Semantic Technology for Financial Awareness

This paper sheds light on how semantic technology can be a key driver for promoting financial awareness and capability, through the presentation of the ideas behind the PROFIT platform and its functionalities. The PROFIT platform is designed by the newly funded namesake EU project, as a solution catering to the exact need of action enhancement for greater financial awareness and capability that has been identified as a major target for improved social performance, personal and household finance protection and, ultimately, greater societal well-being. Towards this goal, the platform will provide the following functionalities that are based on semantic technology: a) a novel financial education toolkit available to the wider public (b) advanced crowd-sourcing tools to process financial data, extract and present collective knowledge, (c) financial forecasting models exploiting the market sentiment to identify market trends and threats, (d) novel personalized recommendation systems to support financial decisions according to the user’s profile (financial literacy level, interests, demographic characteristics etc.) (e) a reputation-based incentive scheme to motivate good quality contributions to the platform.