Product DESIGN from a Hackathon
Who or what are Mondo?
If you don't know already, Mondo are a startup bank that are growing within the FinTech industry. They are a mobile first bank that have revolutionised the way you manage and interact with your money. Their technology is built from the ground up using microservices, so is immediately scalable, which is a further advantage they have over incumbent banks that rely on legacy technology. They have a developers portal in which you can access their API, enabling for a great deal of innovation and tinkering from the developer community, meaning a larger amount of products that make your life easier can be developed.
What is FriendFund?
The idea of FriendFund was to take a bite out of the peer-to-peer lending apple, but make it more personal. The idea was that you set up a "Funding Group", which can be made up of friends, family, housemates, girlfriend etc. Then each member of the group would select a level of funding that they are willing to actively lend from their Mondo account balance (e.g. 40% of your bank balance).
When a member of the group required some money they would request an amount and the service would go out and request little chunks of the money from each person's Mondo account. Taking advantage of Mondo's API the algorithm could take into account how much each person was willing to lend of their balance and would take the appropriate chunks from each account to make up the requested amount.
The lender would then receive interest paid by the borrower which would be taken automatically through Mondo. The advantages of this would be that the borrower gets a safe way of borrowing money, that is distributed, from people they know, and is not governed by any credit regulations. The advantages for the lender would be that they are earning a higher interest rate on their spare cash that they would be in a savings account, and they know where the money is going, which gives them a control level.
Caveat: We did not research any legal or regulatory issues that may surround this, this is just a proof of concept.
I was the UX/UI Designer and PM/Strategist of the team, working with 4 other developers.