1864 Accelerator Conducts FinTech Ideation session
We have invited entrepreneurs, designers, and professionals within the finance industry to come to a guided “Design Thinking” session. The objective was to brainstorm solutions to the challenges facing the financial sector in Egypt, and the outcome is potential business ideas to disrupt the financial sector. Thanks to everybody who made it to a fantastic and fruitful session and for contributing to be part of the new wave of entrepreneurs transforming the financial sector in Egypt.
Over 70 signups, eight teams who have not met before gathered and brainstormed Fintech ideas to create 12 original FinTech startup ideas!
The ideation session that took place on July 5th was what kick-started the 1864 FinTech flow of ideas to be turned into solid visions and later into products at the 1864 Hackathon. By utilizing Barclays’ creative questions and Design thinking workshops and exercises to frame the participants’ brainstorming and help them engage with FinTech abstractly – ultimately generating ideas to be used for the hackathon. The session brought together entrepreneurs, banking professionals, Flat6Labs mentors and a slew of individuals interested in the FinTech space.
How we got the juices flowing?
A number of carefully sculpted exercises that included
- An inspirational gallery with a multitude of successful FinTech companies.
- “Steal like an artist” discussion and excercise on revamping and reinventing existing FinTech ideas.
- ‘Backcasting’ which was a big crowd pleaser, taking futuristic ideas that were mostly depicted in movies and applying them with available technologies.
- The last exercise was the team’s pitches, having created a FinTech startup and receiving feedback and questions on how it can be realistically applied.
The outcome was very impressive!
Out of five creative questions, the participants generated a number of startups ideas revolving around 12 FinTech ideas.
- Online Banking
- A mobile banking experience that allows for the tracking and control of spendings through a mobile application linked to bank account using APIs.
- Financing Options for Agricultural sector
- A virtual marketplace providing financing options to farmers, SMEs and stakeholders of the largely unbanked agricultural sector, empowering them by cutting the middle-man, promoting brand protection & fair trade.
- Mobile Cash for SMEs Payments
- A unified wallet for all mobile cash operators that provides a solution that can be used by SMEs that have a problem with cash collection and simplifies the use of mobile payment for commercial use
- Micro- Investment
- Micro-investment method allowing users to invest in a range of alternative ‘micro-assets’ (i.e. an Uber driver’s car) to obtain returns on savings. Via traditional banks or using FinTech such as Fawry
- Self-investment Marketplace
- A platform and marketplace that allows the user to bypass an investment bank, by offering comparisons of all financial services and highlighting the time value / risk / financial returns on potential investments; and offering an investment and asset management tool.
- SMEs-Financial Tracker
- A platform allowing the banks to follow up on the commercial growth and developments of SMEs by tracking the finances of the business and allowing the bank to provide advisory to the business owners and prevent tax evasion and corruption.
- FinTech Chatbox
- A FinTech-focused ChatBox / chat component that can be integrated as a social media tools and can be used as a service facilitator (transfer of money or answering questions)
- Charity Cryptocurrency
- A currency relying on blockchain technology; in the form of a mobile web application and targeting charities and NGOs seeking to encourage participants to volunteer for their cause: ’good coins’ are delivered to encourage selfless behaviour and volunteer work; and can be exchanged for goods.
- Investment Gifts
- Offering investments as an alternative to traditional gifts; targeting new couples and youth. Delivered through mobile and web applications, these investments can be saved targeting a particular return over the years and eventually be exchanged for cash.
- Saving & Credit Association
- A Rotating Saving & Credit association delivered on a mobile app targeting parents and people approaching
- AI Financial Manager
- Targeting small businesses with bank accounts, a smart financial manager tracking expenses and assets using AI technology and collecting data to manage account for best performance. Prevents corruption and can generate reports; using AI , data mining, restful APIs, web/ mobile.
- Alternative Credit Rating
- An innovative rating and credit system targeting both individuals and SMEs traditionally excluded from the financial system by evaluating work history (i.e. delivery of projects etc.) and broadly facilitating data collection on credit demanders.
A very exciting 3-day FinTech hackathon transforming those ideas into actual products! See 1864 Hackathon …