Wisp

The challenge

In our initial research, we conducted problem validation interviews, uncovering that 46% of participants struggle with efficient budgeting and frequently make impulsive purchases. This often results in ongoing financial stress, making it difficult to make ends meet and requiring them to borrow from friends/family, or take out of their savings. Many of these individuals lead busy lives, feeling overwhelmed by their daily commitments. Consequently, managing their finances becomes a tedious task. Furthermore, 90% of those grappling with financial concerns find existing financial tools on the market inadequate. They either find them too complicated to learn and use effectively or feel like they don't offer valuable insights to address their challenges, allowing the problem to persist. These individuals seek a solution that doesn't require significant time investment but instead offers a convenient, tailored approach to managing their finances. The Wisp team consists of four individuals from diverse cultural and financial backgrounds, each of whom faced financial management challenges during our university years. This shared experience has shown us the personal nature of financial management and highlighted the need for a tailored approach. Traditional, one-size-fits-all budgeting tools are often inadequate, failing to meet the diverse financial needs of individuals.

The solution

Driven by these insights, Wisp is dedicated to developing a more adaptable, intuitive platform that transcends conventional solutions, offering a user-friendly tool that genuinely caters to the unique financial circumstances of each user. Our goal is to empower everyone with the ability to navigate their financial challenges with greater ease and confidence, providing them with the tools to achieve financial stability. Our app currently offers features such as a transaction uploading system, automated categorization, and a basic spending overview. We are working towards improving these features, while also creating features such as detailed financial analyses, enhanced budgeting tools, automatic notification systems and transaction uploading, and superior app performance. Wisp stands for 'Wise Spending', and that is because we are so dedicated to providing personalized financial solutions.