A common problem among many students and student organizations has been finding quick financing solutions for the many events they organize. Members of our team often struggle to accumulate the necessary funds in time for their undertakings, which has led our team to seek out an efficient solution to the problem of short-term financing.
What it does
Make Bank socializes this money market of small loans by enabling its users to lend each other small sums of money, at agreed interest rates. Our application creates a platform to connect potential investors to clients seeking funding.
How we built it
To enable user matching, we made use of the Capital One API to follow the borrower's payment history, and calculated their level of credit worthiness, with respect to their average account usage. We then integrated this with the Twilio API to enable communication between users, and set up the payment process through Capital One.
Challenges we ran into
Making and using data to track our users' payment performance. Devising a process to analyze data and rank creditworthiness of users. Creating a matching algorithm to link lenders to borrowers according to perceived risk tolerance.
Accomplishments that we're proud of
Meeting the expected outcomes of credit rankings, and appropriately matching users depending on desired interest rate, credit score and loan size.
What we learned
Our team learned to make use of flask, bootstrap as well as the Twilio and Capital One APIs. We learned to make use of requests to link our python backend to the data stored on the servers of these APIs, and process this data analytically to identify trends and deviation from those trends.
What's next for MakeBank
MakeBank bank will begin by solving our initial issue surrounding student organization at Carnegie Mellon. We will enable student organizations to receive the best possible loans for their needs, and try to expand to other universities with similar use cases.