Over the last ten years the inflation rate was on average 2%, while most banks offered close to 0% interest on deposits, in addition to charging high maintenance fees, which translates into 20% loss of purchasing power.
What it does
Analyzes interest rates, fees and transactions associated with individual / company accounts, and recommends alternative higher yield, no-fee deposit instruments that at least offset the inflation rate, to prevent the deterioration of wealth.
How we built it
We've started experimenting with the Plaid API, explored the various products offered and we've split the workload addressing the back-end (user transactions analysis, develop actionable insights, building the recommendation engine and analysis machine learning models to offset the losses in purchasing power / fees identified), front-end (app interface)
Challenges we ran into
Using Flutter to generate iOS and Android builds. Data challenges - getting / sourcing financial product / inflation data for machine learning, recommendation engine development based on user financial scenario.
Accomplishments that we're proud of
We could offset user purchase power / fee losses and provide additional financial gains with our app recommend financial products and provide actionable insights on hidden losses due to inflation/fees.
What we learned
From the insights developed we've learned how we lose money unconsciously due to inflation and redundant fees.
What's next for FinX
Further enhance the features and release the app for users to learn more and benefit from the insights.
There are 1 billion deposit accounts, which are associated with at least 300 million unique customers that have in excess of 13 trillion US dollars in deposits across 5.000 banks in the USA. Two thirds of the depositors are earning close to zero interest on their accounts, foregoing $200 billion every year on interest payments and over $35 billion in service charges, funds that potentially may be reallocated to address the student debt issue.