As the 3rd largest Fintech in the world, Finastra can help increase Financial Literacy by developing an omni-channel personal financial coach that uses a build once deploy anywhere platform now that we have FFDC (e.g. Alexa, Facebook, Skype, Slack, Google Action, Website Integration, etc.).
This will help address financial inclusion issues which will also help our Finastra Consumer and Retail Banking Customers attract new clients from people unable to access banking and financial services due to lack of or minimal financial knowledge.
As per the Standard & Poor GLOBAL FINANCIAL LITERACY SURVEY, only 33% of adults (1-in-3) worldwide are financially literate (http://gflec.org/initiatives/sp-global-finlit-survey/)? The survey also says that Financial illiteracy is a critical barrier to financial inclusion.
"Financial illiteracy is a critical barrier to financial inclusion. Because of a lack of knowledge about finance and financial products, many people are unable to access banking and financial services, and are therefore kept out of financial markets. Financial literacy is therefore highly important to people’s financial well-being and to the overall health of a country’s economy.“
Aside from helping address financial illiteracy, FINN can also serve as a voice banking assistant and help Finastra’s consumer and retail banking customers to reach and attract new and potential customers thru multiple channels – e.g. facebook, alexa, google home, bank’s website, etc.
## What it does Finn – an omni-channel voice banking assistant, personal financial coach and wealth builder can help address financial inclusion issues by teaching personal finance management and also help reach new banking customers thru mulitiple platforms (like facebook, alexa, google home action, skype business, bank websites, etc) which can also help Finastra Retail Banking Customers attract new clients from people unable to access banking and financial services due to lack of or minimal financial knowledge.
How we built it
We've built FINN with Finastra's FFDC Platform, Consumer Banking OpenAPi's, node.js, javasript, restdb and a build once deploy anywhere platform (e.g. Alexa, Facebook, Google Action, Skype Business, Website Integration, etc.).
Challenges we ran into
As part of the solution, we tried to include a functionality where users can enroll Retail Banking Account (B2B) and Accounts (B2B) Integration (simulating a scenario where the user has accounts from 2 different banks). As these API's are connected to different core banking systems (EQ and Retail Banking US), we ran into some challenge on how we can transfer funds from the 2 Core Banking systems due to limited available API's (no external account transfer).
Accomplishments that we're proud of
The team has successfully integrated FINN with FFDC and the Consumer Banking API's that comes along with it. The solution has also been tested on different channels with million users such as Facebook Messenger, Alexa, and Google Action which proves that even our legacy retail banking customers like Equation can now be easily integrated and be part of the larger API economy and ecosystem by using Finastra's FFDC Platform.
What we learned
With Finastra's FFDC Platform and Open API's, we can now easily innovate on top of existing Finastra products and solutions. For this solution, we've managed to use Consumer Banking API's connected to Equation and Retail banking US.
What's next for Finn
FINN integration with other Finastra products and solutions since we've only integrated FINN with Consumer Banking API's for this Hackathon. FINN can (probably) also be deployed as Finastra's official internal corporate chatbot.