ClearWay

Empowering the underbanked with smarter financial access.

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💡 Inspiration

The idea for ClearWay stemmed from our desire to tackle the persistent issue of financial exclusion faced by the underbanked population. We noticed that millions of households in the U.S. struggle to access traditional banking services due to limited credit history, geographic constraints, or complex requirements. This gap inspired us to create a comprehensive platform that serves both underbanked individuals and financial institutions, empowering users with smarter financial tools and expanding market reach for banks.

🚀 What It Does

ClearWay offers a dual-dashboard system tailored for users and bank employees:

  • The User Dashboard provides seamless access to transaction history, investment options, and secure check validation services. It features a minimal, intuitive UI/UX, designed for easy navigation, even for those with limited banking experience.
  • The Employee Dashboard offers powerful tools for bank staff, including real-time check validation, client portfolio insights, and a State-of-the-Art (SOTA) AI-driven fraud detection model with a remarkable 97% training accuracy.
  • With integrated features like investment opportunities, fraud detection, and check validation, ClearWay bridges the financial access gap for underbanked individuals, while streamlining operations for financial institutions.

🛠️ How We Built It

ClearWay was built using a robust tech stack, prioritizing security, efficiency, and user experience:

  • Frontend: Developed with React.js, HTML, CSS, and DaisyUI, offering a clean and responsive interface for enhanced accessibility.
  • Backend: Combines Python (Flask) and Node.js, handling API requests and client data efficiently.
  • Database: Utilized SQLite for reliable storage and management of user data, transactions, and client profiles.
  • Authentication & Security: We implemented secure authentication using Auth0, with JWT-based role management and data encryption, ensuring that sensitive information like check data is highly protected.
  • Fraud Detection: Our AI-powered fraud detection model achieved an impressive 97% training accuracy, using advanced pattern recognition to safeguard against fraudulent activities.
  • and used GitHub for collaborative version control.

🧗‍♂️ Challenges We Ran Into

  • Balancing Security and Usability: Ensuring robust security measures without compromising user experience was a key challenge. We focused on implementing Auth0 for secure, streamlined authentication and encrypted sensitive data for maximum protection.
  • Real-time Check Validation: Developing an accurate and responsive check validation system required extensive backend optimization and testing to ensure reliability.
  • Designing Dual Dashboards: Crafting distinct yet cohesive experiences for both users and employees required iterative UI/UX improvements to meet the needs of both audiences.

🏆 Accomplishments That We're Proud Of

  • Achieved a 97% training accuracy on our SOTA AI fraud detection model, significantly enhancing transaction security.
  • Successfully built a multifaceted application with a minimal and intuitive UI, making financial services accessible to the underbanked.
  • Implemented secure, scalable authentication using Auth0, with robust encryption for sensitive data, ensuring user trust and compliance.
  • Streamlined client management with a powerful Employee Dashboard, featuring real-time check validation and detailed client insights.

📚 What We Learned

  • The importance of user-centered design, especially when building tools for financially underserved communities.
  • How to implement advanced security measures like JWT-based authentication and data encryption using Auth0.
  • Gained insights into the unique needs of underbanked individuals, shaping our feature set and development approach.

🔮 What's Next for ClearWay

  • Expand Financial Services: Introduce microloans, savings accounts, and 401(k) starter plans tailored for underbanked users.
  • Enhanced Fraud Detection: Integrate more sophisticated machine learning models to further increase the accuracy of our fraud detection system.
  • Partnerships with Financial Institutions: Collaborate with banks to offer ClearWay as a comprehensive platform for extending their services to underserved communities.
  • User Education Modules: Expand features that educate users on financial planning, investment strategies, and safe banking practices.
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