Capital Insight

Capital Insight is an innovative platform combining the wisdom of data science and machine learning to revolutionize how you approach your finances.

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Inspiration

We were inspired by Capital One's call to "revolutionize banking." Moving beyond the present capabilities of mobile banking was a hard head space to get out of but we all kind of landed on honing in on the powerful impact that having some type of financial crystal ball would have. Of course, no such fortune-telling exists but it would be helpful to be able to consult an AI financial advisor who is heavily familiar with your account data, has knowledge of current market trajectories, and has the computational power to envision many different scenarios and possibilities. We further saw the value in boiling down these complex calculations into an "Insight Score" which rates potential financial decisions on a scale from responsible to risky.

What it does

While our backend implementation was limited. In theory, Capital Insights should coalesce the savings and checking balance data, credit score, typical monthly income and spending, and other bank data of a user. The user should then be able to introduce some hypothetical purchase which will be deeply analyzed and will have pros and cons weighed. The goal of this is to bring to the user's attention certain potential unintended consequences of a purchase and to have a better full picture of the impacts. In this way, Capital Insight seeks to empower users to be able to make more highly informed decisions that will undoubtedly impact their financial situation.

How we built it

Using Ruby on Rails we built a faux add-on to the Capital One mobile banking system. Using this hypothetical integration with a banking system allowed our predictive models to have access to personal data which would be valuable in declaring the possible impacts of certain financial decisions. Moreover, in this project we were familiar with the standard crew of web development: HTML, CSS, and Javascript and were also able to very shallowly become familiar with PostgresSQL.

Challenges we ran into

Setting up the development environment, nailing down ideas, and coming to a consensus, time constraints!

Accomplishments that we're proud of

We take immense pride in conceptualizing and prototyping Capital Insight within the confines of this hackathon. Our achievement lies in developing a tool that can potentially transform the way individuals approach their financial decisions.

What we learned

Throughout this project, we gained valuable insights into the complexities of financial data analysis and the potential of AI in revolutionizing personal finance even in our brief time developing. Most importantly, we learned that even within the constraints of a hackathon, it is possible to create a forward-thinking solution with the potential to make a real impact on people's financial well-being.

What's next for Capital Insight

Capital Insight was a fun exercise in creativity and problem-solving, using a broad prompt like "reimagine banking," we were able to come up with a fun and practical idea able to potentially impact the lives of many.

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