Financial Investment Recommendation and Decentralized Account Management

Harsh Jain, Shreeyaa Agrawal, Harshita Khandelwal, Vinaya Sawant

Abstract: Know Your Customer (KYC) is performed by banks and financial institutions for customer verification. The process of KYC is tedious, redundant and time consuming since banks have to repeat this procedure for the same set of customers leading to heavy costs. A customer also has to undergo the same process multiple times. Further challenge faced by the customers is the time and fee related to interbank transactions. Not only this, but the hassle of managing all the different bank accounts is tiring and cumbersome. For an average customer, as if these challenges were not enough, comes the added issue of approaching a costly financial planner for investment recommendation. These escalating expenses demand a system which provides a way to complete the one-time KYC process along with investment recommendation and account management using a single interface. In this paper, we leverage properties of blockchain such as its tamper proof nature and non-repudiation for developing a decentralized network that ensures one-time KYC along with ease in inter-bank transactions. Further, the long-term retention capability of the RNN-LSTM model is used to analyze the time series data and predict the most suitable option for investment after calculating the risk-taking capacity of the user.