21st Century Banking
21st Century Banking is an application that leverages technology innovations to manage some of the key financial journeys that our customers experience.
Financial Aid & Response Assistant (FARA) is an App that acts as your own personal agent. FARA guides you through various financial journeys like getting insurance, organising utilities, booking holidays or even buying a house... just name it, and FARA can help!
The Home Buying Journey
The FARA App guides its users through the end to end Home Buying journey – from finding a home to settlement.
- Find – The App uses IBM Watson conversational and data science capabilities to help the user identify the right Home buying opportunities based on financial profile, lifestyle and interests.
- Visit – Through an Augmented Reality experience based on Microsoft HoloLens, users can visit houses without leaving the comfort of their own home.
- Finance – The App identifies the best suited financing options based on the user’s lifestyle and financial profile. It also digitizes financing approval by establishing a Smart Contract on the Real Estate Blockchain – R3 Corda. The Smart Contract creates a pre-auction transaction that includes the Lender’s commitment.
- Acquire – The App enables users to participate in the Blockchain based auction process through its auto-bidding facility.
- Settle – After successfully winning the house at auction, settlement is performed in real-time by executing the Smart Contract established at the end of the \Finance Phase\