Creating a seamless way to gather, monitor and analyze youth habits for finances - BC-341

Preferred Disciplines: Computer Science or Mathematics, Post-Doc and PhDs preferred
Project length: 4 to 6 months
Approx. start date: As soon as possible
Location: Vancouver, BC 
No. of Positions: 1
Preferences: UBC and SFU preferred
Company: NA

About Company:

The partner makes it exceptionally easy for the next generation of young people to become capable in managing their own money, starting at a younger age.

Why did the partner decide to pursue this venture? Because kids learn best by doing and having a reason to interact with their parents, who they look up to. This is where the partner is valuable in creating an environment for this dialogue to happen with everyday practice for the kid.

Project Description:

The way it works is parents can go on to the native app and open an account for their kids. The kids will then receive a Visa debit card in the mail in a couple of days. The parents can then instantly add money to the card from the app (e.g. transfer of allowances or payments for chores if the parents choose to do so). The parents can set various safety settings to protect their child, such as restricting online spending, setting spending limits, and they can also monitor their child’s purchases and choose to block them if they see fit. The kids have a separate login to the app to track their own spending on their phone or electronic device and set up savings and donation goals.

The objective is for the platform and card to become part of the teen or kid’s every day life rather than being an external tool that gets referenced only periodically. Every time the teen or kid leaves the home, they should want to have their prepaid card with them and the app to be loaded and used via their mobile device.

The Partner’s goals in this project is to create and achieve the following:

Create a seamless way to gather, monitor and analyze measures of weekly and monthly spending, savings and giving  based on characteristics of youth (geolocation, gender, age, grade, parent profession, date of birth, etc ).

Can include Data Visualization if the candidate has expertise or interest, but not mandatory.

Background and required skills

Research Objectives/Sub-Objectives:

The challenge for this project is to ensure that we gather the maximum amount of data and usage from teens, kids and parents with as few touch points as possible. We want to ensure a great user experience and we need to gather the data to build towards our A.I.

The reason we are collecting the data is to identify what combination of banking transactional history paired with what educational money lesson results in a positive change in financial behavior (and the change is quantifiable on an individual and aggregate level for the youth). For this type of identification and matching, even if it only moves the needle on 5% of the youth population across North America, it would make a significant impact that people will understand and want to reinvest in (parents, families, governments, financial institutions). This is the reason we need to collect data and analyze.

Methodology:

  • To be determined

Expertise and Skills Needed:

  • A.I. & machine learning
  • Financial background expertise would be considered favouravly
  • Any software engineering, front-end and back-end development skills are preferred, but not required (conversational or technical), C++

For more info or to apply to this applied research position, please

  1. Check your eligibility and find more information about open projects.
  2. Complete this webform. You will be asked to upload your CV. Remember to indicate the title of the project(s) you are interested in and obtain your professor’s approval to proceed.
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