POCKETPAL: AI-POWERED FINANCIAL MANAGEMENT FRAMEWORK

Abstract

Efficient personal financial management has become increasingly crucial, especially with the complexity of modern income streams and dynamic spending behaviors. Traditional financial tools, such as spreadsheets and static budgeting apps, are insufficient for addressing the evolving needs of users, particularly when it comes to real-time personalization and intelligent financial guidance. User research involving 80 participants revealed common challenges in financial management, such as the lack of personalized advice and difficulties in budgeting. To address these issues, this paper proposes the PocketPal Framework, a novel AI-powered solution for intelligent personal finance management. The framework provides dynamic financial recommendations, supports budgeting, and aids in intelligent decision-making. It integrates real-time, context-aware financial advice and adaptive goal setting, leveraging advanced AI models such as the Groq-optimized llama-3.3. Deployed as a prototype across the web, Android, iOS, and macOS platforms, the framework demonstrates its scalability and cross-platform accessibility. Initial findings have suggested that the framework promotes user engagement, financial literacy, and financial goal compliance. This research contributes to the field of personal finance management by introducing a scalable, AI-driven solution that improves financial decision-making and sets new benchmarks in intelligent financial tools.