Junction2 coworkers win 2017 BOQ Fintech Hackathon

By Junction2 Noosa Junctions Creative Coworking Space

Members from Junction 2 and Coding at the Beach win first place with their solution to revolutionise the Superannuation industry for millennials through an interactive mobile app. What's their next step? To turn the idea into an actual product.

Hosted by Bank of Queensland (BOQ) and technology start-up hub River City Labs, over 130 budding innovators and tech-heads pitch their business idea and solution to a panel of high-profile tech judges, including Queensland’s Chief Entrepreneur, Mark Sowerby, Ezidebit founder Michael Dempsey, Infocus Chief Operating Officer, Jo Willoughby, and BOQ’s Chief Information Officer, Donna-Maree Vinci.

54-hours of team work, validation, coding, more validation, pivoting ideas, validation, pitch practice was required in order to address one of four problems faced by the financial technology industry.

The winning crew looked to solved the problem of engaging millennials through some form of disruption in technology.

Their solution? SuperTransparent. A new breed of super, using an interactive mobile app to provide real-time updates on your super balance, fees and transactions. The app would allow users more control and choice about where their money is invested, or more accurately where they don't want it invested. Users receive all this user experience and service for a small fixed rate fee.

Spokesperson for the group Ruth said "We had to basically create a complete business in 48 hours, it was crazy".  With a website created they manage to raise over $7.2 million in Superannuation pledges with real people who wanted to this idea be something real.

One user questioned in the initial validation process said, "I don't know how much Super I have, but I know I have more than few seperate accounts".

Our very own founder Gary Swanepoel, one of the winning team's members said, "We found this response to come up repeatedly. We surveyed over 100 people online aged between 18 to 35 years, and nearly 50 in person and we were all surprised how many times this comment was made. When we further discovered the amount of fee's paid on each account, including multiple life insurance policies we new we had stumbled across a major problem in the industry."

The team comprised of three resident Junction 2 co-workers Gary Swanepoel, Mike Dekker and Tarah Swanepoel alongside Coding at the Beach members Ben Duncan, Rick Pruss and Ruth Luscombe.
Winning the $5000 cash prize, as well as a HP Tablet each, they now go on to meet with Shark Tank's Steve Baxter for some one-on-one mentoring to get their idea off the ground.

Congratulations team. We're all very proud of you!

If you want to pledge your support you can still visit the website http://supertransparent.io