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21st Century Banking

21st Century Banking

Corda Network
Overview

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.

  1. 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.
  2. Visit – Through an Augmented Reality experience based on Microsoft HoloLens, users can visit houses without leaving the comfort of their own home.
  3. 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.
  4. Acquire – The App enables users to participate in the Blockchain based auction process through its auto-bidding facility.
  5. 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\