AI-Powered Financial Planning Assistant

Introduction

In today's digital landscape, the realm of online shopping presents consumers with an unprecedented array of choices, often leading to decision fatigue and frustration. To alleviate this challenge, the emergence of AI-powered personalized shopping assistants offers a promising solution. By providing personalized product suggestions, styling advice, and seamless navigation,these assistants have the potential to revolutionize the way consumers interact with e commerceplatforms.

Table of content
I.    Problem Statemen
II.   Descriptions
III.   Features
IV.   Preliminary
V.    Background
VI.   Research
VIII. Conclusion

Background/Topic Research
Based on the research conducted using surveys and contextual inquiries on the topic of AI-Powered Personalized Shopping Assistants, here are some key findings. Survey Results Familiarity with AI Technology 65% of respondents reported being familiar with AI technology, while 35% indicated limited or no knowledge. Among those familiar with AI, 80% expressed a positive attitude towards its application in personalized shopping assistance. Contextual Inquiry Insights Observations During online shopping sessions, participants frequently relied on search filters and product recommendations to narrow down choices. Some participants expressed frustration with irrelevant product recommendations and desired more accurate personalization.

User Research

User research for the AI-Powered Financial Planning Assistant revealed that users across different age groups particularly young professionals, mid-career individuals, and pre-retirees seek personalized, easy-to-use tools to manage their finances more effectively. Through surveys and interviews, users expressed a strong desire for features such as goal tracking, spending analysis, and automated recommendations, but emphasized the importance of trust, transparency, and data security when interacting with AI. Many users feel overwhelmed by complex financial tools and crave a solution that can simplify planning while adapting to life changes. The findings highlight a clear need for an intuitive, customizable assistant that provides actionable insights in plain language, integrates with existing financial accounts, and offers a blend of automation and human-like guidance.

Analysis/Synthesis of the research results

The research reveals a growing demand for intelligent, user-friendly financial tools that offer personalized guidance without overwhelming users. Across interviews and surveys, users consistently highlighted frustration with fragmented platforms and complex terminology. They want a centralized solution that simplifies budgeting, tracks goals, and provides tailored financial recommendations. Young professionals like Jane Jack are particularly eager for assistance in areas such as loan repayment, home savings, and investing, yet lack the time or confidence to consult traditional advisors. A key insight is the users' desire for transparency—they want to understand why the AI makes certain recommendations and feel assured that their data is protected. Trust, usability, and adaptability emerged as core design principles. The AI assistant should not only streamline financial tasks but also foster confidence through clear communication, smart automation, and secure integration with users’ financial ecosystems. These findings will directly shape the assistant’s features, tone, and user experience strategy.

Persona 1: Olivia Smith

Name: Olivia Smith 
Age: 35
Occupation: Marketing Manager
Location: New York City Family
Status: Married with one child
Education: MBA in Marketing
Needs: Comprehensive
Financial Planning: Olivia needs an integrated view of her family finances, including budgeting, savings, investments, and retirement planning. Investment Advice: She seeks guidance on diversifying her investment portfolio
Pain Points: Complexity of Financial Products: Olivia struggles to understand and choose between various financial products and investment options. Time Constraints: Balancing work, family, and financial planning is overwhelming.

Persona 2: Jane Jack

Name: Jane Jack
‍Age: 32
‍Occupation: Marketing Manager
‍Location: Austin, Texas
‍Income: $85,000 annually
‍Education: Bachelor's Degree in Communications
‍Marital Status: Single
‍Tech Comfort Level: High
‍Bio
‍Jane is a career-driven professional working at a mid-sized tech company. She’s financially independent, ambitious about saving for a down payment on a home, and recently started investing through a mobile trading app. While she’s comfortable using digital tools, she often feels unsure if she’s making the right long-term financial decisions. She wants to be smarter about budgeting and saving, but doesn’t have time to meet with a financial advisor regularly.
‍Goals
‍Build a solid savings plan for a house within 3 years Pay off remaining student loans Understand how to invest responsibly Track spending without the hassle of manual entry
‍Pain Points
‍Finds financial jargon confusing Overwhelmed by too many disconnected financial tools Unsure how to balance short-term spending with long-term goals Worried about data privacy with financial apps
‍Needs from the AI Assistant
‍Personalized budgeting and savings tips Integration with her bank and investment accounts Alerts for spending patterns and bill due dates Easy-to-understand investment forecasts Reassurance that her data is secure and not sold.

