Investing becoming automated – investment tips to be provided by a Facebook bot?
OP took part in this year’s Ultrahack with its Future Finance challenge, seeking new creative ways for millennials to save and invest especially through electronic services. Judging by the entries, investment and saving is going through an interesting transformation.
Ultrahack is an annual series of hackathon events, culminating in the Ultrahack final. The event brings together coders and designers to solve challenges set by companies. Instead of finalized products, the ‘hacks’ created in the event are ideas of how technologies can be used to create new services. This year the event featured six challenges and the Open Challenge. Eventually ten teams took part in OP’s Future Finance challenge. The members in these teams were mostly in the target group themselves – that is, they were developing services also for their own needs.
Presentation of the Ultrahack Future Finance
The developers taking part in the hackathon had access to OP Developer’s open interfaces and Corda, with which you can build distributed applications based on blockchain technology. Developers can use APIs to simulate OP’s account information and payment and investment services.
Victory to chatbot that gives investment tips
At the end of the three-day event, OP’s Future Finance hackathon was won by a Belarusian-Portuguese Tap2pay team with their Investigo concept. Investigo is a chatbot running in Facebook Messenger, advising users on how to start investing in mutual funds. A chatbot is a computer programme that conducts a conversation with users with key words or a more com-plex linguistic analysis. Chatbot is available 24/7 and, if properly “trained”, can help in a number of problem situations.
Investigo’s idea was to discuss with a customer in an automated way and with OP’s APIs, seek suggestions for suitable saving and investment solutions.
The team’s solution was topical, because chatbots are becoming more and more common in payment and customer ser-vices. OP previously launched, jointly with Kotipizza, the Kotibot that can be used to order Kotipizza through Facebook Mes-senger. In October, OP also launched Nenäbot (Nose Bot) for the purpose of collecting donations on Red Nose Day. This was the first donation bot of its kind in Europe.
EUR 10,000 in award money
The Tap2pay team impressed the jury quickly with their application which was expected to reach its target group in the right environment and the right way. The team received an award of EUR 7,000.
In second place of the Future Finance challenge was cRent, creating a loan service platform using Corda technology, with Autosave in third place with an automated mutual fund investment solution. Special mention went to Wealth Sense/GGStash for its concept that combined interest in savings accounts to be used as virtual currency in gaming.