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Syndicate Bank bets big on technology innovation, organizes Synd Innovate Hackathon

twitter-logoPTI | September 28, 2019 | Updated 12:21 IST

(Eds: Disclaimer: The following content is a press release. PTI takes no editorial responsibility for the same.) • Partners with HackerEarth to crowdsource ideas to improve customer experience • Receives overwhelming response with more than 3500 developers participation • Final phase scheduled on 28-29 September Bangalore, 28 September, 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 received overwhelming response with more than 3500 developers crowdsourcing ideas for digital banking solutions. Synd Innovate was aimed at helping the bank identify innovative ways to improve customer experience and digitize day-to-day banking functions. The HackerEarth has earlier conducted several BFSI hackathons with renowned banks, state governments and other institutions. The Synd Innovate hackathon was organized in three phases to give participants enough time to work on their solutions. 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 are selected for the final phase, onsite hackathon, which is scheduled for 28-29 September at 91 Springboard, Bangalore. A healthy mix of participation was witnessed from both students from prestigious institutes of India as well as working professionals from some of the industry leading firms. Students from IIT, IIM, IIIT, BITS, NIT, SRM University, Army Institute of Technology (Pune), RV College, etc. and working professionals from OLA, DBS Bank, VMware, TCS, Astra Robotics, etc. are a few to name. The Syndicate Bank team will mentor the finalists and help chisel their solution during the course of the onsite hackathon. The finalists will get the opportunity to showcase and discuss their solution before the esteemed judges and stand a chance to win amazing prizes. A total of INR 7 Lakhs will be given away in prizes with the winning team standing a chance to win INR 3 Lakhs. Mr. Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank said “Technology has always been integral part at Syndicate Bank. We understand Fintech collaboration and open co-creation is the basic of new age digital banking and events like Synd Innovate Hackathon are just the right platforms to discover better and efficient ways of improving digital banking and thereby customer experience. We are delighted to partner with HackerEarth which comes with a proven track record of successfully organizing hackathons at premier organizations in the past. We look forward to making the most out of technology and hackathon events in the future too.” Mr. Atul Kumar, CIO, Syndicate Bank added “With hackathon, our focus is on building a user-friendly platform for our customers to enhance their experience whether, it is at a local bank branch or online. There are unlimited possibilities for us to give them a hassle-free banking service. India has the second-largest online population in the world, with more than 462 million users and which such potential we are aiming at making India world’s fastest growing innovation and digital hub. We hope to implement some of the ideas that will be presented at the hackathon.” Sachin Gupta, CEO and Co-Founder, HackerEarth said “We are honored to partner with Syndicate Bank for the hackathon. It is great to see that the organization is taking digitization seriously and want to crowdsource ideas from Indian developers. Every bank is trying to retain their customer base and acquire new customers, but Syndicate Bank has taken a huge leap forward by creating a hackathon to channel good ideas and tech-forward solutions. We hope to see great results in the coming days.” The developers worked on below themes for the Synd Innovate hackathon: ? Customer Social Profiling- Build solutions to check & verify customer’s social life, connections, transactions, purchase patterns, travels, place of work, company where he is employed, current address and other details through social media/other platforms (LinkedIn, etc) through facial recognition and other information. ? Voice-Based Customer Grievance Redressal System- A voice-based Customer Grievance Redressal where customer should be able to register & track grievance through voice message which gets directed to respective departments with proper back-end system for redressing for management having centralized monitoring. ? An App for Agents- Create an easy referral system for anyone to register freely and refer new customers, to receive rewards points. ? Branch wise customer ranking- Develop a system to analyze branch’s customer data as per their digital channel usage, display the same in their digital signage system and suggest them to improve their digital user base by migrating the customers to digital channels instead of conventional brick and mortar banking. ? Branch Ambience & Cleanliness- A centralized system to detect a bank branch’s cleanliness & ambience effectively, for better customer experience. ? Whatsapp Business integration- Develop a system to integrate Whatsapp business for amazing experience to customers like immediate receipts of transactions, smart notifications, online transaction details, chatbots, live-chat etc. ? Automated Queue Management System- Create an automated queue management system for walk-in-customer in the branch with the help of latest technology like QR Codes, IoT etc. ? Identification & Triggering alert when a High Net Worth customer- Develop a system which can identify HNI & Top 100 customers and send an alert to branch head to avail priority banking services. ? Mobile number verification of customers- Create an easier method for customer to verify their registered mobile by scanning QR code at the branch, sending missed call or any other easy procedure to provide him hassle-free verification process. ? Early Fraud Detection Mechanism- Solutions sought for early fraud detection system by using AI, ML, NLP, BI or any other technology. ? Customer Acquisition- Analysis for faster customer Acquisition for Banking Products such as Credit Cards, Loans, Current Accounts, Fixed Deposits etc. ? Open Innovation- For any ideas that do not come under any other category, participants are encouraged to submit their ideas under open innovation. Syndicate Bank currently has a network of 4163 branches, state-of-the-art digital lounges and 4535 ATMs. Being a technology-driven institution, Syndicate Bank also aims to foster the country’s entrepreneurial drive through this hackathon. The challenge will give developers, startups, creative coders and techies a chance to work on real-world banking issues. The bank will collaborate with the talent and engage with them for co-learning and co-creating tech & business applications. About Syndicate Bank Syndicate Bank is one of the most trusted and technology savvy public sector banks. It was established in 1925 in Udupi by three visionaries – Mr. T M A Pai, Upendra Pai and Vaman Kudva. It is headquartered in the university town of Manipal, India. The bank offers gamut of banking services which includes consumer banking, corporate banking, finance & insurance, mortgages and credit cards. It is one of the first few banks to have achieved Centralised Banking Solution (CBS) for all its branches and is continuously updating its IT systems. Currently bank has 4163 Brick and Mortar Branches including an overseas Branch in London. It was the only public sector bank listed in the top 10 Best Retail Banks in India survey conducted under the Kantar CX+ study on performance of Indian Banks, a recognition it achieved due to the bank’s aggressive performance in recent times, mainly advancement of technology along with new initiatives in retail banking. For more details, please visit About HackerEarth HackerEarth is a leading developer assessment company, which allows recruiters to test developers on their coding skills through their platform. Based in San Francisco and Bangalore, the company has helped large enterprises recruit developers through their technical assessment platform. HackerEarth also has a 2.9 million strong community for developers to test themselves and upskill. For more information about offerings from HackerEarth, visit Follow us on Twitter, Facebook and on our blog at PWR PWR

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