

Debt Management

The main goal of this component is to assist users in making necessary decisions whether they have taken loans, or are taking loans unnecessarily, or to pay off the loans taken. It is here to assist users to successfully manage loan payments easily by managing loans using artificial intelligence.

Savings Management

AI-based financial management applications for savings management help users effectively manage their finances, optimize savings, and achieve financial savings goals using advanced artificial intelligence techniques.

About the Project

Empowering Smarter Finances with the AI-Driven Financial Management System

Our project introduces an innovative AI-Driven Financial Management Application designed to transform the way individuals manage their personal finances. The system intelligently integrates Financial Planning and Analysis, Investment Management, Debt Management, and Saving Management to deliver a complete and personalized financial experience. Through advanced artificial intelligence, the application continuously analyzes users' financial data, spending habits, and goals to generate actionable insights and customized recommendations. It empowers users to make informed investment decisions, track and reduce debts efficiently, plan realistic budgets, and optimize savings strategies. This initiative aims to promote financial literacy, independence, and long-term stability, making smart financial management accessible to everyone.

Research Project Scope

Literature Survey

Financial planning and analysis (FP&A) play a central role in guiding personal and business financial decisions, helping users manage income, expenses, and long-term goals. Traditional approaches, such as manual tracking and static budgeting, often fail to address dynamic financial needs, whereas AI and Machine Learning (ML) integration has transformed financial planning. AI-driven systems provide real-time insights, predictive analytics, and personalized recommendations, leveraging historical data, behavioral analysis, and economic trends. In the realm of investment management, AI enhances decision-making by analyzing market trends, forecasting returns, and generating tailored investment strategies, enabling users to optimize portfolio performance and align investments with their financial goals. These technologies also address challenges like automation of data entry, accuracy in predictions, and the maintenance of robust security and privacy standards. The integration of AI has also significantly influenced loan and savings management, areas traditionally dominated by static tools like calculators and manual journals. Studies indicate that AI-powered loan management systems can assess financial health, forecast cash flows, and provide personalized strategies for debt reduction, refinancing, and interest optimization, thereby enhancing financial literacy and promoting long-term stability. Similarly, AI-enabled savings management systems support users in automating expense tracking, generating personalized advice for increasing savings, and improving overall financial decision-making regardless of prior knowledge. Collectively, these developments demonstrate that AI integration in financial management not only enhances efficiency and accuracy but also empowers users to make informed, data-driven decisions, suggesting a promising direction for future research in intelligent financial tools.

Research Gap

Despite the significant advancements in financial technology documented in the literature at hand, several necessary gaps still exist that our proposed AI-Based Smart Financial Management Application intends to address. Existing research has examined financial management concerns to some extent, but there has been a marked absence of end-to-end, holistic solutions that address the whole spectrum of personal finance problems from one, single platform. Most of the existing systems are addressing single financial functions without realizing that financial planning, investment, debt, and savings management are inter-related processes. Despite the significant advancements in financial technology documented in the literature at hand, several necessary gaps still exist that our proposed AI-Based Smart Financial Management Application intends to address. Existing research has examined financial management concerns to some extent, but there has been a marked absence of end-to-end, holistic solutions that address the whole spectrum of personal finance problems from one, single platform. Most of the existing systems are addressing single financial functions without realizing that financial planning, investment, debt, and savings management are inter-related processes.

Research Problem

Proposed Problem

The current financial landscape presents individuals with even more unprecedented problems in the aspects of successful personal financial management. The key research problem addressed here is the imperative mismatch between the complexity of modern financial decision-making and technology that will enable individuals to deal with it. which creates a high cognitive burden for individuals trying to maintain control over their finances. Coupled with limited financial literacy, lack of visibility into future consequences of financial decisions, and inadequate tools for debt and investment management, this fragmentation leads to poor financial decision-making, missed opportunities, and long-term instability. Current systems are largely reactive, fail to integrate interdependent financial activities, and ignore behavioral and psychological factors, leaving users unable to proactively manage spending, saving, investing, and borrowing in a coordinated manner.

Proposed Solution

The proposed solution is an AI-Based Smart Financial Management Application that integrates all aspects of personal finance into a single platform, providing users with a holistic view of their financial standing. The system incorporates advanced data capture and classification to unify information from diverse sources, predictive modeling to anticipate financial challenges and opportunities, and interactive tools for planning, investment, savings, and debt management. Gamification and behavioral nudges address psychological barriers, while community features and an AI chatbot enhance financial literacy and decision-making. By linking all financial actions and providing proactive, context-aware guidance, the platform enables users to manage their finances efficiently, make informed decisions, and achieve long-term financial stability.

