Bangalore, India, October 1, 2019 : Syndicate Bank, one of the most trusted and technology savvy public sector banks, partnered with HackerEarth, a leader in developer assessment software, to conduct a large-scale hackathon, Synd Innovate. The two-month long hackathon successfully concluded on September 29. It had received overwhelming response with more than 3500 developers crowd sourcing ideas for digital banking solutions. In final leg only 13 teams were selected from 40 teams that made way for final phase.
The winning team prize of Rs.3 Lakh was bagged by Mr. Venkatesh from Bangalore for his innovative solution provided for Ease of e-payment Adoption and Security Design for Technically Challenged Users.
First runners up which bagged a cash prize of Rs. 2 Lakh each was a tie between Team SAK from Coimbatore and Team H4CK3RS from Bangalore for their presentation on Centralized system for checking branch ambience and cleanliness and Referral Marketing respectively. They were closely followed by Sarthak Sadh from Delhi and team Renjinikiran from Bangalore again in a tie for 2nd runners up position for WhatsApp Business Integration and Smart Document Processing System respectively and won cash prize of Rs. 1 Lakh each.
Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank said “Fintech collaboration and open co-creation is the basic of new age digital banking. Events like Synd Innovate Hackathon are the right platforms to discover better and efficient ways of improving digital banking and thereby customer experience. It was overwhelming to witness how much talent our country has in store. The innovation displayed by every team was par excellence. I congratulate each one who participated in this event as they all displayed a level of excellence that makes our country proud.”
Atul Kumar, CIO, Syndicate Bank added “Syndicate Bank is cohesively working towards improving customer experience everyday with increased emphasis on new generation and millennial customers. Hackathon provided us the right opportunity to develop solution of delighting them as majority belonged to the same age-group. Today’s customers are demanding services and convenience banking at a different level all together. The ideas presented were beyond our expectations and the bank looks forward to implementing some of them.”
Synd Innovate was aimed at helping the bank identify innovative ways to improve customer experience and digitize day-to-day banking functions. It was organized in three phases, 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, onsite hackathon. Syndicate Bank’s IT team mentor the finalists and helped them chisel their solution during the course of the onsite hackathon.
A healthy mix of participation was received with representations from students from IIT, IIM, IIIT, BITS, NIT, SRM University, Army Institute of Technology (Pune), RV College, etc. and also working professionals from OLA, DBS Bank, VMware, TCS, Astra Robotics, etc. are a few to name.
The developers worked on various themes for the Synd Innovate hackathon which included Customer Social Profiling, Voice-Based Customer Grievance Redressal System, WhatsApp Business integration, Automated Branch Management System, Identification & Triggering alert for a High Net Worth customer, Early Fraud Detection Mechanism, Open Innovation, etc. were a few to list.
