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Recent global economic crises and related financial developments have brought to the fore of the policy agenda the need for citizens to follow and understand financial trends and threats, national accounts and economic developments. PROFIT aims at promoting the financial awareness and improve the financial capability of citizens and market participants.
The ultimate goal is the promotion of more responsible and prudent personal financial behaviour.
Description of the outcome
Increase citizens financial awareness
The Profit platform allows citizens to test their level of understanding of financial issues, access financial information and structured training curses and get rewards for their engagement.
More specifically, thought the Profit platform, users can get:
- Personal financial educational toolkits
- Crowdsourcing tools that will process financial data and extract and present collective knowledge
- Advanced forecasting models that exploit the market sentiment in order to identify market trends and threats
- Novel personalized recommendation systems to support financial management according to the user’s profile
- Incentives to encourage the active participation and contribution of citizens through many different channels (e.g. posting & rating of financial articles, voting in relevant polls, questions & fora)
About the latter, the PROFIT incentive mechanisms comprise a reputation system which reflects the quality of user-provided contributions as rated by other PROFIT users, gamification elements (i.e. levels, awards, points, interactive quiz game, leaderboard), social incentives (interact with other users, play an interactive quiz game against other users, forum, etc.) and financial/tangible rewards such as discounts on financial products provided by local cooperatives and alternative banks, and a Financial Capability Certificate.
As mentioned, the PROFIT platform incorporates a novel hybrid recommender system that provides recommendations to each user according to their specific interests. These may involve: (i) items (e.g., financial news articles, forecast reports, investment suggestions, etc.) that would appeal to them and would enhance their financial awareness, and (ii) other users that share similar interests and views, for interactive collaborative learning.
Personalized recommendations are based on user preferences as they are expressed through their explicit ratings of items in the PROFIT platform, as well as through their interactions with the platform that implicitly indicate their interests, such as posting articles on particular topics, commenting on specific articles, participating in polls, etc.
What you need to use it
In order to access the and use the Profit platform it is sufficient to have a computer/smartphone connected to the Internet.
Do you want to contribute?
At the present stage, the platform is finalized, but if interested in collaborations you can get in touch with the project team by filling this form: platform.projectprofit.eu/contact/form
Collective Awareness Platforms for Sustainability and Social Innovation (CAPSSI) is manage by the Coordination and Support Action CHiC project which is funded under Grant Agreement No. 687686 by the European Commission.