FinanceGPT: Precision Financial Forecasting and Budgeting for Smarter Investment Strategies

FinanceGPT is an AI-powered financial management tool designed to streamline expense tracking and assist users in making informed decisions on loans and term insurance. The system comprises two primary modules: Expense Tracker and Loan & Insurance Predictor.The Expense Tracker module processes user-submitted bills and receipts, employing Optical Character Recognition (OCR) to extract textual data. In cases where the original text is unavailable, alternative techniques retrieve relevant financial information. A BERT-based information retrieval model categorizes and groups expenses into predefined categories such as entertainment, utilities, and meals, enabling users to analyze their spending patterns effectively. Additionally, a threshold-based alert system notifies users when predefined spending limits are exceeded, helping them maintain financial discipline. All transaction data is stored in a database for long-term tracking and trend analysis.The Loan & Insurance Predictor module evaluates users' financial profiles to assess loan eligibility and recommend suitable term insurance coverage. By analyzing salary details, existing liabilities, and other financial credentials, the system computes the Fixed Obligations to Income Ratio (FOIR) to determine the user’s borrowing capacity and affordable EMI range. This information aids users in making informed borrowing decisions. Furthermore, the module generates personalized insurance recommendations based on the user’s financial liabilities, ensuring adequate coverage.By integrating AI-driven financial analytics, FinanceGPT enhances budget management, optimizes loan decisions, and provides tailored insurance insights, offering a comprehensive solution for personal finance management.