American Express Makeathon 2022

Overview: Large segments of the population, particularly micro, small, and medium-sized companies, lack adequate access to formal lending. Borrowers may be unable to provide financial data. Loan applications can be lengthy and complicated. Credit is often constrained by high collateral requirements or insufficient size or maturity, making it difficult to get or unappealing. Alternative data, platforms, and marketplace linkages aren't being leveraged to their full potential.

Challenge: Think beyond the box to enable the unbanked to have access to credit in a cross-industry use-case, leveraging smart digital technologies and real-time data, and submit their Fintech concepts on the Fintech Galaxy website. Focus on several critical areas, including digital or online lending, digital financial literacy efforts, and electronic KYC processes for easier consumer onboarding. Show what the future of digital lending could look like by expressing your creative side.

Example: Next-generation fintech tools or applications that help MSMEs or individuals connect more easily with new sources of credit (unsecured or secured, short to long-term) through business, platform, and marketplace solutions, or by assisting financial service providers in leveraging data in new lending processes to sustainably serve unbanked or underserved segments with (digital) credit.

Invest-techs are leading the innovation and challenging incumbents in the domain of investment management. You need to understand the funding trends shaping the global invest-tech landscape, how incumbents can partner with invest-techs as an integral part of their innovation strategies, and build an intelligent data-driven solution for the future of investment using the power of AI, ML, data science, etc.

Example: A portfolio-based application that suggests users with the best investment plans and methods, based on their profile, preferences, and user behavior.

All developers, entrepreneurs, designers, professors, researchers, and hackathon enthusiasts interested in making their city a better place, are invited to come together and invent solutions that will make our city a more efficient and intelligent place to live in collaboratively. The growth of payments technology is strongly coupled with the notion of Smart Cities, which use mobile payments, global location, and associated technology to streamline parking, transit, building access, and smart traffic management. How can we initiate to develop solutions that are smooth, efficient, secure, and user-friendly? This is an exciting time for the fintech business since it has the potential to impact everyone's life in more ways than ever before.

Challenge:

• Smart Governance or Unified Payment Instruments: Think of it as a single stop payment instrument (card or wallet or account) for paying all your utilities (bills, medical expenses, emails, etc). Advantage: easy to pay and receive benefits from within the city welfare schemes. Easy to monitor the expenses.
• Smart Environment: Reward (govt. benefits) citizens for being environmentally conscience; like saving electricity, saving water, saving waste, reducing personal carbon footprint. And at the same time create awareness of overuse. Can we create a framework to implement these ideas?

Fintech requires people who can create new and innovative financial products while also building a cyber fort Knox. Utilize cutting-edge technologies to make positive and meaningful impacts on the relationship between customers and financial institutions. You need to design and build exceptional solutions and products for the hackathon for the Fintech Industry. What’s your next big innovative idea?