RBL Bank launches RBL iLabs, and it’s first-ever Hackathon

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Mumbai: RBL Bank, one of India’s fastest growing private sector banks, today announced the launch of RBL iLabs, a unique initiative to promote innovation in Banking and Financial services. This also marks the announcement of RBL Hackathon, a solution development programme aimed at fostering the creation of new solutions in Banking and Financial Services. The contest is aimed at engineering students, IT professionals, tech enthusiastic, start-ups, and app developers.

The RBL Bank Hackathon is supported by IBM, StartupBootcamp, PricewaterhouseCoopers Private Ltd, The Hive, 91 Springboard, Amazon Activate and NetMagic.

Speaking at the launch Mr. Sanjay Sharma, Head – Technology, Innovation and Customer Fulfillment, RBL Bank said, “Financial services industry in India is undergoing a digital transformation with innovation at its core. RBL is launching this hackathon to create innovative and viable solutions that surpass the currently available solutions in the market, thereby aiming to provide a superior and intuitive experience to the end user. The whole idea is to secure and raise customer experience to an all new level.”

“The open innovation theme of RBL Bank Hackathon will provide fintech and start-ups, IT professionals etc. with a unique opportunity to explore technologies like AI, machine learning, block chain, digital currency etc. To improvise and transform the banking industry. This platform is created to recognize and reward the best of them and give them an opportunity to change the Fintech industry,” he added further.

The Hackathon is fabricated to encourage the participants to envision new solutions that surpass the present available solutions in the market by using the diverse set of Financial Services APIs available from various forums including RBL Bank. The solutions that give a superior intuitive experience to the end user will then be competing for the top prizes in the Grand Finale.

The semi-final stage presentations of the RBL Hackathon would take place in Bengaluru and Mumbai, followed by the award ceremony on 1st July, 2017 in Mumbai. The top three winners will get a chance to win exciting cash prizes worth INR 1 million along with a potential engagement opportunity with RBL Bank for productizing their ideas and other benefits worth INR 34 million offered by our partners.