What do you think about my fintech idea?

Good day, finance folks!

My title is Henry, and I’m 21 years outdated. I examine Worldwide Enterprise and Finance on the Universidad de Montevideo, and I’m penning this as a result of I’ve a concrete fintech venture that I’d prefer to develop in Uruguay. So, I’m searching for your opinions and assist.

Let me offer you some context:

For the previous few years, I’ve been serving to my mom handle her funds. Just lately, I got here throughout a number of bills financed in installments by means of her bank card (in Uruguay banks mean you can pay in as much as 12 interest-free installments in most purchases).

Due to this, I wished to know the way a lot of the whole steadiness on the account assertion was being paid as a result of installments and the way a lot got here from present month bills. So, I created a desk that breaks down installment bills in accordance with the remaining funds (i.e., it exhibits how a lot cash remains to be owed in installments, distributed by month till they’re absolutely paid off). This enables for higher expense forecasting and monetary decision-making. You’ll be able to see the desk within the picture beneath. The columns present the whole quantity paid in installments every month, whereas the rows break down how a lot stays due in 0 installments (final fee) or in 1, 2, or extra installments.

I additionally analyzed the evolution of the account assertion, separating installment bills from non-installment bills, and I created a chart (which requires multiple account assertion to be generated, we want the account statements as a result of in Uruguay Open Banking just isn’t a factor).

I’m presently automating these analyses utilizing Energy BI, and actually, I’m very pleased with the outcomes—they’re tremendous easy, instantaneous, and really sensible. Because of this, I began considering: I might love for extra folks to have entry to this sort of evaluation as a result of I imagine it has nice potential for private finance.

I imagine that, to make this obtainable to the general public, I may develop a easy and sensible app or web site the place customers may add their account statements and immediately obtain a PDF with an in depth evaluation of their funds and installments. That’s my thought: to develop an app that presents folks with an easy-to-understand abstract of their bank card scenario.

Now, I wish to validate whether or not that is one thing folks discover helpful, so I ask you: What do you suppose? Do you imagine this device can be helpful for you or somebody ? Would you’re feeling comfy sharing your account assertion for this evaluation?

Privateness is the most important problem since I perceive that I’m asking for delicate monetary data, and it’s pure for folks to be involved about how their information might be dealt with. Nonetheless, solely transaction information is critical, so further particulars like names and credit score limits could possibly be censored.

I’m sharing a hyperlink to a Google Drive file with a really primary "demo" of what I think about the report from this future app would appear like (I plan to make use of AI for insights, that is in Spanish):

🔗 Google Drive Demo

Any feedback, optimistic or crucial, can be very helpful for me to evaluate whether or not this concept is actually fascinating and/or possible. So, be happy to share your ideas! 😊

If you wish to know extra about me or contact me for any purpose, right here’s my LinkedIn:

🔗 LinkedIn Profile

Finest regards, and I look ahead to studying your ideas!

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