Bank of Baroda has launched a nation-wide online hackathon on generative Artificial Intelligence (AI), in collaboration with Microsoft. The hackathon aims to inspire participants to develop innovative solutions using generative AI technology to address specific business areas defined by the bank, a statement from the bank informed.
It also said that the top three teams will receive cash prizes of Rs 5 lakh, Rs 3 lakh and Rs 2 lakh each, and the bank will look to implement the best ideas that emerge from the hackathon.
Open to both individuals and teams—including developers, students, professionals, startups and FinTechs—the two-month-long event will focus on ideation and prototype development. Bank of Baroda is seeking solutions in six areas: customer service, financial advisory, audit and compliance, risk management, operational efficiency and personalised content generation, according to the statement.
Sanjay Mudaliar, Executive Director, Bank of Baroda, said in the statement, “Bank of Baroda is committed to stay at the forefront of innovation. With the banking industry evolving rapidly, the advent of generative AI marks a new frontier. AI, 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 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.”
The statement further mentioned that contestants can participate in the hackathon by visiting https://bobhackathon.com. Participants can form a team of a maximum of four people to participate. Individuals and teams can register for the hackathon and submit ideas from 10th June, 2024 to 30th June, 2024 (both dates inclusive). Shortlisted teams will be asked to develop a prototype which will form the basis for deciding the winners.
Commenting on the initiative, 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 fuelled by Azure OpenAI’s digital innovation, and together, we are ushering in a transformative era in customer banking. Through the generative AI hackathon, we look forward to developers utilising Azure OpenAI’s capabilities to architect unique digital solutions for the Indian banking sector.”
