DaMon [Team 24: Data Illuminate]

Monetize and obtain value add personal experience through data smartly and safely.

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Inspiration

Personal data is the new oil of the internet and the new currency of the digital world so why not we monetize the value and insights so this emerges with new asset class as personal data. We trust our banks to manage our finances so we can also trust banks for our data that is why DaMon comes into dream.

What it does

Imagine a world where you get inputs when you thought of dining , you get information on food festivals, best dining place, best dining offer across the city.

Imagine your data makes money for you and what if DaMon helps you right there!!

A smart app which provides various opportunities based on user's behaviour and interests which will benefit the customers, ENBD bank and the third party organizations through smart profiling.

This app takes the consent from the user to collect information in order to track and store data which will help the ENBD bank to process and create smart profile to handshake with third party organizations who are interested to monetize the data and benefit the customer based on the usage.

How we built it

We brainstormed the idea and designed the architecture of the product with few assumptions and came up with the prototype which implements our idea behind it..

Infrastructure is the combination of on-premise and cloud domain which enhances the ability to smart profile the customer based on their interest. Solution consist of data transformation with capabilities of implementing Artificial Intelligence / Machine Learning models. Automated live streamed smart profile will be created for the third party organization who are interested to get onboarded with DaMon using SMART Payment Gateway via API Souq.

Challenges we ran into

  1. Time zone difference of all the team members but we all still managed to pull out for the hack.
  2. Learning Virtusa API Sandbox for the team because it is new tool for the team and get familiar within 3 days was something very challenging but interesting.
  3. Research on Data Monetization , current market trends, technologies and understanding banking domain to relate with our challenge.
  4. Completing and submitting the idea last minute on time.

Accomplishments that we're proud of

We are happy to form a team from different locations and got to know each other for the very first time and managed to come up with beautiful idea which is aligned with our intentions and help the Emirates NBD bank to expand their network to utilize the data per byte in more effective day.

Feels like we gave a purpose to use the data for money in more secure way !!

What we learned

  1. We learnt about Data monetization and it's benefits.
  2. We learnt about importance of giving consent to access data.
  3. We leant about different services offered by Emirates NBD bank to their customer.
  4. We explored new Virtusa API sandbox to extract data for experimenting logics on data transformation using different technology.

What's next for DaMon

  1. App will be available for different languages.
  2. Available for different geographies
  3. Different mode of smart Payment like loyalty points, referral bonuses, etc.
  4. Next Level for creating a digital market place for SME portfolios.

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