A nationwide hackathon to exhibit creative solutions and collaborate on solutions with the Bank of Baroda is open to developers, students, professionals, start-ups, and fintechs.
The total prize money for the top three winners would be Rs 10 lakh.
One of the top public sector banks in India, Bank of Baroda (Bank), has announced the beginning of a national online hackathon on Generative Artificial Intelligence (GenAI) in association with Microsoft.
The goal of the hackathon is to motivate participants to create creative solutions that leverage GenAI technology to solve particular business issues that the Bank has identified.
The Bank plans to put the best hackathon ideas into practice, and the top three teams will each earn cash rewards of Rs 5 lakh, Rs 3 lakh, and Rs 2 lakh.
The two-month event, which is open to teams and individuals and includes developers, students, professionals, start-ups, and fintechs, will concentrate on ideation and prototype creation.
In six key areas—customer service, financial advisory, audit & compliance, risk management, operational efficiency, and personalised content creation—Bank of Baroda is looking for innovative solutions.
Shri Sanjay Mudaliar, Executive Director, Bank of Baroda said, “Bank of Baroda is committed to staying at the forefront of innovation. With the banking industry evolving rapidly, the advent of Generative Artificial Intelligence marks a new frontier. Artificial Intelligence, particularly Generative AI, holds immense potential to transform the way we approach banking, offering new ways to enhance customer experiences, streamline operations, and drive efficiencies. We firmly believe that by working together with like-minded innovators, we can create transformative solutions that will redefine the banking landscape for the better. We are also pleased to collaborate with Microsoft in this initiative.”
Commenting on the initiative, Mr. Puneet Chandok, President, Microsoft India and South Asia said, “We at Microsoft are thrilled to share a common vision of a tech powered India with Bank of Baroda. Our journey is fueled by Azure OpenAI’s digital innovation, and together, we are ushering in a transformative era in customer banking. Through the Gen AI Hackathon, an initiative by Bank of Baroda, we look forward to developers utilising Azure OpenAI’s capabilities to architect unique digital solutions for the Indian banking sector.”
By going to https://bobhackathon.com, participants can join the hackathon. A team of no more than four participants may choose to take part. Teams and individuals may sign up for the hackathon and submit ideas between June 10 and June 30, 2024 (inclusive).
Teams who make the short list will be required to create a prototype, which will serve as the foundation for selecting the winners. Azure credits, technical resources, and mentoring sessions from Microsoft and Bank of Baroda subject matter experts will be given to the shortlisted teams.