Ripple Banking

Landing page
Customer dash- locate small business banker
Customer - apply for loan
GIF
Customer - see current and paid off loans
Merchant Dashboard
Merchant - apply for loan & see history
Loan confirmation
Merchant - see loan applicants
Merchant - see current loanees

Inspiration

Access to reliable financial services remains a significant challenge for unbanked and underbanked individuals, particularly in rural and underserved areas. As of 2023, approximately 5.6 million U.S. households were unbanked. In rural communities, the scarcity of bank branches exacerbates this issue. Residents often have to travel long distances to access banking services, leading many to rely on alternative financial services like payday lenders and check-cashing outlets, which can be costly and less secure.

On the other hand, the National Endowment for Financial Education conducted two surveys to assess consumer trust in financial institutions before and after the banking crises in March 2023. The first survey, conducted in February 2023, found that 45% of U.S. adults agreed with the statement, "I have faith and confidence in the financial system." After the banking crises, a follow-up survey in April 2023 showed a decline to 39% agreement, indicating a decrease in confidence.

How can we tackle peoples distrust in the banking industry and expand availability of financial services to unbanked and underbanked individuals?

What it does

By allowing small business owners to act as "microbanks," our product is able to bridge this gap between community trust and the security of large, established banks. Our product offers a pop-up microbanking service via a full-stack application that connects:

Consumers who want to bank with trusted institutions but lack direct access.
Small business owners who can act as intermediaries, taking loans from large banks to offer banking services to their communities.

The app allows:

Consumers to locate and choose nearby microbanks through a user-friendly map interface.
Lenders to apply for loans from major banks and manage their lending operations.
AI-powered background checks for both borrowers and lenders, ensuring trust and compliance.

Impact

Increased Financial Inclusion

Provides unbanked and underbanked individuals access to financial services, empowering them to save, borrow, and transact securely.
Helps bridge the gap for rural and underserved communities lacking physical bank branches.

Community Empowerment

Leverages the trust small business owners have in their local communities, fostering stronger local economic relationships.
Empowers small business owners to play a pivotal role in community development.

Economic Growth

Encourages circulation of money within communities, boosting local economies.
Facilitates access to loans and credit, enabling individuals and small businesses to grow.

Enhanced Trust and Security

Builds on the inherent trust between small business owners and their communities.
Incorporates AI-powered background checks to ensure compliance and mitigate fraud