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10th December, 2022

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Digital has changed the world of financial services. Cutting-edge technologies and the disruption introduced by on-demand aggregators and marketplaces has brought about a huge shift in consumer expectations of speed, safety, security and convenience.

The Account Aggregator (AA) framework is the next big disruptor and has the potential to change the lending and investment landscape in India. Under the Account Aggregator ecosystem, customers can give their consent to share their financial data with other financial entities in a completely hassle-free and secure manner through the use of APIs. It gives customers greater control over their financial information as well as gives them the ability to share data lying in a disaggregated manner with multiple financial entities with ease, significantly reducing the time and effort when applying for a a loan or other services.

Bank of Baroda has gone live on the AA platform as both a Financial Information Provider (FIP) and a Financial Information User (FIU).

There are two common pain points faced by financial services institutions in general i.e. Seamless Customer On-Boarding and Customer Engagement. In order to tackle the above pain points with the assistance of the Account Aggregator framework, Bank of Baroda is organising the “bob World hAAckathon”. The aim of the hackathon is to leverage the AA framework to come up with ideas and solutions to solve for the above issues.

The ideology adopted and prototype designed and developed by the participants should cover the below mentioned parameters:

  • Seamless Customer on-boarding
  • Deepening Customer Engagement & Increasing Stickiness
  • No Compromise on Security
  • Low Implementation Cost and Time.
  • High on Innovation
  • Rich User Interface/ User Experience
  • Use of Data Analytics to identify target customers

The best solutions meeting the above mentioned parameters shall be shortlisted by the jury. The top 3 use cases will be adjudged the winners.

Read more

Activity Schedule

Step 1

Registration and Idea Submission

  • Start Date – 07th November 2022.
  • End Date – 10th December 2022.

Step 2

Briefing Sessions / Events

  • Start Date : 07th November 2022
  • End Date: 22nd December 2022
  • Mode : Online through Youtube platform.

Step 3

Prototype submission

  • Start Date : 07th November 2022
  • End Date : 02nd January 2023

Step 4

Top 10 prototypes will be shortlisted and called for demonstration / Presentation

  • Start Date: 18th January 2023
  • End Date: 19th January 2023
  • Mode: Online / Sandbox Portal/ Online drive upload

Step 5

Announcement of Winners and closure

  • Start Date: 20th January 2023
  • End Date: 20th January 2023
  • Mode: On Premises at Mumbai office
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Step 2
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Step 5
  • Participants strength
    • Age limit: 18 years and above
    • Minimum strength: 1
    • Maximum strength: 4
    • Education qualification: Graduation (any stream)
  • Section related to the data provisioned in the sandbox system
    • Bank account details and transactions (Saving, current, term deposit accounts)
    • Credit card.
    • Mutual funds .
    • Insurance.
    • Demat accounts
    • Brokerage accounts.
    • Govt accounts like PPF, SSA, NPS etc.
    • Income tax returns related data.
  • Terms and Conditions
    • For detailed hAAckathon Terms and Conditions, please "Click Here"

Frequently Asked Questions (FAQs)

  • What is the theme of the Hackathon?

    The theme of the hackathon revolves around Account Aggregator use cases. Bank is more inclined towards ideas/ prototype focusing,

    • Seamless Customer On-boarding
    • Increase Customer Engagement
    • Customer Security
    • Less implementation cost and time.
    • Less alteration to process
    • Innovativeness
  • What is the time period of registration for the hackathon?

    The registration and idea submission phase starts 07th November 2022 and ends on 10th December 2022.

  • Here do I register for the hackathon?

    Participants can visit https://bobworld-hackathon.devfolio.co/ or Bank’s website to register for the hackathon.

  • Whether I can apply as an individual for the hackathon?

    Team size can be from 1 (min.) up to of 4 (max.) members.

  • What is the team size eligible for registration?

    Maximum 4 members.

  • Is there any age limit for registration?

    The minimum age of the participant / all participants shall be 18 years.

  • Can I register as an Individual as well as part of a team?

    Any individual can participate in only 1 team or at an individual level only. Any deviation will lead to disqualification of all teams that the individual participates in.

  • How many times can I submit my idea?

    You can submit as many times as you want, the last hack will be considered as the final submission.

  • What are the prizes to the winner of the hackathon?

    Below are the prizes based on rank secured by the participant/ team,

    Rank Prize money
    Winner Rs. 3,00,000/-
    1st Runner up Rs. 2,00,000/-
    2nd Runner up Rs. 1,00,000/-
  • What are the Phases involved during the hackathon?

    The Hackathon is to be organized in 2 phase:

    • Phase 1 - Idea Submission Phase
    • Phase 2 - Prototype development & Presentation Phase
  • Any specific technology shall be adopted for developing the idea/ concept?

    Teams may use any leading technologies for development of the concept. You may use open source libraries and other freely available systems. An undertaking in this regard would be obtained from the team.

  • What are the parameter for evaluation adopted for the hackathon?

    Evaluation Criteria parameters (based on scale from 1 to 5).

    • Customer on-boarding
    • Customer Engagement
    • Customer Security methods
    • Customer Stickiness.
    • Implementation cost.
    • Implementation Time.
    • Process impact.
    • Innovativeness.
    • UI/ UX
    • Incorporated Analytics to identify targeted customers based on various indicators and provide nudges.
  • I am staying outside India, can I Register for the hackathon?

    Any individual citizen of India who is above 18 years of age can participate.

  • Whether the event would be online or on-premises?

    The Phase 1 i.e. Idea submission would be online and virtual meeting link would be communicated to the participants well in advance. The Phase 2 i.e. prototype presentation would be a on premise event.

  • If my idea is shortlisted, what all formalities I need to complete in order to get eligible for Phase 2?

    Teams shortlisted for Phase 2 will be required to submit:

    • Developed Prototype
    • Demonstration Video
    • Sample Data that was presented in the Video
    • Documentation (Microsoft word or PPT or PDF)
  • Who shall own the Intellectual Property rights of the solution/ idea hosted during hackathon?

    The intellectual property of the code belongs only to participant or participating team. On further commercial relationship with bank, the intellectual property right would be transferred to Bank, post execution of mutual agreement.

  • Whether Bank would go for full fledge implementation solution for shortlisted participant/ team?

    As per Bank’s Discretion.

  • Whether the winner team would get a chance to get engage with bank though commercial relationship?

    Participants may get a potential opportunity to explore a commercial relationship with Bank. This would be as per bank’s discretion and mutually agreed terms between bank and winning participants.

Social Media Gallery

Bank of Baroda

@bankofbaroda
10 Sep 2020

Watch live webcast as #BankofBaroda launches #bobWorldhAAckathon, where you bring innovative ideas to redefine the banking world and stand a chance to win exciting prizes.

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