With all the buzz around HIPA, you may be wondering, what did the Israeli and German innovators actually build?
Last week, they revealed their projects at our Demo Day. The room was full of energy, as the audience awaited.
The Israelis and Germans were tasked with solving 6 corporate challenges mainly surrounding FinTech. Many of the corporates used this as an opportunity to build products that would attract young customers. Since many financial services are not marketed towards the younger generation, the HIPA fellows built creative and innovative products that they would actually use.
Here are some of the results:
Rethinking the way we use cash machines.
Not only should cash-withdrawal machines be limited to providing cash. Customers of this bank will now also receive coupons to local businesses (cafes, shops, butchers, etc.) This will increase customer loyalty and attract more businesses to open their business accounts with this bank.
2. Introducing Virtual Reality to regain the experience of the old days at the bank.
Miss the times where you had a relationship with your bank teller? When the clerk would ask about your children and dog? Now with VR, bank members do not have to leave their couch to have their (virtual) hand held while walking through the bank.
3. Reshaping the way we lease cars.
One of the largest car manufacturers will begin a pilot program for customers to share leased cars. Car2Go cannot provide long-term reliability, and standard car leases are unaffordable. Now you can lease a car with your neighbours, roommates, friends or strangers in your proximity. The car updates user settings (navigation, seat position, music) based on the driver. Finally, convenience, affordability and safety with your luxury vehicle.
4. Streamlining the investment process.
Say goodbye to piles of paperwork, long waits and confusion. With this new platform, investors can begin investing after 2 days. Eligibility criteria is stated upfront and necessary legal and financial documents are now clear and digitised. This new platform enhances the online experience by increasing security of online signatures, user authentication and double authentication log-in.
The other products were tools for increasing financial literacy of the youth. This included an interactive mobile game and a new mobile app for a bank to implement features like smart saving and goal-setting.
The impressive projects were all market-tested and extensively researched over 12 weeks.
It was clear that the fellows diverse backgrounds, cultures and skill-sets drove the innovation.
Many of the fellows are interested in continuing the development and next steps of their products. They are now in consultations with their corporates regarding next steps.
We are looking forward to the 2nd Edition beginning this September. German-Israeli collaboration will continue to drive innovation!