Financial Institutions are loosing out on the social relevance and failing to appeal to Gen X, Y, Z.
BuddyBank adds a human touch to Financial Institution by helping people get cash from people, in a situation where finding an ATM is a hassle. Also revitalize the local economy with sustainable business models - Buddy Shops.
Thereby, enabling financial institutions to get back its social relevance, by leveraging FFDC and state of art AI/ ML!
What it does
BuddyBank enlivens to solve hunt for ATMs.
Workflow: Using the BuddyBank mobile app, people can request for money (less than $50) and get it from buddies around them! BuddyBank's social algorithm pushes the request to multiple users based on proximity and user rating. The AI engine matches the social profile of the requester to that of respondents, while populating the payers list. Priority is given for Buddy Shops, then to individuals.
Once the requester selects a payer, the locations of both the users are shared on a map and they can meetup at a public space to initiate the transaction. A QR code is generated containing the requester's payment details which is scanned by the payer to complete the transaction.
The FFDC payment APIs works in the background for the fund transfer as the requester receives instant payment, in cash.
BuddyBank uses the social edge of technology by helping financial institutions connect with customers better and faster. BuddyBank members become part of a financial support community, who augments payment systems by becoming 'living ATMs'. BuddyBank also promotes the local business as Buddy Shops gain foot traffic, they can advertise offers within community and achieve increased sales with redeemable rewards.
How we built it
We used cutting edge technologies on BuddyBank
- AI/ML - DB Scan Cluster, K Means Cluster, Elbow Joint Technique, Haversine Metric, FB Data Analytics, Google-Maps, Places API
- FFDC - Payments API (8Nos)
- Azure Cloud to host a cluster of PaaS services Web App, Internal LB, CosmosDB, Signal R, Azure Functions.
- Mobile App development with Flutter
- RESTful Service .Net Core
Challenges we ran into
- Security- How can we trust people who claims to give money? Solved by AI based user profiling.
- Why - Why would users be willing to take the extra effort? Solved by incentivizing users to a sustainable model.
- AI - Taming the AI, refinement of data points, vetted data sources - Solved by iterations & reinforcement learning.
Accomplishments that we're proud of
- An efficient app that induces instant transfers in NACM and Europe using FFDC.
- Projected Revenue model - FFDC $1MM/year, Bank $3MM/year (mapping against current ATM trends, VISA payment in US).
- First of its kind use of social algorithms that redefines rating system, AI Layer used to run Buddy Rating System.
- Adds social aspect to the current banking system, by use of innovative digital models to simplify business and operating models.
- The interest from a prospective customer to try BuddyBank solution - UMPQUA bank - Portland, they foresee saving on ATMs, management and maintenance, business expansion in local and remote branches.
What we learned
Small ideas, that addresses a need and works well for the user, is much appreciated than time taking revolutionary changes.
What's next for Buddy Bank
- Immediate next - Evaluation run with the prospect, FFDC to verify workflow & revenue model.
- Expand possibilities of Buddy Bank into other aspects like Micro Loans/ Micro Finance, cross border transfers and Buddy Schemes - for students, patients, small and medium businesses.
- Leveraging DLT/ Blockchain for Buddy Systems.