Inspiration: The average U.S. adult uses the same primary account for 16 years and 78.5% are very unlikely to switch banks. This shows that there is a clear competitive advantage to being the 1st financial institution that a consumer interacts with, meaning that Wealthsimple should target children and youth.
What it does: This online and mobile application allows the child to keep track and submit tasks that they have completed in exchange for monetary rewards from their parents. For example, they can wash dishes and submit this task for their parent's approval and receive a monetary reward for it. This reward will be kept in the online piggy bank until they are ready to redeem it for a gift.
How we built it: While we have experimented with python, we were unable to complete the application within python. For the purposes of being able to holistically present our idea, we have used an online website builder to put together the concept we had in mind for our application.
Challenges we ran into: Unfortunately, the only programmer in our team had to drop out of the hackathon and thus it was very challenging for us to build a working app. Nevertheless, we believe that we had a great idea and wanted to present it to you as best as we can.
Accomplishments that we're proud of: We are most proud of the idea and concept of My Piggy. It was very hard to think of innovative products and services in the investments and finance area, but through various brainstorming session and lots of research, we were able to come up with an idea which we grew to love and believe in.
What we learned: Being business people, we learnt a lot of python coding in this hackathon. We learned to get information from the API, how to use pygame to make our own game, and how to use kivy to build mobile applications.
What's next for My Piggy: We believe that My Piggy is a great idea and we hope that Wealthsimple will be able to incorporate this into their future offerings. Not only is it an innovation in the Fintech space, but it also deals with the education of children in financial literacy--another field where new innovative ideas are constantly sought for.
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