Bengaluru: RBL Bank, one of the country’s fastest-growing private sector banks organised the grand finale of Hackathon — a solution development programme for banking and financial services.
The Hackathon encouraged participants to envision trailblazing solutions by using a diverse set of Financial Services APIs available across various forums, including RBL Bank. The event received overwhelming response with 217 teams submitting their innovative ideas across the country. Sixty-one teams were shortlisted and 21 teams presented their demos to the jury at Bengaluru and Mumbai in the final round. These ideas were evaluated by experts who handpicked 11 teams for the final presentation.
Following are the winners of the first-ever RBL Bank Hackathon under the RBL Bank ilabs initiative:
1) Team Evee (Winner) – A contextual voice and text-based conversational smart assistant which can understand the context of payment and seamlessly initiate payment using the RBL Bank payment APIs, UPI and BBPS frameworks.
2) Team Seven (1st Runner-up) – New entrant in the wearable space ‘A NFC Ring’ uses RBL Bank API’s to make payment. Proposed as a replacement for RBL Bank debit card.
3) Team neoEYED (2nd Runner-up) – With the motivation to ‘Kill the password’, AI-driven startup created an algorithm which understands human behaviour of phone usage and even the walking pattern to authenticate login as well as financial transactions on any digital channels.
The winners were awarded cash prize of Rs 10 lakh, benefits worth Rs. 3.4 crore, including consultancy hours with PwC, IBM Bluemix Credits, USD 100 promotional credit from AWS Activate, membership of 91springboard hubs and Apple MacBook Air by NetMagic. One of the finalists may get an opportunity to co-develop a proof of concept with Infosys Finacle and the potential opportunity to work with RBL Bank.
Speaking at the finale, Sanjay Sharma, Head – Technology, Innovation and Customer Fulfillment, RBL Bank said, “We envision RBL Bank as an innovative, smart and future-first bank, leveraging latest technology to bring in a paradigm shift in the banking sector. There is a need to build a new ecosystem in partnership with fintech companies rather than treating them as competitors. We feel that programmes such as Hackathon and StartupBootCamp will play a significant role in simplifying the partnership between RBL Bank and fintechs.”
The RBL Bank Hackathon was supported by IBM – platform partner, Microsoft – technology partner StartupBootcamp and National Payments Corporation of India – payment partner. Other partners included PricewaterhouseCoopers, 91 Springboard, Amazon Activate, NetMagic, Infosys-Finacle, Digital Ocean, India Startup Club – RBL Bank and 10000 Start Up NASSCOM initiative.