Developing an AI-Powered Fintech Startup App: Transaction Tracking

This report reflects on a project proposal for building a fintech startup application using AI to enable individuals to track transactions and investments. The proposal is evaluated against SMART criteria (Specific, Measurable, Attainable, Relevant, Time-bound). While the proposal is strong in specificity, attainability, relevance, and time-boundedness, it lacks measurable targets for success. The report concludes that the project has potential but needs clearer metrics for evaluating its impact and effectiveness in managing personal finances and investments. Desklib offers similar solved assignments and past papers for students.

1TESTING HOW TO BUILD
A STARTUP FINTECH
APPLICATION THAT USES
AI TO ENABLE
INDIVIDUALS TO TRACK
THEIR TRANSACTIONS
AND INVEST

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Reflection on the proposal through SMART criteria...................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
The present report is based on reflection thrown over the project proposal made for the
project meant for “testing how fin-tech application can be built up for a start up where AI can be
used to enable individuals in tracking their transactions and investments”. The reflection will be
done through highlighting whether the proposal is SMART or not. SMART here refers to
satisfying that the project fulfils the five criteria i.e., the proposal is specific, measurable,
attainable, relevant and time bounded. These criteria must be met within the proposal made at the
beginning stage of the project in order to ensure the attainment of project goals in a desired
manner.
MAIN BODY
The proposal is about the project based on testing of how fin-tech application could be
build for a start up, so that AI can be used to facilitate tracking of investment and transactions by
the customers. The proposal begins with the introduction of the concept of fin tech and growth of
this industry over the past few years. Then, literature has been reviewed by including various
arguments made by experts and authors regarding fin tech and related concepts where various
platforms that would be used for developing fin tech applications are also mentioned. Also,
research objectives, questions and evaluation of current scenario prevailing within the fin tech
industry has been evaluated. Further, budget activities methodologies that would be adopted to
solve the project has been stated. At last, the proposal has been ended what improvements in fin
tech application will be there in the current project to resolve the issue identified within the
industry.
Reflection on the proposal through SMART criteria
A SMART proposal is one that ensures the existence of certain features such as it is
specific in terms of what the project aims to achieve, measurable in terms of how much the
project is supposed to achieve, achievable in terms of what actions will be taken to ensure the
achievement of project goals and objectives, relevant in terms of project objectives are aligned
with the goals of the project and time bounded in terms of how much time does the project will
take to attain its goal (Arjunwadkar, 2018). To ensure project proposal to be SMART, it can be
achieved through framing SMART project objectives. Accordingly, in the following section of
this report the project proposal will be evaluated on the basis of SMART criteria.

Whether the proposal is specific: When objectives are clear and well-defined among the
project team members and also ensure that the stakeholders of the project understand what the
project is and what it aims to achieve, then the proposal is said to be specific. Also, the proposal
must take into consideration the prompts such as what and who, this is turn would be helpful in
indicating the actions that will be taken who is responsible for carrying out the same (Ashta and
Herrmann, 2021). Within the project proposal, specific means in-depth research will be
undertaken to address the research issue. The current proposal is specific in following ways:
 It aims to evaluate the best python libraries to aid the development of app.
 The top three budget apps created earlier and reaction of target over the same.
 The assistance the app aims to provide.
 The end users of the app.
As the project proposal clearly stated its objectives in a manner that attempts to answer
the who and what of the project, so the proposal and its objectives can said to be smarter on this
ground. The proposal has specified that by using python programming language fin tech
application will be developed in collaboration with artificial intelligence which will allow end
users to ask questions and raise queries related to budgeting and investments. The project is
supposed to be useful for those who are in need of managing their personal finances through
creating a budgeting app and linking it with their bank account, so that their monthly budget can
be allocated effectively. In this way, what and who of the project has been answered by the
proposal of the project.
Whether the proposal is measurable: This element of the criteria can be determined
through stating what will be measured to indicate impacts, success and improvements achieved
by the project. This is done by specifying targets and measures that is needed to determine what
has been achieved and what is yet to be achieved (Raharison and Loup-Escande, 2021). Prompts
that is considered to fulfil this criteria are how the change would be realized or experienced,
what is the evidence that target has been met, etc. Project objectives are said to be measurable if
the proposal states any number, percent or standard unit through which the success of the project
could be determined. The current proposal can slightly be said as measurable only on a single
ground that is,
 it aims to determine the whether the app has created the work and provided the good
results or not.

