- Introduction:
This Scope of Work (SOW) outlines the requirements for the development and implementation of a Personal Finance Manager (PFM) feature within the existing Mobile Banking Application to empower users with better financial management capabilities. The PFM will provide users with insights into their spending habits, budgeting tools, and financial goal tracking, all within the convenience of the mobile application. - Objectives:
- Enhance user engagement and satisfaction by providing valuable financial management tools.
- Increase customer retention by offering a comprehensive banking experience.
- Enable users to gain a clear understanding of their financial health.
- Promote responsible financial behavior through budgeting and goal setting.
- Provide personalized financial insights and recommendations.
- Target Audience:
All users of the Mobile Banking Application, with a focus on:- Individuals seeking to improve their financial literacy.
- Users who want to track their spending and save money.
- Customers who desire a consolidated view of their finances.
- Users who want to set and achieve financial goals.
- Functional Requirements:
The PFM feature will include the following functionalities:- Transaction Categorization:
- Automatic categorization of transactions based on merchant codes and descriptions.
- Ability for users to manually recategorize transactions.
- Customizable categories for personalized tracking.
- Spending Analysis:
- Visual representation of spending patterns (e.g., charts, graphs).
- Breakdown of spending by category and time period (e.g., monthly, weekly).
- Comparison of spending across different periods.
- Ability to export spending reports.
- Budgeting:
- Creation of custom budgets for various categories.
- Setting spending limits for each budget category.
- Real-time tracking of budget progress.
- Alerts and notifications when approaching or exceeding budget limits.
- Financial Goal Setting and Tracking:
- Ability to set financial goals (e.g., saving for a vacation, down payment).
- Tracking progress towards goals with visual indicators.
- Automated suggestions for savings plans.
- Ability to set recurring transfers toward goals.
- Net Worth Calculation:
- Consolidated view of assets (e.g., bank accounts, investments) and liabilities (e.g., loans, credit cards).
- Calculation and display of net worth.
- Historical net worth tracking.
- Transaction Search and Filtering:
- Ability to search transactions by date, amount, category, and merchant.
- Filtering options to refine search results.
- Alerts and Notifications:
- Customizable alerts for budget limits, low balances, and unusual transactions.
- Goal progress notifications.
- Personalized financial tips.
- Data Security and Privacy:
- Compliance with all relevant data privacy regulations (e.g., GDPR, CCPA, local regulations).
- Secure storage and encryption of financial data.
- User authentication and authorization.
- User Interface (UI) and User Experience (UX):
- Intuitive and user-friendly interface.
- Responsive design for various screen sizes and devices.
- Clear and concise presentation of financial information.
- Accessibility compliance.
- Transaction Categorization:
- Non-Functional Requirements:
- Performance:
- Fast loading times and responsiveness.
- Efficient data processing and retrieval.
- Reliability:
- High availability and minimal downtime.
- Accurate and consistent data.
- Scalability:
- Ability to handle a growing number of users and transactions.
- Security:
- Robust security measures to protect user data and prevent unauthorized access.
- Maintainability:
- Clean and well-documented code for easy maintenance and updates.
- Performance:
- Deliverables:
- Detailed functional and non-functional specifications.
- UI/UX design mockups and prototypes.
- Development of the PFM feature within the mobile banking application.
- Comprehensive testing and quality assurance.
- User documentation and training materials.
- Deployment and launch of the PFM feature.
- Testing and Quality Assurance:
- Unit testing, integration testing, and system testing.
- User acceptance testing (UAT) with representative users.
- Performance testing and security testing.
- Bug tracking and resolution.
- Project Timeline:
- [Insert project timeline with key milestones and deadlines].
- Project Team:
- [Define roles and responsibilities of the project team members].
- Communication and Reporting:
- Regular project status meetings.
- Progress reports and issue tracking.
- Communication channels for addressing questions and concerns.
- Acceptance Criteria:
- Successful completion of all functional and non-functional requirements.
- Successful completion of UAT.
- Deployment of the PFM feature to the production environment.
- User satisfaction with the PFM feature.
- Maintenance and Support:
- Ongoing maintenance and support for the PFM feature.
- Bug fixes and updates as needed.
- Monitoring of performance and security.
- User support and troubleshooting.
