IndiaHacks 2017: Fintech

Lending has primarily been based on a scoring mechanism, on scores like FICO. Addition of such systems probably makes lending unnecessarily more complex than it needs to be and thus works like an entry barrier. Solutions can be developed which make lending and credit more accessible to the laymen

Innovative solutions are the need of the hour to deliver financial services at affordable costs. An estimated 2 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. So, this is clearly an area where a lot of innovation still needs to be done.

Trust has become a rare commodity among the millennials as they have gone through various world-changing events such as 9/11 and the global economic crisis. The market needs a banking product in which fosters ultimate financial trust.

Personalization is the key to making better financial apps that make it easy for an individual to manage his money in a better way. Innovation is needed so that financial planning and execution is a seamless experience for the user.

Blockchain is here. This technology has massive potential and can radically optimize the global infrastructure to deal with global issues in this space much more efficiently than current systems. We need massive innovation and application of blockchain technology to make banking services more accessible for the “unbanked” living in emerging markets and to make existing banking services more effective for those living in developed markets.

Making financial apps more secure has always been at the forefront of Fintech companies. But traditional security measures bring in some amount of friction within the transaction space. For example, very few users have enabled two factor authentication as this increases the number of steps for the user. Solutions can be created to make financial apps more safe and also reducing the friction.

Managing client documents is one of the key pain areas in Client lifecycle process. In most of the occasions, a Relationship Manager has no track of what documents to collect from clients and do not have a comprehensive way to validate the content of the documents automatically. In the current process, the analysts manually key in information from the documents which is a cumbersome and prone to human error. We are looking for a simplified application and process where approved and validated documents being shared across different teams within the bank. The application should handle client documents to ensure that various teams do not spend time collecting the same documents from the client which would, in turn, simplify the overall onboarding process of a client and would also improve the client experience.