Gamified Savings System with Token Visualization
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Minors and adults often engage in short-term financial planning, leading to immediate spending rather than saving, as they lack understanding and appreciation of the value of money, which existing systems fail to effectively incentivize.
Innovation Solution
A system that converts deposited funds into tokens using a multiplier, generates visualizations of fund growth based on an interest rate set by a user with supervisor authority, and periodically transfers additional funds, while allowing users to track deposits and perform tasks to earn money, teaching saving and investing in a gamified manner.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If funds are converted into tokens using a multiplier to exaggerate value, then saving incentive is improved, but financial accuracy is worsened
Solution Approach 1:
The system creates a virtual token representation that copies the essence of real money but scales its value through a multiplier. This virtual token is displayed in the user interface to represent deposited funds, allowing the system to exaggerate value for motivational purposes while maintaining a clear mapping relationship between tokens and actual currency amounts.
Solution Approach 2:
The system changes the parameter of value representation by applying a multiplier to convert real money into virtual tokens. This parameter transformation allows the same amount of funds to be represented as a larger number of tokens, creating the illusion of greater value and enhancing saving incentives without altering the actual financial amount.
2Loss of information
If visualizations are generated to show fund growth, then understanding of financial growth is improved, but system complexity is worsened
Solution Approach 1:
The system generates visualizations that provide feedback to users about their fund growth over time. These visual representations show how deposited funds have grown according to the defined interest rate, giving users immediate visual feedback on the consequences of their saving behavior and the compounding effect of interest.
Solution Approach 2:
The system uses visual elements including color changes to represent different states of fund growth. The visualization may use color intensity or color changes to indicate the amount of growth, making financial progress visually apparent and easy to understand at a glance.
3Productivity
If additional funds are transferred automatically, then saving behavior is improved, but user control is worsened
Solution Approach 1:
The system performs preliminary action by automatically transferring additional funds based on pre-defined interest rates and conditions. The supervisor account holder sets up the automatic transfer parameters in advance, and the system executes these transfers without requiring ongoing user intervention, thereby promoting saving behavior while maintaining user control through pre-established rules.
Data Source
AI summary
A system may include a processor that may receive an indication of an amount of funds deposited into an account, convert the amount of funds into a number of tokens using a multiplier, and generate a visualization representative of a growth rate of the number of tokens over a period of based on an interest rate. The interest rate may be defined by a user with supervisor authority over the account. The processor may then display the visualization via an electronic display and periodically transfer an additional amount of funds from an additional account associated with the user to the account in response to the amount of funds remaining in the account after a period of time.