Fin­tech Val­ley Vizag and Knowl­edge Part­ner KPMG An­nounce Fi­nackathon 2017

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Hack­erEarth, a leader in in­no­va­tion and tal­ent man­age­ment soft­ware, has been se­lected by Fin­tech Val­ley Vizag - a Gov­ern­ment of Andhra Pradesh ini­tia­tive, to host Fi­nackathon 2017. The hackathon, project man­aged by KPMG, is be­ing held to crowd­source ideas for the devel­op­ment of fin­tech ecosys­tem in Vizag and cat­a­pult it as the coun­try’s hub for BFSI in­no­va­tion and busi­ness devel­op­ment. More than 10 lead­ing fin­tech play­ers in In­dia have part­nered with Fin­tech Val­ley to pro­mote and ex­e­cute solutions com­ing out of this hackathon.

The hackathon will be held in two stages. The idea phase which be­gan on Septem­ber 14th is cur­rently un­der­way with en­tries set to close on Oc­to­ber 30th. The short­listed teams will par­tic­i­pate in the fi­nal round to be con­ducted in the first week of De­cem­ber in Visakha­p­at­nam. The winning teams in each cat­e­gory (Banks, In­surance, Cap­i­tal Mar­kets, and NBFCs) will be awarded a sum of INR 3,00,000. The winners will also be given a chance to carry out Proof of Con­cept (PoC) with cor­po­rates and will need to be ex­e­cuted in Fin­tech Val­ley Vizag. In­vestor net­work of The Fin­tech Val­ley, Vizag will be in­vited for Hack Day, where they will go through the pro­to­typed so­lu­tion.

The hackathon is look­ing for solutions across the fol­low­ing 5 themes:

1. Cus­tomer Ex­pe­ri­ence: In a bid to boost the av­er­age rev­enue per cus­tomer, solutions are re­quired to in­crease client life-cy­cle stick­i­ness and en­gage­ment. In­surance com­pa­nies also re­quire fa­cial recog­ni­tion tech­nol­ogy to iden­tify cus­tomers and pre­dict their life-span, BMI, health is­sues etc. and re­duce the need for ex­ten­sive and in­va­sive med­i­cal pro­ce­dures to judge their qual­i­fi­ca­tion for in­surance.

2. Process Au­to­ma­tion: Solutions are re­quired in the field of auto in­surance, one of the most fre­quently availed ser­vices in the in­surance in­dus­try, to au­to­mate da­m­age as­sess­ment to mo­tor ve­hi­cles and fast-track re­im­burse­ments to cus­tomers. Ad­di­tion­ally, there is a grow­ing need to en­hance KYC norms and au­to­mate e-KYC us­ing Ro­botic Process Au­to­ma­tion (RPA) and Op­ti­cal Char­ac­ter Recog­ni­tion (OCR) to re­duce man­ual la­bor.

3. Fi­nan­cial In­clu­sion: With the rapid adop­tion of cash­less trans­ac­tions, there is a de­mand for the in­clu­sion of ru­ral com­mu­ni­ties to en­gage in the model and sim­plify fi­nan­cial trans­ac­tions for their in­clu­sion us­ing in­no­va­tive solutions.

4. Risk Man­age­ment: The health-con­scious con­sumers to­day are heav­ily de­pen­dent on mo­bile ap­pli­ca­tions and wear­able de­vices to mon­i­tor their vi­tals. This in­for­ma­tion can be lever­aged by in­sur­ers and con­sumers them­selves to track their health and de­vi­a­tions from the norm. Solutions which can pro­vide pre­dic­tive rec­om­men­da­tions and alerts to both par­ties can rev­o­lu­tion­ize the health­care and in­surance in­dus­tries.

5. Lend­ing: With the soar­ing cost of health­care ser­vices, it has be­come dif­fi­cult for the av­er­age ci­ti­zen to bor­row money from com­mer­cial in­sti­tu­tions. The need of the hour is to iden­tify new mod­els of lend­ing in­clud­ing crowd sourc­ing and P2P lend­ing en­abled by credit scor­ing and credit risk man­age­ment amongst oth­ers.

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