Finextra

Inspiration

we believe that hackathons are the place where our crazy idea becomes reality

hack

What it does

problem statement: Many people leave the money idle in their account/retail banking and don’t know where to get more money with high rate of interest while it’s tax saving. They don’t know what are the best risk-free plans are available in respective country/currency. They have to read lot of documents to find the best plan which is difficult for most of the people. Solution: FINEXTRA app gives the top five risk-free investment plans for idle/remaining amount in account.

How we built it

we used FFDC open api to retrieve the customer account information and also the data sources like RBI,NSDL,LIC open api to fetch the current interest rates and the plans. using this we fed “N” number of investment plans with entire plans details to Linear Regression ML algorithm and that will predict top 5 best risk-free investment plans and show against their balance/idle money.It learns the new schemes for investments, adjustments in interest rates, etc., to produce effective result.

Challenges we ran into

Training the algorithm to grasp the changes in the interest rates and the plans according to the centralized bank

Accomplishments that we're proud of

we have developed a web application as well as mobile application using which the customer can get the plan details instantly according to his balance at his doorstep

What we learned

we have learned how to use open api in ffdc by creating a sample application and checking the responses of the api's creating a web application and mobile application, effective selection of ML algorithm depending on the use case

What's next for Finextra

based on the idle/current balance the app should be able to check the existing loans including all, it should provide the top 5 best plans for the remaining balance where the customer can effectively invest his idle money and get the best interest out of it which is risk free

Built With

• css
• ffdc
• html
• linearregression
• machine-learning
• openapi
• python