Abstract:

In the modern world, information technology is playing an increasingly important role in all spheres of life, including finance. As such, the need for effective financial decision-making tools is on the rise, particularly in the Eastern European region, where education in financial consulting is starting to become a priority. Studies show that in recent years, there has been a growing demand for advanced technology tools in the financial sector, particularly in the area of decision making. This demand is even more pronounced in Eastern Europe, where there is a need to improve the quality of financial consulting services.
This paper presents a web application software solution designed to support financial advisors in making educated decisions and also help educators and mentors run scenarios with their mentees.
The methodology consisted of a threefold strategy:
- Needs assessment: since this software solution is primarily for educators, the focus groups were our teachers and students. We identified where they need the most assistance through our financial class seminaries.
- Software implementation: this involved gathering a team of programmers (as an internal spin-off of our IT program) and we acted as consultants to build the application.
- Training, education and evaluation: after providing training and education to the target audience on how to use the software, we assessed the effectiveness of the financial education using the decision software solution through use case scenarios in our class.
Therefore, the paper starts by outlining the conceptual framework of the software solution, then underlying technologies used, and in the final part it presents the user interface. The proposed solution has the potential to greatly enhance the quality of financial consulting services in Eastern Europe, making education in financial consulting an even greater priority and more accessible.

Keywords:

Education, financial consulting, web application software, decision making, Eastern Europe, information systems, poverty eradication.