Through this contest BOB will explore innovative ways to apply the latest technology to the Indian banking sector
In the last few years, the advancement in technology has led many companies to change the way they operate. Businesses are making maximum use of this technological advancement to help them cut costs and increase profits. But still, the use of technology is limited to particular sectors only. There are many areas, where use of technological advancement is being explored. The banking sector has also benefited from the scientific progress. Application of blockchain, machine learning, artificial intelligence, automation and robotics is being explored in this sector.
Bank of Baroda has launched a nationwide hackathon contest— the Baroda Finathon Challenge— to explore and crowd source ideas related to technological innovations outside the country, and implement them in the Indian banking industry.
The hackathon invites techies, developers, students and startups to participate in the contest. The participants are required to present exciting, innovative, novel and viable solutions to specific problems of the Indian banking sector.
It is an online contest, divided into two phases, and will run for two months. The first phase is from September 2 to October 8, 2017, wherein the participants are required to register their ideas. They can form a team of maximum three people, and develop an application or solution to various themes given by the bank.
The second phase starts from October 15 to November 05, 2017. This will be a solution-development stage where the shortlisted teams are required to submit the working solutions online. The submitted solutions will be evaluated further and the top three solutions will be awarded prizes in the Grand Finale.
The objective of organising this hackathon is to get out-of-the-box ideas on how technological innovations can be used in the banking sector, to bring greater value to the customers, make the banking operation more efficient and create smarter ways for customer acquisition.