Loan Wolf Alert System

Capital One HackHERS Challenge By: Shivani Patel Overview My concept is inspired by the Android App Development Workshop offered at HackHERS 2020 as an event. My proposal is to offer a feature in your existing banking app called Refinance Loan Alert. To let the customers, know when within his/her contract he/she can refinance the loan for lower interest rate. I want this feature to be aim towards students’ loans. The reason behind is based on my research and as a student I feel like the education around student loan is very minimum and many students make mistakes and ended up in never ending loops of payments with high interest post-graduation. How does this feature benefit Capital One? This feature can be used as a marketing tool which can encourage students to choose Capital One for their private student loans. The refinancing a loan works little different with federal loans, but same marketing tactics can be used to draw students with federal student loans to pick Capital One as his/her platformer for paying back the loans. This feature will not only allow the student to know when he/she can apply to refinance his/her loan for lower interest rate and bring business to the company. My actual Plan Since I had a very minimum experience with Android Studio, I created a simple button when clicked will send you notification indicating the student can refinance his/her loan. I could have approximately created data point and variables to create an actual algorithm which will automatically send out an alert when the threshold is met. I felt like there were too many variables to think about and without proper data I could not create an algorithm that worked. I tried and with a very little background of Android Studio I hit many dead ends. However, let’s say the algorithm was presented and when the threshold is met my feature can be used.