Galileo-sponsored inaugural hackathon fosters fintech innovation
SALT LAKE CITY, Dec. 8, 2020 -- Galileo, the API standard for card issuing and digital banking, is proud to recognize the winners of the 2020 CB Insights Future of Fintech Global Innovation Challenge. More than 500 individuals participated in the three-week Galileo-sponsored hackathon, creating projects that addressed challenges around some of financial services’ most pressing issues, including embedded fintech, financial inclusion and financial literacy.
Additionally, participants competed for The Galileo Innovation Award, recognizing the project that demonstrated the best use of the Galileo Instant API to build digital banking functionality into their projects. The award was presented to EVVA Community Fund. Built by Abraham Guzman, EVVA is a community donation platform aimed at supporting small businesses in Mexico impacted by COVID-19. Through its digital banking and donation platform, customers can open a low-risk, high-yield investment account, where 25 percent of the maintenance fee is donated to EVVA’s community fund or the business of their choice.
The five finalist teams in the open competition presented their projects to industry judges-- including Galileo CEO Clay Wilkes, Bain Capital Ventures Investor Allison Xu and Managing Director of Financial Wellness Solutions Development & Integration at TIAA Chianoo Adrian--and before a live panel audience, which voted on the winners.
The winning project was awarded to ChrysCard, a streamlined credit payment platform built by two Harvard Business School students, Sylvester Wee and Akshay Amin. Addressing the problem of credit card overload, ChrysCard provides a single physical card that consolidates all your credit cards, an optimized algorithm that manages your credit spending to your specifications and a one-stop shop for both reporting and recommending credit-linked products.
The two runner-up projects were DataSpot and Savey. Built by Stefan Petzov, DataSpot is a mobile platform that keeps customers' data private through distributed computation. Savey, built by a team led by Priscilla Ma, is a platform that tells consumers what card to pay with so they can maximize credit card points and rewards.
“By naming this hackathon ‘The Global Innovation Challenge,’ we set the bar high for ingenuity, but participants didn’t shy away, and they delivered innovative products that set the stage for the future of fintech,” said Galileo CEO Clay Wilkes. “After witnessing the creativity and talent behind projects like ChrysCard, DataSpot, Savey and EVVA Community Fund, I’m more certain than ever about the potential of the next iteration of fintech innovation.”
“Being able to incorporate the Global Innovation Challenge into the programming at CB Insights Future of Fintech this year was a privilege, which we hope to continue for years to come, “ said General Manager of CB Insights Events Rebecca Sausner. “CB Insights is dedicated to helping its clients discover the new products and ideas that private companies are developing. A hackathon takes that mission even earlier into the innovation cycle by enabling our clients to pose challenges to the global fintech community and watch as innovative products are created and presented.”
The winning team, ChrysCard, received $5,000 and an opportunity for a post-event meeting with executives from the Austrian Bank Raiffeisen Bank International, which created the challenge that the ChrysCard team responded to. The winner of the Galileo Innovation Challenge, EVVA Community Fund, received $2,000 and a meeting with Galileo CTO Jeff Currier and CEO Clay Wilkes.
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O Impulso da Primavera: Novo Índice de Gastos com Débito da Galileo Mostra os Gastos do 1º Trimestre e as Perspectivas para o Ano
Os consumidores americanos gastaram com cautela no débito durante janeiro e início de fevereiro, antes que as restituições de impostos antecipadas e o clima de primavera desencadeassem um aumento de gastos em março, de acordo com o Índice de Gastos com Cartão de Débito da Galileo (Galileo Debit Spend Index) inaugural.
Por que o avanço dos cartões de débito da Geração Z está reduzindo os lucros dos cartões de crédito
Para pessoas preocupadas com a economia e enfrentando questões de acessibilidade financeira, uma opção pode ser deixar de lado o cartão de crédito com altas taxas de juros e optar por um cartão de débito confiável. Para descobrir as últimas tendências em cartões de débito, a CardRates conversou recentemente com Paul Dunning, Vice-Presidente de Desenvolvimento de Negócios da Galileo Financial Technologies, uma fintech pertencente à SoFi. Ele explicou por que os consumidores da Geração Z estão migrando para cartões de débito e esperando recompensas, o forte apelo das recompensas em débito e a atratividade dos cartões de débito para o consumidor que prioriza o débito.
Metade dos consumidores escolheu uma marca em vez de outra porque pagar ou receber reembolso era mais fácil
A demanda dos consumidores por serviços financeiros integrados em aplicativos de marcas está superando a capacidade das empresas de entregá-los, e a maioria dos executivos reconhece essa lacuna. Uma nova pesquisa da Galileo Financial Technologies, que em breve se tornará SoFi Technology Solutions, revelou que 80% dos executivos de marcas afirmam planejar lançar serviços financeiros integrados, mas apenas 20% já o fizeram até agora. O Relatório de Pesquisa Galileo Integrated Financial Services 2026, baseado em pesquisas com mais de 2.000 consumidores dos EUA e 150 executivos seniores, mostra que, embora os consumidores já utilizem funcionalidades como cartões salvos, recompensas e reembolsos instantâneos dentro de aplicativos de marcas, a maioria das empresas ainda não lançou essas capacidades.
Executivos de marcas temem perder clientes para concorrentes com ferramentas financeiras integradas em aplicativos, aponta pesquisa da Galileo
Metade dos consumidores escolheu uma marca em vez de outra porque pagar ou receber um reembolso era mais fácil
Apresentando a SoFi Tech Solutions: uma marca unificada criada para impulsionar a inovação financeira de ponta a ponta
Estamos evoluindo de Galileo para SoFi Tech Solutions para refletir todo o alcance da nossa plataforma. Oferecemos infraestrutura de ponta a ponta para fintechs, marcas e instituições financeiras, agora com o suporte da escala e dos recursos da SoFi. Nossa missão permanece a mesma: apoiar o crescimento dos nossos clientes, mantendo a neutralidade da plataforma e a proteção rigorosa dos dados.
