An app that protects aging parents from financial exploitation
Bill buddy is an revolutionary new application that allows the 50+ to monitor their expenses.
Background info by AARP
- There are over 111 million Americans age 50 or older.
- 46% of Americans don’t have $400 to meet an extraordinary expense without borrowing the money.
- 25% of older Americans don’t have money in savings to meet a $240 unexpected expense.
- Only 1 in 4 are highly confident they can meet their financial needs in the next 5 years.
- The average financial exploitation victim loses $120,000.
Hackathon Challenge Statement
Hackers are to create easy, accessible solutions that will help Baby Boomers and others budget for caregiving, work independently, and protect their loved ones from financial exploitation.
- Enable independent workers to manage their incomes and tax liabilities easily and automatically.
- Help people on a limited income save money, even if in small amounts.
- Allow caregivers to track their expenses and share them with others involved in the relationship or conduct transactions, such as bill payments.
- Make it easier to recognize and prevent financial exploitation of seniors.
My team consisted of myself — UI/UX designer, 1 front end developer, 1 back end developer and an IOS developer.
We decided to focus on financial exploitation to make it easier to recognize and prevent.
AARP was the primary product owner for this project. They have done the heavy lifting of doing the user research. A 40 page document was handed out giving us insight into the users.
Pain point : Lack of financial monitoring tool
- Currently, 50+ consumers don’t have a tool to monitor & share their expenses with family and support systems.
- Currently, there is a lack of fraud detection and prevention tools.
In less than 24 hours, we built our solution Bill Buddy.
Solution #1: Sharing financial info
Bill Buddy allows Seniors to share their financial information with their families, so that they have a “ helper eye” monitoring their account activity.
Solution #2: Visual graph of expenses
We created an easy to understand visual spending chart. A caregiver can easily determine where money is being spent.
Solution #3: IBM Watson analytics
We also implemented IBM Watson API integration to analyze and highlight any suspicious expenses. If a transaction is deemed suspicious, users can disable payment.
The design process
Through creating a task flow we were able to map out the progression of the user at different points in the app.