Fighting Fraud, Streamlining Loans & Optimizing Banking: Inside Bankjoy's First AI Code Fest
At Bankjoy, we believe the future of community finance lies in embracing cutting-edge technology to solve real problems. That's why we recently hosted our inaugural AI Code Fest – a ‘hackathon’ that challenged our talented product and engineering teams to explore how artificial intelligence could revolutionize the banking experience for community financial institutions.
Our teams had one mission: leverage the latest AI technology to prototype solutions for problems that truly matter to community financial institutions.
With just 8 hours to develop their ideas, three teams rose to the challenge, creating prototypes that demonstrate the potential to transform how financial institutions operate and serve their communities.
🏆 First Place Winner: FinPilot - The AI Banking Consultant Prototype
Team: Arielle Hoffman, Hernan Gonzalez, Camron Frenzel, and Manuel Perez
The problem: Setting up fraud detection rules typically requires expensive consulting relationships that can cost tens of thousands of dollars and take months to implement, putting sophisticated fraud protection out of reach for many community financial institutions.
The concept: FinPilot would act as a digital banking consultant, using AI to analyze transaction data and provide intelligent fraud detection recommendations in minutes rather than weeks. The proof of concept demonstrated how sophisticated "Retrieval Augmented Generation" (RAG) technology could deliver expert-level fraud prevention guidance tailored to each institution's specific needs.
Key features demonstrated:
- AI-powered analysis of client transaction patterns and existing rule configurations
- Custom fraud detection rule recommendations with clear explanations
- Integration with existing client portal interface
- Expert-level insights accessible to institutions of all sizes, potentially turning weeks of analysis into minutes of AI-powered recommendations
The competition was fierce
While FinPilot took home the top prize, each team delivered a remarkable quality of innovation. The judging was incredibly close, with each prototype addressing critical pain points in community finance. Here are the other standout entries that pushed the boundaries of what's possible:
Lana - The Voice-First Loan Assistant
The problem: A staggering 68-90% of loan applications are abandoned before completion, representing $2.3 trillion in potential lending lost annually. Complex digital forms can create barriers for users who may prefer or require voice interaction, including older adults, non-native speakers, and those with visual impairments.
The concept: A voice-activated loan application system that allows customers to apply for loans simply by speaking—just like they would with an advisor in a branch. This proof of concept demonstrated how natural conversation could replace complex forms, with the AI automatically structuring spoken responses into complete application frameworks while supporting multiple languages and accessibility needs.
Auto Defender AI - Fighting Bots with Bots
The problem: Financial institutions face constant cybersecurity threats from sophisticated bot attacks and malicious activities. Identifying attack patterns requires significant security expertise and 24/7 monitoring that can strain IT teams at community financial institutions.
The concept: An autonomous cybersecurity defence system using multiple AI agents to analyze web application firewall logs around the clock. This proof of concept demonstrated how AI could act as a force multiplier—like having a cybersecurity expert analyze millions of log entries 24/7 and immediately flag critical threats for human review, giving community financial institutions enterprise-level security capabilities without requiring large security teams.
Innovation in action
Bankjoy's first AI Code Fest showcased what's possible when talented teams are given the freedom to explore, experiment, and solve real problems. These prototypes were built in just days, with the teams spending less than $15 combined to build concepts that could inspire new directions in banking operations.
While these remain early-stage prototypes, they represent the kind of forward-thinking exploration that drives Bankjoy’s ongoing product development. Some concepts may evolve into features within our existing products, while others help us understand new possibilities for serving community financial institutions.
Build the future of community banking with us
At Bankjoy, we're reimagining what's possible when community-focused values meet cutting-edge technology. Our monthly product releases consistently bring new capabilities to community banks and credit unions, and explorations like our AI Code Fest help us stay at the forefront of financial technology innovation.
Ready to be part of the future of community finance? We're always looking for talented engineers, product managers, and innovators who want to make a real difference in how communities access financial services and join our team.
Want to learn more about Bankjoy's approach to innovation? Contact us to discover how we're leveraging emerging technologies to empower community financial institutions.