BigBrains-MoneeeeeeeeyMindsAbstract.pptx

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1. MoneyMinds finance Big Brains Leader name : Mohammad Sahad Leader contact : [email protected] 6363024288 College: Bearys Institute of Technology Mangalore. Team Size:4 Sector : Banking and Financial services. Team Members : 1:Manohar Kumar – [email protected] 2:Mohammed Mufeez - [email protected] 3:Mohammad Raashid - [email protected]

2. Sector: Banking and Financial services. Problem Statement : How can we leverage fintech innovations to provide comprehensive financial services to underserved communities, ensuring financial inclusion, enhancing credit scores, and fostering economic well-being? MoneyMinds finance : Empowering Underserved Communities through Innovative Fintech Solution.

3. What are the Problems Faced by the Underserved Peoples? 1.Limited Access to Financial Resources: Underserved communities often have limited or no access to traditional banking services due to poor or non-existent credit scores. 2. Lack of Personalized Financial Advice: Individuals in these communities often lack access to personalized financial advice, leaving them without guidance on how to manage their finances, save, or invest effectively. 3. Inadequate Financial Management Tools: Many underserved individuals do not have access to effective tools for tracking their income and expenses, leading to poor financial management and planning. 4. Barriers to Participation in Financial Activities: Traditional financial activities such as ROSCA or chit funds are popular among underserved communities but often operate informally, lacking legal protection and formal credit benefits.

4. One of the best ways to solve these problems is through their interests, meaning solving through activities or tasks in which they are actually interested and participate actively.

5. What are the Interests of the Underserved peoples? 1.Making note of their Incomes and Expenses: Underserved individuals like to write down how much money they make and spend in simple notebooks or on pieces of paper. This helps them keep track of their money even if they don't have much. 2. Participation in Non-Traditional Financial Activities : They actively participate in community-based savings schemes like ROSCA or chit funds , seeing them as reliable ways to save and borrow within their communities. This shows their interest in community-driven financial solutions.

6. For those who don’t know ROSCA? Periodic Collection: Each period, participants contribute a predetermined amount to the pot. This ensures a steady accumulation of funds for distribution in subsequent auctions. Access to the accumulated fund is facilitated through periodic auctions, allowing only one participant to claim it each time.

7. For those who don’t know ROSCA? Auction Process: Participants bid on how much they're willing to pay for the pot. For Instance, E.g. the pot is $40: Aadi bids $5 Hansa bids $9 Viraj and Prija bid $0. In this case Hansa wins and receives $40-bid=$31. The $9 is then split $3, $3, $3 among the other members at the end. Auction ROSCA allows those with urgent needs to receive funds earlier than those with less urgent needs.

8. How can we leverage fintech solutions to address these financial challenges through their Interests? What innovations can be introduced to revolutionize the financial system?

9. The one and only Solution to this problem is our Fintech Innovation MoneyMinds finance .

10. How MoneyMinds address the this problem? MoneyMinds is an innovative Fintech solution designed to address the financial needs of underserved individuals by providing a comprehensive suite of tools aimed at fostering financial well-being. Registered as a small finance company, MoneyMinds integrates essential features such as, Expense tracking. AI-driven financial advice. A collaborative savings mechanism through a modified ROSCA model. A unique fund investment component.

11. Core Features: 1. Expense Tracking and Financial Visualization: Users can input their income and expenses, gaining a clear view of their financial status . This promotes better financial comprehension and management. 2. AI-Driven Financial Advice: An AI Finance Advisor analyzes users' financial data to offer personalized suggestions on savings practices, income growth, investment opportunities, and overall economic well-being. This empowers users to make informed financial decisions. 3. Fund Investment Component: Users can contribute to a collective fund managed by MoneyMinds. Our company strategically invests these funds, sharing a portion of the earnings with users. This provides a unique opportunity for financial growth and educates users on investment practices.

12. 4. Modified ROSCA model: MoneyMinds offers a legally compliant alternative to traditional ROSCA. When a ROSCA group is created within the app, our financial company sanctions a loan equivalent to the total amount to be collected by the ROSCA. For example, if four members contribute ₹1000 per month for four months, the company will provide a ₹16,000 loan with zero interest. This loan is credited internally to the ROSCA account but is not directly given to the users. Members follow the regular ROSCA mechanisms, including bidding for the collected amount. The bidding amount is disbursed from the ROSCA account, which is sanctioned as a loan. Each member’s monthly contribution is treated as a loan repayment, helping improve their credit score by uploading repayment details as it meets the SEBI or other relevant standards.. This process ensures legal protection and allows for legal action in cases of fraud.

13. Core Features: 5. Credit Scoring Enhancement: MoneyMinds uploads the repayment data from the modified ROSCA, which is treated internally as a zero-interest loan. This data contributes to improving users' credit scores, as it meets SEBI or other relevant standards. This fosters financial inclusion and empowers users with valuable credit information by enhancing their credit profiles through recognized financial activities.

14. Impact and Future Enhancements: Leveraging the trust and support built with underserved communities, MoneyMinds plans to expand into the Banking sector . By providing reliable and accessible financial services, we aim to position ourselves as a trusted financial partner. By consistently providing valuable and legally compliant financial solutions, MoneyMinds will strengthen its reputation and build trust not only among underserved populations but also among a broader user base. This trust is crucial for attracting more users from diverse backgrounds, ensuring Long-term business growth and customer loyalty. MoneyMinds aims to have a profound impact by promoting financial inclusion, offering collaborative financial opportunities, and providing a technological solution for positive Societal change . As we envision the future, we plan to continuously enhance AI capabilities, expand investment opportunities, and establish partnerships with financial institutions for broader credit access.

15. Technical Approach : Website Development: MERN (MongoDB, Express.js, React, Node.js) Natural Language Processing (NLP): Python, NLP libraries Chatbot Development: Dialogflow Machine Learning : Python, scikit-learn, TensorFlow

16. THANK YOU