Design Team Members: Eric Migicovsky, Caleb Gawne and Dane Corneil
Supervisor: Professor Histon
CashIn is transforming the wallet from something used to store financial instruments into a portable, personal financial adviser that fits seamlessly into your everyday life. The device brings budget information to the customer when they're making purchasing decisions, and greatly simplifies the process of maintaining a transaction record.
Background
Unmanageable credit card debt is at an all-time high, and with a slowing economy it's more important than ever for consumers to manage their finances responsibly. Research shows that 2-2.5 million Americans consulted a credit counselor last year. Similarly, every year, millions of Americans and tens of thousands of Canadian young adults must learn to manage their own finances and the responsibility of a credit card. In both cases the sobering reminders of the CashIn can help reduce impulse purchases, and through a simple interface, allow them to easily maintain accurate, up-to-date financial records.
Project description
There are dozens of financial management solutions available for smart phones, as web applications, and for the traditional PC. CashIn has two distinct advantages through integration with the wallet: it provides budgeting reminders when and where they're needed the most, and it allows users to quickly enter financial information while the transaction is taking place. It also allows this transaction data to be transferred and reconciled with online banking, making it a useful accessory for programs such as Quicken and Microsoft Money. CashIn is extremely mobile and easy to use, moving seamlessly from wallet to wallet. It uses wireless data transfer and battery charging.
Design methodology
In
Fall
2008,
we
ran
a
user
study
to
understand
the
needs
and
requirements
of
our
target
market.
From
that
study,
we
synthesized
a
wide
range
of
features
and
functions
that
we
are
working
on
adding
to
our
design.
A
full-scale
prototype
will
be
constructed
by
January
2009,
after
which
we
plan
on
running
a
second
user
study
to
ensure
that
our
design
fulfills
customer
requirements.
As
of
December
2008,
a
preliminary
concept
has
been
designed.
