CommonCents

A software platform to compare income minus spending versus saving that does not require you to share your personal financial accounts, Choose, Commit, Execute, and take charge of your financial well-being

A case study about how we developed CommonCents, a platform designed to empower users in managing their financial well-being by tracking income, expenses, and savings without linking to personal financial accounts.

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We developed CommonCents to help users achieve their financial goals by allowing manual input of income and expenses, safeguarding their data by avoiding connections to financial accounts.

Key features include income and expense tracking, savings comparison, goal setting, personalized tips, and strong data privacy measures. This intuitive platform motivates users to stay financially healthy.

Business Objective

CommonCents was designed to empower users to track income, expenses, and savings goals while ensuring data privacy and providing actionable financial advice. Users can set goals and execute them without the need to share sensitive bank details.

Challenges

Users are hesitant to share financial data due to privacy concerns.
Manual data entry can be tedious and may result in incomplete tracking.
Offering personalized financial advice without bank data access is difficult.
Users may lose motivation to track and meet their financial goals over time.
The financial tools market is saturated, making it challenging to stand out.

Solution

Manual Input System Users can manually enter their income and expenses without linking bank accounts.
Data Encryption User data is encrypted to ensure security and privacy.
Intuitive Interface The user-friendly platform simplifies data entry and goal management.
Reminders Automated reminders encourage users to update their finances regularly.
Gamification Badges and rewards motivate users to track their finances consistently.
Goal Setting Users can define both short-term and long-term savings goals.
Community The platform fosters a community where users can share tips and experiences.

Impact

Empowered users to manage finances without privacy risks.
Increased financial goal completion through gamification and community support.
Enhanced user engagement and platform adoption.
Built a unique, privacy-focused financial tracking solution in a competitive market.