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During 2020, the UK went into a national lockdown for over a year causing people to spend less and save more. Those who had not saved money prior to the lockdown felt the damage of quarantine in the back accounts more than those who had money saved up as jobs became limited and many people were laid off work. We as a team identified that many people were not very financially literate which is one of the main reasons why many struggled to maintain financial stability which is why we aim to use our biometric safe as a tool to help teach saving to those who struggle with the concept of putting money aside.
At Team S7even, we believe that our product will offer a new degree of security for only a fraction of the price of any products currently available on the market. We aim to encourage the integration of security in all age demographics’ lifestyles. Currently, the design phase of our product is starting to yield results as we now have a better mental image of what we want our product not only to look like, but also how much it will cost, and how effective it will be. We aim to introduce the world to personal finance by providing them with a secure store of money that aids ease people into saving their money regularly in an attempt to also reduce their bad spending habits.
Our Biometric Money Box will be in the shape of a rectangular prism and will have 2 inputs for cash deposits. A small opening for coins and a larger slit for bank notes. Each time money is put into the box it will be recognized and displayed on an LCD screen to the user. To ensure that not just anyone has access to the interior of the money box, each time the user wants to open the box a fingerprint scan will be necessary in order to unlock the electric door that seals the box. This will be conducted via a series of tests, such as…
– Inserting money: Bank note is partially inserted through a slot and should be drawn in similarly to how an ATM draws in a card; if everything works the note will be drawn in successfully, since it should be detected by the proximity sensor which will in turn activate a motor, which will draw it in and safely deposit it inside.
– Fingerprint sensor: Using a both a registered and an unregistered fingerprint to attempt to unlock the safe; if successful the registered fingerprint will unlock the electronic lock, whilst the unregistered fingerprint will have no effect.
– Colour and IR sensors: when a note is successfully drawn in, the colour and IR sensors should be able to identify the value of the note before storing it, after which it will digitally store its value, so it is easily accessible to the consumer.
– Power supply longevity: continuously solicit the electrical components in order to use up as much of the power supply (9V batteries) as possible in order to see how long they last under constant stress.
– Testing the motor: keep the motor running constantly in order to observer any potential problems such as overheating, and measure the amount of time it takes to encounter such issues.
Prototype - Application
The next stage following the Research & Development, during our prototyping stage we will go through numerous stages of trial and error to figure out what could possibly go wrong with the manufacturing stage of our product, which will help us better understand how to improve upon it so that the final prototype will be presentable at the Innovation Expo.
Once our prototyping commenced, we as Team S7even have been hard at work trying to identify what could be improved from our product, which includes the possible errors the product may have physically or digitally, how the product could be compact enough to hold people’s sum of cash individually, the practicality of the product when open to the public and how it can benefit our target audience etc. These factors will affect us both positively and negatively. However, we as a team have to overcome this in order for the public to be satisfied with our product and how it can be moved over to the marketplace for purchase.