My First Hackathon!

How it started?

Well I remember seeing the hack announcement on E-Cell VIT’s Instagram page. Immediately sent it to a friend of mine who has always wanted to work along on some project. Eventually we added one more as an app builder for us. And another who could help us in UI. As I recall there was long chats on WhatsApp on choosing a problem and problem statement. Eventually ended up choosing FinTech sector.

So problem what we’re targeting was:

Building a customized solution that could actually ease people to choose their preferred financial plan and not be forced to adjust to the pre-packaged solutions being offered by the financial institutions depending on the publicly available information.

Diving more into the problem we get:

We have a case below:

So these are the two saving banks account being offered by two different bank. Well you run through sites like BankBazaar etc. what they will compare is

  1. Interest Rate
  2. Minimum Balance/ Average Monthly Balance required

What else?

Well you visit the above two bank branches you’ll get the same information there also. Leave visiting bank, you’ll get the same information on their websites too?

So what more than a aggregator role did the existing websites play?

That’s why we came up with ReBank

More into our product

What we have

  1. Not only the basic comparison
  2. More in-depth comparisons based on pre-existing users and financial experts results which include the benefits, staff behavior, how easy it is to migrate from the bank account, how fast and how much time the funds will take to transfer etc.
  3. Not only that we have everything ready to make you more and more financial literate from news, expert’s articles to one on one talk with financial experts and even informing you about the financial events happening in your city.

As our additional services we also wish to offer:

  1. Payment system(you’ll forget pre-existing methods for ours!)
  2. Stock Tracker + Stock buying consultancy services
  3. Financial Goal Tracker(helping you achieve your goal of owning your first bike!)

Why did we plan to additional services?(This is interesting)

As listed above additional services we planned to offer them since on researching existing companies in fintech sector in India I found out:

They’re not generating revenue immediately but focusing more on increasing their customer base. Ultimately providing them with premium and in app purchase services which would seem a need to have.

  1. Above reason.
  2. We didn’t want to stay among your mere-download apps in your mobile. That’s why we focused on adding more and more services which could help us increase our daily user count and our customer base(Check my pitch deck in which I’ve covered all in-depth).

Quick Note: Why this hack was not the same like every-other? Because it had two evaluations(business as well as technical) before you reach to your final pitching of your product. So business prospect of the product has to be good!

So how’re we planning to generate revenue? What’s our business model? How do we plan to acquire more customers? What’s the future and a lot many questions must be in your mind…

I request you to go through my business pitch deck in which I’ve covered all.

Thank you so much for reading this. HackerTech has really been a great experience to me being my first hackathon plus I also realized how far I could stay active when it’s my dream(I didn’t sleep for full 24 hours straight and there was no dullness on my face). I was super charged when guests and E-Cell team were eager to learn on our product. Also met super great people who really helped me revise on my business model, help me make my product better.

There were over 107 teams people packed with AI/ ML and Arduino and what else but I’m happy that we made our place here after idea submission. I didn’t leave and give up and stayed until I passed on my business evaluation round.

All I have is those really good memories which I’ll always cherish!

NOTE:

I do not aim and neither take responsibility to cause any harm to websites and apps like BankBazaar etc. via this article or my pitch deck. Through this article I’ve only highlighted on what new features that we can add to provide a better experience to the user.

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