What is Credito?

Credito is a one-stop application for your credit-related questions. Whether you have questions about loans, need information about your credit score, or just need general guidance, our chat-based application is here to help you when you need advice the most!

What is already there?

This space is convoluted by companies like PaisaBazar and OneScore which provide credit scores easily and for free.
- What's the catch?
Well, they use it for customer acquisition, and to sell it to a third party.

The user gets spammy calls because of this.

Furthermore, these companies are not targeted towards newcomers, such as college students, who may not know much about credit and how to manage their finances. This is where our app comes in to empower students!

How are we different?

We provide a detailed analysis and data of all your credit values so that the User doesn’t need to have multiple apps for getting information about credit cards as well as credit payments.
We also provide easy access to our very own Credito, The Credit Expert who understands credit in and out and especially your credit History. It helps you make decisions on the go and makes personalized recommendations for each individual experience. It also notifies you in case of any discrepancies to keep you always in touch.
Working in conjunction to Fampay, and rewarding Fampay users with additional benefits we ensure that college students have the best financial experience possible
With an intuitive UI and easy-to-navigate flow, it is extremely easy for beginners like college students to get started with credits. Not only is it for beginners, but it also makes it fast and easy for experienced credit users to keep track of their credit.

The Mean Value Proposition:

We use conversational AI to detect and help the user, that other apps currently don't have. [ USP ]
We provide credit scores for free ( Acquisition Cost [ Backed by FamPay ] )
We provide Premium Services for FamPay users
- Credit Dispatch: This lets you set up auto-pay to any and all of your credit lines/cards/loans from your FamPay account so that you never miss a beat when it comes to having a clean credit history. It's one app that beats ‘em all.
  
  This will help the user maintain a clean and strong credit history.
- Cred-Secure: This helps you to make sure you never get a delayed payment ever again. Being a FamPay user also gets you a certain amount of overdraft credit as well as an option to easily set up auto to all of your credit lines/loans/credit cards so that you never hit a negative score.
  
  This will help the users make sure they never miss a due date

How we built it

We started with just an idea, and a problem: getting bad credit scores due to missing payment dates. We knew there was a solution, just not sure how, and that's when we got this idea. A place that unifies everything related to credit and keeps a clean and strong credit profile. We started by trying to figure out what things we can use. OpenAI was our prime candidate, their LLMs were perfect. So we did our testing and saw a great response if provided with the correct data.

We started to do a little competition research to understand the market and offerings and try to bring something that has the best of all the worlds and reduces effort seamlessly. We tried to integrate Credit Score APIs from Experian/Equifax but those didn’t work out well. But we chose to continue with dummy data because at the very least it's still worth showing the world what we can do with the dummy data too.

We built our app working for about ~29 hours, writing the frontend in React and backend in Python/FastAPI which integrated almost all the features we wanted to integrate.

Challenges we ran into

Getting access to financial data and credit reports was really hard. Any info about that was also very very scarce. But we had to do something to fix it so we did. Dummy data is what we chose, but we know with time ( which is of the essence in a hackathon ) we can also integrate fetching and showing the real credit scores of real people and also doing payments and everything else!

We also couldn’t integrate fampay in any way simply because of its closed nature and no dev docs. We want to have a strategic connection with fampay though because we want to move forward with this.

Another challenge was getting the prompts just right so that our chatbot would be cohesive but not all over the place. We tested a lot of different prompts and engines and finally settled on gpt 3.5 turbo model as it provided the best results.

Accomplishments that we're proud of

One of the biggest accomplishments would be thinking, ideating, building, and pulling off the bugs but still getting something done, something that shows an ounce of what we envision. We stayed up all night to finish up loose ends and its one of the many things that goes to show the dedication our team had.

What we learned

Financial Solutions are no joke

While they may seem easy and trivial, there’s just so much you just can’t get wrong or else you are dead. There's so much learning and honestly what we could learn in this limited time is that we need strong mentoring!

UI matters as much as the tech

…. and vice versa too! Initially, we just built an okay design and integrated it with the backend and understood that we need to have a catchy UI too in order to actually have a fighting chance.

What's next for Credito

Getting strong feedback and understanding what works, what doesn’t, what makes sense, and what needs to be scrapped, is basically a retro!

We plan to improve the chatbot to answer a vast number of queries with good accuracy as well.

We also need mentorship and we will be seeking mentorship in order to be better in this fin-tech world! We really believe in our idea to have enough potential to do something good for everyone.

We would be building out our idea as much as we can!