FORMONY

Inspiration

We heard about finastra hack to the future 4 from the team TINQBIT(winners of hack to the future 3). The team FORMONY was formed to resolve the problems faced between wholesale dealers and retailers. Our main objective was to remove unnecessary middlemen. So, we decided to come together to help this destitute part of the society. We studied the problems of each sector and planned our initiative accordingly. As part of our study, we conducted many surveys and interviews with small scale businesses nearby. And so we got to experience their problems directly and saw their distress regarding the same. This gave us a better and clear idea on what small scale businesses need these days and gave us a push to work harder for this project.

What it does

During the survey, we came to know that there were mainly 5 issues we had to solve. They are :

Financial problem
Lack of availability of quality products
Transportation charges of goods
Damage of good during transportation
Inadequate information Hence we created a mobile application called FORMONY business which gives the the following services:
Financial services
Material tracer
Market pricing
Selling of products

How we built it

We took a lot of effort to make this app, we used so many programming languages to build this app.

Challenges we ran into

We did not get adequate time to plan and coordinate the project efficiently. There was also the problem of COVID-19 pandemic due to which we had to face many limitations.

Accomplishments that we're proud of

By eliminating the use of middlemen, the retailers have a lower chance of risk when it comes to cheating of money and hardwork. Also retailers won't have to spend a lot of expenses on middlemen.

This app quickly find bank loans according to their interests and also verify their status.

Many retailers find it difficult to continue their business due to lack of information and resources, due to which transportation cost a very high. For this problem, FORMONY has a material tracker which enables you to find good quality products from nearby locations and also rate and crosscheck them with other product.

This will help to bring up the small scale businesses and contribute well to the society.

What we learned

While developing this project, we learned a lot of new things and got to see lot of new perspectives regarding the issues we were trying to solve. We shed light on a part of the society we often ignored and got to know more about their problems. This helped us to grow as individuals emotionally and intellectually. Instead of showing sympathy to the marginalised sectors of the society, we learned to empathise with them and see the problems from their point of view and think accordingly. Overall it was a very valuable experience.

What's next for FORMONY

FORMONY is a business fintech initiative that helps retailers to manage their business in a simple and productive manner. We have a buy now pay later service which is a future add-on. Also, as part of our future endeavours, we are planning to add an advertising feature with which the user can advertise their business initiatives. We are always open for constructive criticism from our users.