Inspiration
The Nobel winning economist, Richard Thaler’s work in behavioral finance (the Save More for Tomorrow program), on how to incentivize higher pension savings rate.
What it does
Through the income API, we collect the individual’s income data. When the typical income is raised over a certain limit, we suggest to raise the individual retail client’s savings rate (not only the savings itself by the delta of income growth, but the savings rate, which leads to much higher new savings, while leaving the client with most of the new income to spend on something else. After giving out the advice we show him/her the expected equity curve on a fan chart until retirement age, before and after the suggested savings rate raise.
How I built it
We built it with high motivation and enthusiasm and with some crackers.
Challenges I ran into
We had some challenges with the authentication, but in the end, everything went fine, ORACLE API's worked fine.
Accomplishments that I'm proud of
We worked together as a whole TEAM and everyone was there to help us. It was a wonderful feeling to see that our team-members not just good coders, but diligent and trustworthy guys.
What I learned
We have learned that we need to manage our time schedule better, however, communication was great as it was.
What's next for Blueopes - MKB Fintechlab Hackathon 181201
To understand more of the income patterns of retail clients, and by this, giving them better and more properly timed advice.
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