.Net, Android, iOS
An excellent application for Financial Goal planning. User can input data and make plan based on their saving and income to determine future financial goal.
Financial Goal Planning is an excellent application for users to secure their financial freedom. The application guides its users to achieve their dreams by estimation from the financial questions asked to the users. The questions will help the users to find out where they are now and what they are committed to be doing to reach their financial goals. The application will show users at what age they will achieve different financial dreams. The system has functionality where users can edit the answers see the changes in result so that they can take control of their financial decisions, to set up a savings and investing plan.
The system displays different questions based on their current financial condition and expenses and takes the users planning and dreams they want to achieve in future. The system also takes different inputs from users for their expected future income, retirement plan, assets, etc. for a proper estimation.
The system has a functionality to display the goal graph that will have three different lines on it - one displaying the user’s current financial standing, one displaying if they invested strongly and another displaying if they invested discreetly. Users can highlight one of the lines via the button slider and view each individual goal and its timeline.
The system can display a bar graph, determining how much money a user will lose over a course of years if their financial situation isn't elevated. A user can click any bar or year and get a synopsis on when and how much they would lose.
The client approached Evince with the requirements to develop a web application that helps users to check their financial achievements at different ages. The client wanted Evince team to integrate the questions to be asked to the users in the application. A requirement was to apply different formulas based on the answers from the users and perform calculations for different categories of financial achievements. Other than this, following more requirements from the client were:
- Maintain multiple plans for investment (Conservative, Current and Aggressive) simultaneously and show the result accordingly.
- Include Charts and graphs to achieve their plans at a specific age and losing money if their financial situation could not be achieved.
- Responsive design
- Users can share their data on Facebook and LinkedIn
Complex logic was required for calculations according to users’ data.
Scale application for numerous amounts of users having concurrent access on application.
Difficulty in rendering overlapping data points in graphs.
Difficulty to implement line chart in iOS application for line and bar chart.
After having a thorough discussion, Evince team developed a proper algorithm which forecast results to achieve a users’ financial dream at their particular age. The algorithm calculates loss in terms of money over a period of time if users delay following their plan. Team integrated the application with social media APIs (Facebook, LinkedIn) to share users’ results. Team customized chart library rendering logic to show overlapped data points in the graphs. We have built web APIs which communicate with Json formatted data to support mobile devices. In iOS application, we used third party class named LINE CHART and PIE CHART for displaying line and pie chart on the screen.
For iOS Application, we have used Xcode 5 as a development tool. We used a social framework for sharing data on social media and graphics framework for graphs and charts.
For Android Application, we have used Eclipse as a development tool with Android OS version 4.0.1.
Financial Goal Planning is a great approach for users to secure their financial freedom. The application allows users to try different assumptions and get an idea to increase their savings and build better retirement plan contributions to improve their overall financial security. It allows users to enter their spousal information, which is essential when married couples make claiming decisions.