People with low income find it hard to get access to credit cards and thereby build a credit score. Just because a user doesn't own a credit card, doesn't mean that they are not entitled to have a credit score.
What it does
Allow users to scan receipts of cash or debit card payments which in turn would be used to compute a more inclusive custom credit score. Having such a feature can help customers get access to better deals when it comes to essential things like loans and insurance premiums. This would also enable the bank to appeal to a wider range of customers as this score would be an incentive for the customers to use the bank's services.
How we built it
The Android App was built using Android Studio. The Free OCR API (https://ocr.space/) was used to scan bill receipts and identify the amount involved in a particular transaction. The IOS app was built in Xcode. The yesWeScan cocoa pod was incorporated in order to scan the bills/recipts of the user to calculate their specific credit score.
Challenges we ran into
Scanning the receipt to get the amount of expenditure Setting the Parameters for calculating the credit score
Accomplishments that we're proud of
Built a working Android/IOS App as POC that depicts how our new feature can be incorporated in existing banks
What we learned
Working with Android Studio,Xcode, API Services, Data Analysis
What's next for BOTWScoreEstimator
Generalize it integrate it with social media