Research Objectives

Main Objective

The main objective of the proposed system is to create an intelligent, integrated, and consumer-centric financial management platform that unifies planning, investment, debt, and savings management into a single ecosystem. The system aims to provide individualized, context-aware financial plans that adapt to users' experience, priorities, and changing circumstances, balancing short-term needs with long-term goals while considering regional economic realities. It delivers safe and practical investment and debt management tools, localized recommendations, ongoing credit monitoring, and AI-driven coaching to help users grow wealth and mitigate risk. Additionally, the platform fosters disciplined saving behaviors through structured micro-goals, cost optimization, gamified engagement, and interactive tracking, presenting savings as motivating and achievable. By offering real-time alerts, chatbot and voice interfaces, and transparent reporting, the system seeks to act as a trusted financial assistant, enhancing literacy, confidence, and financial inclusion, particularly in developing contexts like Sri Lanka.

Sub Objectives

Planning and Analysis
- Design and implement predictive models to accurately forecast.
- Enable users to add financial details effortlessly using technologies such as OCR.
Investment management
- Build AI Algorithms to Predict Trends in Sri Lankan Stock and Commodities Markets.
- Create a System to Provide Personalized Investment Suggestions Based on User Goals and Risk Levels.
Debt management
- Leverage AI analytics to provide tailored debt insights, including payoff strategies, interest savings, and goal progress.
- Offer tools to detect financial risks and provide solutions to minimize long-term debt.
- Provide AI-driven tools to create and optimize personalized debt relief strategies.
Cost Reduction Savings Management System
- To develop a system that is tailored to Sri Lanka's economic conditions for personalized savings strategies.
- Offer AI-powered tools to help users set, track, and achieve short-term and long-term goals in line with Sri Lanka's financial realities.

Methodology

The proposed AI-Based financial management system consists of 4 main components. They are;

Planning and Analysis
Investment Management
Debt Management
Savings Management

The requirements collection for the AI-Based Smart Financial Management Application was conducted through a combination of primary and secondary research methods to ensure the system meets the diverse needs of users while adhering to local economic and regulatory conditions. Primary research involved engaging with end users through surveys, interviews, and group discussions to identify pain points, expectations, and desired features. User personas were developed to represent varying levels of financial literacy, income, and financial goals. Additionally, consultations with financial experts, including investment advisers, debt management specialists, and planners, provided insights into best practices, effective strategies, and regulatory constraints relevant to the Sri Lankan context. Secondary research included an in-depth analysis of existing domestic and international financial applications to identify gaps, strengths, and areas where AI could add value, focusing on budgeting, investment tracking, debt management, and savings planning. Regulatory and legal guidelines from the Central Bank of Sri Lanka and other financial authorities were reviewed to ensure compliance with finance, banking, taxation, and investment standards. Technical feasibility studies were also conducted to evaluate the applicability of AI and machine learning technologies, mobile app platforms, and data analytics capabilities, ensuring that the system could be practically implemented while delivering a robust, user-centric financial management solution.

Tools & Technologies

Android Studio

Jupyter Notebook

VS Code

GitHub

Flutter

Flask

FastAPI

Milestones

Project Proposal

January 2025

Proposal presentation and the report submission.

Marks Allocated : 6%

Progress Presentation 1

April 2025

50% progress presentation of the research project.

Marks Allocated : 15%

Research Papers

June 2025

Submission and presentation.

Marks Allocated : 10%

Progress Presentation 2

September 2025

90% progress presentation of the research project.

Marks Allocated : 18%

Final Report

September 2025

Submission of final reports of the research.

Marks Allocated : 19%

Final Presentation and Viva

October 2025

Final viva.

Marks Allocated : 20%

Documentation

Project Charter

Click Here to View the Project Charter Document

Project Charter

Proposal Document

Access the Individual Proposal Documents Using Following Links

Research Logbook

Access the Research Logbook Documents Using Following Links

Progress Presentation I

Click Here to View the Project Progress Presentation 1

Project Progress Presentation 1

Progress Presentation II

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Project Progress Presentation 2

Final Reports

Access the Final Group Report Using Following Link

Group_Report

Access the Individual Final Reports Using Following Links

Our Team