School of Economics and Finance Wins Grand Prize at the FSS Finance Contest N
No.89106- Writer pr
- Date : 2018.11.14 09:22
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Proposed financial product ‘PEFE that can improve personal consumption habits based on big data
Contribute to personal financial management, energizing the local economy, and spreading the culture of donating
[November 1, 2018]
<Students of the School of Economics and Finance who took the grand prize at the FSS ‘13th Finance Cost>
(left to right, Song Joon-ho, Yang Ah-yeon, Oh Ji-yeon, Sang Min-cheol)
(left to right, Song Joon-ho, Yang Ah-yeon, Oh Ji-yeon, Sang Min-cheol)
C.S.I, which is comprised of Oh Ji-yeon 24, senior), Sang Min-cheol (23, junior), Song Joon-ho (23, junior), and Yang Ah-yeon (21, senior) who are all in the YU School of Economics and Finance, is an academic club within the department. They proposed the financial product ‘PEFE (Personalized Financial Management Messenger)’ that can improve personal consumption habits by using big data technologies, which received good reviews.
PEFE is a smart phone application financial service that analyzes consumption habits and financial goals set by each person to manage the optimal consumption patterns. It not only analyzes consumption trends, but also helps with individual financial management such as finding savings products suitable for the individual.
In addition, it was designed to be used for marketing by local small and medium business owners based on data of individual consumption patterns by financial institutes. PEFE also integrated public benefit donation activities. By achieving individual financial management goals, it accumulates points and these points can be donated to the community linked to the application by the individual. It was designed to contribute to the spreading of donation cultures in which financial institutes make indirect donations through consumers, while also encouraging individuals to naturally donate in everyday life.
In addition, it was designed to be used for marketing by local small and medium business owners based on data of individual consumption patterns by financial institutes. PEFE also integrated public benefit donation activities. By achieving individual financial management goals, it accumulates points and these points can be donated to the community linked to the application by the individual. It was designed to contribute to the spreading of donation cultures in which financial institutes make indirect donations through consumers, while also encouraging individuals to naturally donate in everyday life.
Oh Ji-yeon said, “We thought about the rise in household debts that has become a social issue lately and on ways to relieve small local business owners from management difficulties. We came up with a financial product that can naturally approach the individual’s daily life, who are the final consumers.” She added, “I think we received good reviews by adding a public benefit goal in which financial institutes and consumers can make donations together.”
Sang Min-cheol said, “I am studying with the goal of having a career in a public financial corporation. It is important for companies to make profits too, but I think it is also important for financial companies to contribute to society in public benefit sectors as well. I will continuously think about various financial models in which financial institutes can create social value.”