Organized by FirstBank of Nigeria, the hackathon is an annual tech competition that brings together software developers in Nigeria to collaborate on thematic problems and provide innovative solutions to help resolve the country’s financial services industry challenges.
The participants at the Hackathon were permitted to register as groups to provide solutions to some financial solutions to boost banking services, leveraging on Artificial Intelligence and Big Data.
After providing solutions to the three problems statements within a time frame of 48 hours, the teams had the opportunity to pitch their solutions to the judges and the winner went home with a cash prize of N3 million among other amazing prizes.
Team Cashflow created a system solution on financial funding of Small Medium Enterprises (SMEs) leveraging on AI and Big Data.
However, Team Ace who won second place with N1.5 million developed what is called tracking of payment, but can check analytics and provide information of all payments accrued in real time.
Meanwhile, Team Cyber Smart claimed the third position with N750 000 by developing a cyber fraud detraction system.
While speaking at the event, the Chairman Board of Directors, First Bank, Mrs. Ibukun Awosika, "stressed that the goal was to raise innovative startups and partner with Fintech to provide more quality customers service."
 |
| Chairman, Board of Directors FirstBank of Nigeria; Mrs. Ibukun Awosika |
Mrs. Awosika said "that the bank was committed to develop talents and competencies and to remain true to it all times. The innovators capabilities can change ways of doing things. We need something that you have and you need something that we can give you. It is a combination of now and the skills you have and the future."
In the same vein, Managing Director of FBN, Dr. Adesola Adeduntan, said: "the aim of the hackathon was to come up with new ways of applying artificial intelligence to banking operations and practices."
"At FirstBank, our goal is to ensure that our risk framework enables the bank to take full advantage of these technologies while keeping consumers and investors protected."
"That is our goal and we are very committed to this. Financial services industry tends to focus on access and risk, but it also our duty especially in a field so rich in opportunity to support fintech solutions enabling our businesses to become more efficient and more competitive. We are keen at proffering solution to the problem of Big data in banks in order to effectively and efficiently meet customer needs, even before they arise." - Adesola Adeduntan.
This is the first edition of the First Bank of Nigeria (FBN)'s hackathon competition and the bank reaffirmed its commitment to sustain the competition over the years.
No comments:
Post a Comment