We know investing can be scary for finance newbies. How about sparing 1% of every transaction?
Even in a digital-only bank, clients will always want to make sound decisions and feel secure in their investments. With ISET, we ensure that this fundamental goal is met.
What it does
Every time you make a purchase or deposit a cheque, we put away 1% (or higher if you are down for it) of the amount into an investment account. All you need to do is select a preference for the investment: Low risk? High return? Support sustainability? We got you! In the end, you receive interest as well as reward points for your investment.
ISET educates clients with graphs detailing not only the progress of your investment but also the results of other pathways. What would have happened if you invested 5% more? 5% less? With this knowledge in hand, we guide you to become a better investor with the ease and transparency you need online. Then, you'll be able to make better use of ISET's customizable investment options,
This mobile application can be a stand-alone app or a feature in a banking app. ISET shows you that investment is just as easy as putting away pennies.
Accomplishments that we're proud of
Completing the entire implementation part in 6 hours. The sleek UI design. The collaboration between four new friends and the way we kept our morale up as if we'd known each other for more than 36 hours. And of course, the working final project.
How we built it
The front-end design ISET involved the use of Figma, Canva, and Photoshop. The back-end employed Android Studio and Capital One's Nessie API with Java as the programming language of choice.
What we learned
tl;dr: The importance of caffeine, juice boxes, weird-flavoured-but-surprisingly-good bubble tea, and of course, friends.
Those of us who can call UofTHacksVII our first hackathon learned about both the atmosphere of hackathons and the new technologies listed above, improving our social and technical skills! Of course, the more experienced members learned how to introduce these concepts to beginners, improving their mentorship and articulation.
Challenges we faced
The brainstorming process was a huge pain. It took half the time. Beginners had to quickly grasp new skills, feeling frustrated when software did not work as expected and not knowing how to fix it. Some parts didn't even work together: for example, the UI had to be completely remade in the proper resolution. Experienced members had to take a leading role and gauge what ideas were possible with existing resources, making brainstorming take longer than possible. The team also faced general problems like sleeping and meeting up (with a snowstorm and a doctor's appointment here and there).
What's next for ISET
The possibilities for ISET are endless. ISET can be fully integrated into a digital banking app, combining more features to create a comprehensive online bank. Or, as data is inputted, ISET could process the user's preferences to provide a truly personalized experience. As a digital application, ISET could provide summaries and statistics for clients that a person could not compute on the spot! Overall, ISET can be improved and upgraded to the ideal online banking experience.