Eric Chen has a great enthusiasm for finance and stock trading. Samarth has a zealous passion for programming. Together, they realized the flaws of the current stock trading tools and apps. They found out that there are no spaces for novice finance enthusiasts and student traders. Complicated terms and abstract concepts rejected initial interests from beginners and stopped them from developing a finance career path.
How it works:
FRANC makes the nebulous and confusing system of stock trading simple and elegent. FRANC handles all the complicated values and indexes and concludes them into one conclusive index that can be represent the potential and value of the stock. With top 10 stocks listed daily, users can easily navigate the app and choose their ideal stocks to invest into.
Challenges I ran into:
The major financial brokage firms and webstie often charges for their real-time market datas. Such fees created obstacles for the development of the app and forced us to come up with a free data souce that can be calculated and analyzed. The analyze algorithm sometimes present multiple flaws and exceptions. In order to mainting the loss-profit ratio to minimum, we future analyzed stock precedences and found some more indexes that can be exploited. We even looked at hedge fund portfolios and distinguished dummy investments from real securities so that novice investors will not blindly follow the decisions of large hedge funds.
Accomplishments that I'm proud of
With limited time and initially immature ideas, we were able to develop an app that is both commercial and accessible. Especially Eric, who greatly enjoyed his first hackathon, was able to create elegent design interface and visually appealing UI.
What I learned
Do not avoid a field simply because one does not understand them. It is better trying than regretting that they have never tried. The world of finance is the same. Many citizens did not invest because they were confused by the complicated system and feared by the potential risks of the investment. Little did they know that they will have a better chance of profitting than losing money.
What's next for FRANC
FRANC will introduce virtual trading, user watchlist, and, if succesful, partner with stock brokers and carry the responsibility of democratizing the stock market.