Break the Banks Hackathon NYC 2015

This weekend, I participated in the Break the Banks Hackathon. The challenge was to utilize modern technology to disrupt the current banking system to benefit consumers. The event brought an eclectic mix of developers, designers, and business hackers together.

The hackathon was spearheaded by TransferWise and Oxygen Startups, with additional support from Yodlee (API Sponsor), DigitalOcean (hosting credits) and the IEX Group (FinTech partner).

There were prizes for the top app, 2 runner-ups, and best Yodlee API integration.

Friday Night

The weekend kicked off with an idea generation and team building session. While scarfing down a mortadella sandwich, the employees from TransferWise and Oxygen Startups explained the history of FinTech innovation and the potential for disruption. Attendees were then given an opportunity to pitch their idea to the audience.

After all the pitches were done, the attendees voted on the best ideas. The top ideas were scrutinized further with a short Q&A, so people could learn more detail about each project. We then chose which projects we wanted to work on.

Saturday

Our team assembled early in the morning and we hashed out our idea a bit further. We decided to utilize the Yodlee API for our project, so we borrowed the developer evangelist for a few hours.

Our team split up into smaller groups focusing on the API, the front-end layout, the back-end logic and the business strategy. Our stack was AngularJS, Node.js, Express.js, and MongoDB.

There was a scrumptious Indian buffet spread for lunch. Afterward, we had 3 consecutive mentor sessions. The mentors were employees at various FinTech companies, either in software or business roles. They provided business development strategy, user acquisition ideas, and other useful feedback.

The Turkish dinner was nothing short of delectable. We wrapped up around 10 pm to get some sleep before the final haul.

Sunday

Matt Trudeau, from the IEX Group, kicked off a morning presentation about the state of high-frequency trading. While carbo-loading, we continued to work on our apps and pitch decks. Presentations started at 2 pm.

All the teams presented their final product, whether it was simply a business presentation or a working web / mobile app. The judging panel was comprised of developers, product manager,s and venture capitalists.

Best Overall App — Cronopio

Their business idea was to provide credit to e-gamers. The field is so new and the revenue comes from so many different sources that traditional financial institutions are wary of offering loans to emerging video game streamers and competitive gamers.

Hustlers of Wall Street Runner Up— ForX

Their business idea was to help international users to purchase products in the US market without high exchange rates.

Hackers of Wall Stree Runner Up — Cha Ching

Their business idea was to allow users to have payment integrated right into their keyboard for auto payment.

Best API Project — Budgeteer

Our team’s idea was to create a simple online accountant for the millennial generation. Replace the traditional, expensive accountant or financial advisor with an algorithmic accountant that balances your short-term life goals with live feeds of all you financial accounts (checking account, stocks, mortgage, car loan, etc.).

Wrap Up

The event was awesome and well put together. All the attendees were given ample food and drinks to crush code throughout the weekend. Big shout-out to Anthony from Oxygen Startups, the Transferwise team, the Yodlee team and all the volunteers and sponsors that made this event possible. I will definitely be gunning for the top prize at Break the Banks 2016.