The LakeBanker system will coordinate a massive network of individuals, merchants and other institutions who will provide banking services to users. The nodes in our network are called "LakeBankers". A LakeBanker provides services that would ordinarily be undertaken by the high street branch of a traditional bank; for example, they can facilitate deposits/withdrawals from the system and conduct KYC ("Know Your Customer") verifications on other users as part of risk management. Any user can become a LakeBanker; indeed the system encourages users to both consume and supply banking services. The network is accessed through a mobile app from which users can initiate requests for services. The app transmits requests to LakeBankers who are free to accept.
A key technological component is our artificial intelligence agent, Sage: Its primary functions are to find optimised matches by estimating the time and cost of a specific service and adjusting fees and incentives dynamically based on real-time supply and demand conditions, and to conduct ongoing risk management based on the live and historical financial data it collects from the app. Our technological solution effectively replaces traditional banking infrastructure with a peer-to-peer market, sometimes known as a "matching market". We call this concept "Crowd-Banking". Our Crowd-Banking model has four important implications in terms of executing our mission.
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