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Promoting Financial Awareness and Stability

Objective

The need to advance financial capability and financial awareness among informed citizens and market participants was identified as a major target to achieve an improved social performance, better client protection and, ultimately, greater societal well-being. The new socio-economic landscape in the post-crisis world brought changes in the financial, labour and pension markets along with changes in the public finance decisions from the political sphere. Technological developments enable and enhance the availability of large volumes of information on themes relevant to financial decision making. However, the volume of information, the existence of often ad hoc sources, and the documented existence of cognitive limitations by individuals when it comes to the processing of big data plus widespread financial illiteracy found even within developed economies, including those of the EU point to the need for (a) specialized financial education toolkits available to the wider public (b) advanced crowd-sourcing tools to process financial data, extract and present collective knowledge, (c) advanced 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). Based on these requirements,
PROFIT will develop a platform built on Open Source components. The platform's functionalities will be pilot-tested in collaboration with the members of the European Federation of Ethical and Alternative Banks (FEBEA), an institution committed to responsible banking and finance. The outcomes of the project are expected to enable best practices that can be made available to the wide public in the European Union.

Call for proposal

H2020-ICT-2015
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Coordinator

EEA SRO
Address
Hattalova 12/B 12B
831 03 Bratislava
Slovakia
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
EU contribution
€ 315 250

Participants (5)

ETHNIKO KENTRO EREVNAS KAI TECHNOLOGIKIS ANAPTYXIS
Greece
EU contribution
€ 281 875
Address
Charilaou Thermi Road 6 Km
57001 Thermi Thessaloniki
Activity type
Research Organisations
UNIVERSITY OF GLASGOW
United Kingdom
EU contribution
€ 261 655
Address
University Avenue
G12 8QQ Glasgow
Activity type
Higher or Secondary Education Establishments
DIMOKRITIO PANEPISTIMIO THRAKIS
Greece
EU contribution
€ 260 875
Address
Panepistimioupoli Rectorate Building
69100 Komotini
Activity type
Higher or Secondary Education Establishments
SEMANTIC WEB COMPANY GMBH
Austria
EU contribution
€ 262 250
Address
Mariahilferstrasse 70/8
1070 Wien
Activity type
Private for-profit entities (excluding Higher or Secondary Education Establishments)
FEDERATION EUROPEENNE DE FINANCES ET BANQUES ETHIQUES ET ALTERNATIVES
Belgium
EU contribution
€ 217 562,50
Address
Rue De Progres 333
1030 Bruxelles
Activity type
Other