4+1 tips to do great at a fintech hackathon
Hackathons are like supercharged boot camps where teams race to create the next big thing. How do you turn your idea into a successful product in 48 hours? With Quadcode’s “AI in Fintech: The Power of Personalisation” hackathon fast approaching on June 15th and 16th, this is a ‘cheat sheet’ on how to do well at such an event!
1. Focus: Identify a Specific FinTech Problem
In a hackathon, narrowing your focus is crucial. Choose a specific problem to solve. For example, you might develop a budgeting app that uses AI to analyse spending habits and set personalised saving goals. Alternatively, you could create a robo-adviser that crafts personalised investment strategies using AI. Bottomline, by targeting a particular pain point, your team can develop a deeper understanding and create a solution that truly addresses user needs.
2. Leverage Existing Technology
Don’t start from scratch. Use available tools and datasets to speed up development. Cloud platforms like AWS offer AI and ML tools to enhance your project. Financial institution APIs provide real-time data for features like personalised investment recommendations. These tools allow you to focus on your core idea rather than building the foundation.
3. Develop a Minimum Viable Product (MVP)
Your MVP should demonstrate the key functionality of your idea. Think of it as a proof of concept that showcases the potential of your AI-powered solution. For example, an MVP for a budgeting app might categorise transactions and show spending trends. Use this initial version to gather user feedback and refine your idea.
4. Pitching Your Solution
A strong pitch is essential. Explain the problem and how your solution addresses it clearly. Use real-world examples, like how Betterment uses AI to create personalised investment plans, to illustrate your point. Outline a basic business model to show you’ve considered the product’s long-term viability, whether through subscriptions or partnerships.
5. Post-Hackathon Steps
The end of the hackathon is just the beginning. Continue developing your product using feedback to improve your MVP. Refine the AI model and user interface based on user suggestions. Build a team with complementary skills to help develop your product further. Launch a beta version to a limited audience to gather more feedback and make further improvements.
Have you registered for the HackAIthon yet? Do it now, and make sure to put the above advice in full use!
The event is proudly sponsored by ECOMMBX as the Quantum Sponsor and AdTech Holding as the Silver Sponsor, with additional support from Capacitor Partners and TechIsland as community partners.
Hack you there!