How Might We Questions

1. How might we design an AI-powered financial management app that caters to the diverse needs and preferences of users, ensuring seamless integration with existing financial accounts and providing intuitive features for budgeting, saving, and investing

2. How might we develop an AI-driven personal finance app that offers real time insights into spending habits, identifies potential areas for savings, and suggests personalized financial goals to help users achieve greater financial stability and security

3. How might we create an AI-powered investment app that analyzes market data, user preferences, and risk profiles to offer customized investment recommendations, enabling users to build diversified portfolios and maximize returns while minimizing risks?

Wireframes of the 3 task ﬂows

TASK 1

TASK 2

TASK 3

3 task flows with task ﬂow descriptions

Task Flow 1: Onboarding and Goal Setting

This task flow enables users to set and manage specific financial goals such as saving for a vacation, emergency fund, or major purchase. The user begins by selecting the “Create a New Goal” option on the assistant’s dashboard. The AI then prompts the user to define the type of goal, target amount, and desired completion date. Using data from linked accounts, the assistant evaluates the user's current income, expenses, and saving habits to recommend a realistic, personalized savings plan. Once the plan is confirmed, the assistant sets automatic tracking and sends reminders to keep the user on track. This flow makes financial goal-setting easy, measurable, and motivating.

Task Flow 2: Seeking Guidance and Support

This task flow helps users establish a monthly budget based on their actual financial behavior. When the user selects the “Set Monthly Budget” option, the AI assistant pulls transaction data from connected accounts to generate a snapshot of income and typical spending. The user is then guided through suggested budget categories such as housing, transportation, food, and entertainment. The assistant recommends budget limits for each category based on past trends, but the user can adjust these figures to better fit their lifestyle or upcoming needs. Once finalized, the budget is visualized in the dashboard, and the AI monitors activity, alerting the user when spending nears or exceeds set limits.

3. Investment Advice Request

This task flow is designed for users seeking personalized investment guidance. When a user initiates an investment consultation, the assistant begins by assessing the user’s risk tolerance through a short questionnaire. Next, the user is asked to define their investment objectives, whether it's long-term retirement planning, moderate wealth growth, or short-term gains. Based on the user’s financial profile, current market trends, and risk appetite, the AI generates tailored investment suggestions with clear explanations of risk levels and projected outcomes. Users can simulate potential returns and, if satisfied, incorporate the investment strategy into their broader financial plan, all while maintaining full control over their decision-making.

Conclusion

The user research conducted for the AI-Powered Financial Planning Assistant revealed a significant opportunity to bridge the gap between complex financial tools and the real needs of users across different life stages. Young professionals, mid-career individuals, and those approaching retirement all expressed a common need: a trustworthy, easy-to-use solution that demystifies financial planning and adapts to their evolving goals. By combining qualitative and quantitative research methods, we identified key user desires such as personalized goal tracking, spending analysis, and intelligent recommendations — all delivered in a clear, jargon-free interface. Trust, transparency, and data security emerged as critical factors in building confidence in AI-driven systems, particularly when dealing with sensitive financial information. Our design and development process prioritized simplicity, adaptability, and user empowerment. The proposed assistant integrates seamlessly with existing financial platforms and offers a balanced experience: automation where it adds efficiency, and human-like guidance where users seek clarity and reassurance. This project not only highlights a strong demand for smarter financial tools but also sets the foundation for an AI assistant that is empathetic, secure, and genuinely helpful. Moving forward, the prototype can be further refined through usability testing and enhanced with features that evolve alongside users’ financial journeys ultimately helping people take control of their money with confidence and ease.