Smart Nation and Digital Economy

FinLight - Illuminate Your Financial Journey

09 Sep 2024

In today’s fast-paced world, financial literacy isn’t just important - it is essential. With high living costs and economic uncertainties prevailing in Singapore, 55.2% of adults consider themselves financially illiterate.#1  This gap has led to poor decision-making and eroded trust in the financial sector, underscoring the urgent need for enhanced financial education. Traditional education methods and online course approaches often fall short, lacking personalisation and accessibility needed to make a significant impact. 

To address these challenges, a dynamic team comprising of data scientists from A*STAR’s Institute of High Performance Computing (IHPC) and financial literacy domain experts from the Institute for Financial Literacy (IFL), jointly developed FinLight - an AI-based chatbot Q&A platform for financial literacy. 

FinLight is a cutting-edge financial literacy platform that leverages advanced AI technologies, such as Retrieval-Augmented Generation (RAG) and Large Language Models (LLMs), to provide personalised, real-time financial education. The platform addresses the need for effective and engaging financial literacy programs, which are often limited to theoretical knowledge and generic content. FinLight delivers tailored guidance that aligns with each user’s specific financial goals, preferences, and learning style, fostering informed decision-making and long-term financial well-being.

Features

  • Personalisation: Content is customised based on user demographics, financial goals, and learning preferences. Users receive specific, actionable financial advice that is relevant to their current needs.
  • Reinforcement Learning from Human Feedback (RLHF): FinLight continuously improves by incorporating feedback from financial literacy master trainers. This ensures that responses remain accurate, practical, and aligned with expert knowledge.
  • Interactive and Engaging: The platform integrates videos, articles, and interactive content to enhance user engagement, making financial education more accessible and practical.
  • Scalability: Designed to accommodate a broad user base, FinLight offers 24/7 access, making it ideal for individuals from all walks of life, including students, working professionals, and retirees.

Posted in: SNDE
Related Topics AI  financial literacy  Large Language Models (LLMs)  Retrieval-Augmented Generation (RAG) 

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