Magazine article American Banker

Capital One Hackathon Produces Financial Apps for Millennials

Magazine article American Banker

Capital One Hackathon Produces Financial Apps for Millennials

Article excerpt

Byline: Jacob Passy

Market data cloud solutions provider Xignite has selected a group of entrepreneurs who made best use of an Xignite market data API at the Capital One People & Money Hackathon earlier in March, placing them among the many programmers and developers honored for their work at the event.

Xignite's winners were Elyse Lefebvre, a product manager at incubation lab Money Inferno; Lucas Farah, an iOS developer; and Simone Totaro, a business development fellow at training program Tradecraft, according to a March 30 press release. Their app, which won for its use of an Xignite market data API, allows users to divide a paycheck across four different accounts.

The app can record users' savings goals and integrate with social media to judge their personality and risk profile. The app will then automatically choose how to allow their paychecks to be distributed across the different accounts: checking, emergency savings, rainy day savings and investments. Analytics using Xignite market data can then help users asses their investment portfolio and estimate future returns.

The team based its app design on a survey of millennial peers. The survey found that a majority of their peers did not manage their finances properly, but wanted to be more financially secure.

"We understand that millennials hold great power in today's marketplace, and finding an easy-to-use, intuitive app that meets a common need amongst this group is a goal for many entrepreneurs in 2015," Lefebvre said in the press release. "We felt [the app] enables millennials to be more responsible and confident in their personal money management. …

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