Where will FLIT operate?
Republic of Ireland - Why restrict to one territory?
FLIT is intended to provide help users navigate their financial lives. FLIT's mission is to empower users to financial success.
This involves education, in financial literacy principles (although you can find these in multiple places on the web), but specifically how to navigate the legal, financial and social systems of Ireland.
Rules and terminology vary from one country to another. Some principles like DB (Defined Benefit) and DC (Defined Contribution) pension schemes applies regardless of which country you are referring to.
However, terms like 'PRSA', 'student grants', 'fair deal scheme' in Ireland translate into 'ISA', 'student loans', 'Funded Nursing Care' for UK residents. The implementation rules and policies may vary widely from one country to the next.Hence, to deliver practical financial literacy education, FLIT must be localised, ie must supply materials which are directly relevant to southern irish users.
Does this impact on the scalability of FLIT? Yes, it does. It means that the education FLIT provides needs to be customised for new markets if FLIT is to expand and scale for use in additional territories.
We are researching (and testing) the use of AI to help in delivering personalised FLIT, to include multi-country personalisation