Therefore, the proposal has not stated that what the measures or targets by looking at
which it could be determined that the project is successful or proved to be useful for target
audience. Also, there must be some number or percent to indicate how many customers have
started using the app or how many of them have been referred towards using the app.
Accordingly, in the absence of any benchmark against which the project success could be
measured, it can be said that the objectives within the project proposal is not sufficiently
measurable.
Whether the proposal is attainable: A project proposal is said to be attainable, when the
objectives are within the reach of the whole team or other stakeholders of the project. This could
be done by giving consideration to the available resources, time and knowledge. The current
proposal is attainable in the following ways:
 The proposal has stated the way in which the app would be developed.
 The steps to be followed to link the application and personal bank account has been
stated by the proposal (Woodall, Rosborough and Harvey, 2018).
 Usefulness of integrating artificial intelligence with the application will also be
determined which indicates the utility of combining the former with the latter.
 There were clearly mentioned steps that would be followed while creating the app and
several other applications or platforms that will be used while completing this project has
been mentioned which shows the spark that the project is attainable.
On the basis of all these objectives and content of the project proposal it can be said that
the project is attainable.
Whether the proposal is relevant: This criteria can be ensured through showing the signs
of how the proposal is result oriented. The idea of why the project is needed to be done by
indicating its impact over the target population or in other words, what specific needs of the
target group will get satisfied with the completion of the project make the project relevant. The
current proposal shows the signs of relevancy in the following ways:
 The proposal states that the project will assist individuals in managing their personal
finances through the creation of budgeting app and connecting it with the personal bank
account which in turn helpful in allocating monthly budget.

 Further, the fin tech app will satisfy the specific needs of the investors in terms of making
investment automatically in the stocks of their choice. Also, investors could raise their
queries regarding the budget with the help of this app (Dulski and et.al., 2021).
On the basis of these particulars about the project stated within the proposal, it can be
said that the proposal is relevant in terms of indicating what needs and whose needs would be
satisfied with the completion of this project.
Whether the proposal is time bounded: This criteria of making a SMART proposal could
be fulfilled by stating specific time within the proposal which shows the time-frame in which the
project objectives will be attained. The current proposal has clearly stated the timetable within
which the several activities associated with the project would be accomplished. But the timeline
needs to be elaborated in terms of when the project would begin and when it would be ended.
The time frame necessarily required to be developed on the basis of similar projects taken earlier
along with taking into considerations of any obstacles that may arise during the project life-cycle
and how much time does the project manager will need to overcome the same.
CONCLUSION
From the above report it has been concluded that the proposal is SMART in terms of
stating specific objectives, actions to attain these objectives, relevant in terms of doing needful
for the target group and time bounded as there is a timetable for doing the whole work associated
with the project. However, the proposal not seems to be measurable as there is no specific target
or measurable units on the basis of which the project success can be evaluated.

REFERENCES
Arjunwadkar, P. Y., 2018. FinTech: The technology driving disruption in the financial services
industry. Auerbach Publications.
Ashta, A. and Herrmann, H., 2021. Artificial intelligence and fintech: An overview of
opportunities and risks for banking, investments, and microfinance. Strategic
Change, 30(3), pp.211-222.
Dulski, J., and et.al., 2021. Project Proposal On: Reimagining the Smart Airport Experience with
Innovative Technology.
Raharison, H. and Loup-Escande, E., 2021. Proposal and Implementation of a User-Centered
Design Approach for Smart Grid Technologies: Example of the VERTPOM®
Project. European Journal of Sustainable Development, 14(4), p.57.
Woodall, T., Rosborough, J. and Harvey, J., 2018. Proposal, project, practice, pause: Developing
a framework for evaluating smart domestic product engagement. AMS Review, 8(1),
pp.58-74.
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