Syndicate Bank partnered with HackerEarth, a developer assessment software, to conduct a large-scale hackathon, 'Synd Innovate'. The bank claims that its two-month long hackathon received overwhelming response with more than 3,500 developers crowdsourcing ideas for digital banking solutions.
Synd Innovate was aimed at helping the bank identify innovative ways to improve customer experience and digitize day-to-day banking functions. The HackerEarth has earlier conducted several BFSI hackathons with renowned banks, state governments and other institutions.
The Synd Innovate hackathon was organized in three phases to give participants enough time to work on their solutions. The first online phase which ran from July 16th, 2019 till Sept 03 2019 received participation from 3558 participants submitting more than 564 ideas. For second phase, 396 participants were selected to present prototype of their ideas. Out of over 200 prototypes presented in second phase, only 40 teams were selected for the final phase, an onsite hackathon. This took place between 28-29 September at 91 Springboard, Bangalore.
A healthy mix of participation was witnessed from both students from prestigious institutes of India as well as working professionals from some of the industry leading firms. Students from IIT, IIM, IIIT, BITS, NIT, SRM University, Army Institute of Technology (Pune), RV College, etc. and working professionals from OLA, DBS Bank, VMware, TCS, Astra Robotics, etc. are a few to name.
The Syndicate Bank team will mentor the finalists and help chisel their solution during the course of the onsite hackathon. The finalists will get the opportunity to showcase and discuss their solution before the esteemed judges and stand a chance to win amazing prizes. A total of INR 7 Lakhs will be given away in prizes with the winning team standing a chance to win INR 3 Lakhs.
The developers worked on below themes for the Synd Innovate hackathon:
Customer Social Profiling- Build solutions to check & verify customer's social life, connections, transactions, purchase patterns, travels, place of work, company where he is employed, current address and other details through social media/other platforms (LinkedIn, etc) through facial recognition and other information.
Voice-Based Customer Grievance Redressal System- A voice-based Customer Grievance Redressal where customer should be able to register & track grievance through voice message which gets directed to respective departments with proper back-end system for redressing for management having centralized monitoring.
An App for Agents- Create an easy referral system for anyone to register freely and refer new customers, to receive rewards points.
Branch wise customer ranking- Develop a system to analyze branch's customer data as per their digital channel usage, display the same in their digital signage system and suggest them to improve their digital user base by migrating the customers to digital channels instead of conventional brick and mortar banking.
Branch Ambience & Cleanliness- A centralized system to detect a bank branch's cleanliness & ambience effectively, for better customer experience.
? Whatsapp Business integration- Develop a system to integrate Whatsapp business for amazing experience to customers like immediate receipts of transactions, smart notifications, online transaction details, chatbots, live-chat etc.
Automated Queue Management System- Create an automated queue management system for walk-in-customer in the branch with the help of latest technology like QR Codes, IoT etc.
Identification & Triggering alert when a High Net Worth customer- Develop a system which can identify HNI & Top 100 customers and send an alert to branch head to avail priority banking services.
Mobile number verification of customers- Create an easier method for customer to verify their registered mobile by scanning QR code at the branch, sending missed call or any other easy procedure to provide him hassle-free verification process.
Early Fraud Detection Mechanism- Solutions sought for early fraud detection system by using AI, ML, NLP, BI or any other technology.
Customer Acquisition- Analysis for faster customer Acquisition for Banking Products such as Credit Cards, Loans, Current Accounts, Fixed Deposits etc.
Open Innovation- For any ideas that do not come under any other category, participants are encouraged to submit their ideas under open innovation.
Syndicate Bank currently has a network of 4163 branches, digital lounges and 4535 ATMs. It aims to foster the country's entrepreneurial drive through this hackathon. The challenge will give developers, startups, creative coders and techies a chance to work on real-world banking issues. The bank will collaborate with the talent and engage with them for co-learning and co-creating tech & business applications.
(Deccan Chronicle could not independently verify the number of applications and attendees, and these figures are from a PTI provided press release)