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Hackathons are Outdated, HSBC’s New Challenge Lets You Solve Retail Banking Problems from Home

by Fintech News Malaysia April 25, 2019

Ongoing until June, HSBC is hosting its HSBC Openlab Innovation Challenge to attract new talents, startups, designers, digital innovators and developers to come together and solve real-life retail banking challenges.

Participants stand to win crash prizes up to RM8,000, followed by RM6,000 and RM4,000 respectively,

Be it rethinking existing banking propositions by building a disruptive digital banking alternative, or redesigning banking processes by leveraging rich data, better UI/UX, and real time risk assessment, or even reinventing customer engagement through the digitisation of customer service—participants of the challenge are given the opportunity to work on their ideas using an openlab sandbox to create a working prototype of their solution.

The sandbox access also means that participants are not tied to any one location ala a hackathon, and instead, the HSBC Openlab Innovation Challenge 2019 allows its participants to work from home, or in their own offices.

Openlab is a sandbox that facilitates new use case development and proof of concepts. The live sandbox also means that participants have access to 200 application programming interfaces (APIs), software development kit, and synthetic data to build their prototypes.

Once shortlisted, participants will then present their solutions to a panel of judges. The ideas will be evaluated based on several criteria including relevance to the problem statement, solution completeness/workability, and the uniqueness of the solution.

Tara Latini, Country Head, Retail Banking and Wealth Management, HSBC Malaysia said:

Tara Latini

“Malaysia is the first market [in which] HSBC launched such a challenge, and this clearly its talented community of digital innovators.”

“We see that many of the current banking products, services and processes can be made better and faster via digitization, better UI/UX and creative use of data.”

Registrations can be done on the event’s Eventbrite page. The team registration closes on 5 May 2019. Shortlisted teams will be notified accordingly.