Jordan Karstadt; Farouk Aboughazale
High Concept Statement:
Omni is the Uber of Banking and can be thought of as a cross between Uber and Venmo.
Omni is also a current NYU 300k Semi-Finalist Team.
Our promotional video can be found at:
Need or Demand:
Over 50% of the world has little to no access to any form of financial service, while 100% of the world overpays for the slow, expensive and technologically dated services they are provided.
Product / Service / Solution:
Currently, over 50% of the worlds population has little to no access to conventional banking institutions and financial amenities.
For those who do, transfers and conversions cost as much as 10% and can take as long as 3 days.
Omni address these issues and provides superior service no matter who you are, where you are, or how much you have.
Omni is a mobile, blockchain-based financial services platform which allows both banked and underbanked-users globally to store, convert, withdraw and transfer money in seconds by automating all processes involved and establishing a global community of individual tellers.
In allowing anyone to become a financial services provider, Omni bolsters local economies and provides safe digital asset storage for populations who would otherwise be forced to carry high-risk assets such as cash or gold.
Once assets are digitalized, Omni provides currency transfers and conversions at one tenth the cost of existing platforms with just 3 seconds in delays allowing communities and families spread across the globe to share their financial empowerment.
Current competitors include:
Western Union, who’s bureaucratic limitations result in egregious client-side expense (as high as 10%) and delays, and who’s services fail to allow users to secure assets digitally.
And Paypal, which, while digital, fails to provide cash deposits and withdraws and is unable to provide a full spectrum of services for underbanked and non-banked users.
Omni profits from small fees (ranging between one and two percent) on various transactions across the Omni network.