HomeHackathonBank of Baroda Hackathon 2024: Pioneering Innovation in Banking with Generative AI

Bank of Baroda Hackathon 2024: Pioneering Innovation in Banking with Generative AI

Introduction

Bank of Baroda, one of India’s largest banks with a rich legacy spanning over a century, is continually striving to innovate and enhance its banking services. As the banking industry rapidly evolves, the advent of Generative Artificial Intelligence (AI) marks a significant milestone. Recognizing the transformative potential of Generative AI, Bank of Baroda is launching the Hackathon 2024, aimed at harnessing the brightest technical minds in India to develop cutting-edge, technology-driven solutions that can revolutionize banking services. The top prototypes will not only receive substantial rewards but also have the opportunity to be implemented across India and globally.

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About Bank of Baroda

Founded on July 20, 1908, by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is a leading commercial bank in India, with the Government of India holding a 63.97% stake. Serving a global customer base of over 163 million through more than 70,000 touchpoints across 17 countries, the bank offers state-of-the-art digital banking platforms for seamless and hassle-free services.

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Learning Resources

To assist participants in leveraging Azure AI services, a variety of learning resources are available, including:

  • Azure AI: Build a Bot
  • Azure AI: Computer Vision
  • Azure Natural Language Processing
  • Azure AI Cognitive Speech Service
  • Azure Machine Learning

Hackathon Use Cases

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Customer Service

Customer Service

Objective: Enhance the customer service experience by leveraging generative AI technologies to provide personalized, efficient, and proactive support across multiple channels.

Challenges:

  • Automate customer inquiries and provide accurate responses in real-time.
  • Offer personalized recommendations and solutions based on customer data and interaction history.
  • Seamlessly integrate with existing customer service platforms while maintaining high levels of security and data privacy.
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Risk Management

Risk Management

Objective: Improve the bank’s risk management capabilities by utilizing generative AI to predict, assess, and mitigate various types of risks.

Challenges:

  • Analyze large datasets to identify potential risks and anomalies in real-time.
  • Provide predictive insights for market, credit, and operational risks.
  • Generate actionable risk mitigation strategies while ensuring regulatory compliance.
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Audit & Compliance

Audit & Compliance

Objective: Streamline audit and compliance processes through the application of generative AI, ensuring accuracy, efficiency, and adherence to regulatory standards.

Challenges:

  • Automate the auditing of financial transactions and detect non-compliance issues.
  • Generate comprehensive audit reports with minimal human intervention.
  • Continuously monitor and update compliance requirements, adapting to new regulations and standards.

Operational Efficiency

Objective: Enhance operational efficiency by integrating generative AI to automate routine tasks and optimize workflows.

Challenges:

  • Automate repetitive administrative and operational tasks, reducing processing time and errors.
  • Optimize resource allocation and workflow management to improve overall efficiency.
  • Provide intelligent insights for process improvements and decision-making support.

Financial Advisory

Objective: Revolutionize financial advisory services using generative AI to provide personalized, data-driven financial advice to customers.

Challenges:

  • Analyze customer financial data and market trends to generate tailored investment strategies.
  • Offer real-time advisory services that adapt to changing financial conditions and customer goals.
  • Ensure transparency and explainability in the AI-driven advisory process to build customer trust and confidence.

Personalized Content Generation

Objective: Leverage generative AI to create personalized marketing content for customers, enhancing their engagement and experience with the bank.

Challenges:

  • Develop an AI system to generate personalized marketing materials, financial reports, and educational content for customers.
  • Integrate the system with customer data to tailor content to individual preferences and needs.
  • Focus on improving customer engagement and satisfaction through personalized communication.

Schedule: Date & Timeline

The hackathon roadmap is as follows:

  • Registration & Idea Submission: June 10, 2024–June 30, 2024
  • Evaluation of Ideas: July 1, 2024–July 3, 2024
  • Prototype Development & Submission: July 4, 2024–July 28, 2024
  • Declaration of Finalists: July 31, 2024
  • Final Event (Onsite in Mumbai): First week of August 2024

Awards & Recognition

  • 1st Prize: ₹5,00,000 for the Winner
  • 2nd Prize: ₹3,00,000 for the 1st Runner-Up
  • 3rd Prize: ₹2,00,000 for the 2nd Runner-Up

top ideas will have the opportunity to work with the bank to implement comprehensive solutions. Special co-branded swag bags will be awarded to top ideas, and all finalists will receive a certificate of participation.

Submission Process

To submit your idea,

  1. Click the “Submit Your Idea” tab.
  2. Enter idea details and submit your GitHub repo link for project review.
  3. Prepare and upload your presentation using the provided sample PowerPoint template.
  4. Submit your idea through the platform.
  5. A confirmation message will appear on your screen once your submission is successfully received.

Evaluation Criteria

Submissions will be evaluated based on:

  • Business potential and relevance
  • Uniqueness of approach and solution
  • User experience
  • Scalability
  • Ease of development and maintenance
  • Security considerations

Hackathon Rules and Regulations

Participation and Team Composition

  • Eligibility: Only residents of India who are 18 years of age or older are eligible to participate.
  • Team Formation: Participants can join as individuals or form teams with a maximum of 4 members.
  • Team Management: Team members cannot be added or removed after the idea submission phase ends.

Registration and Submission Timeline

  • Registration Start Date: June 10, 2024
  • Idea Submission Period: June 10, 2024–June 30, 2024

Submission Guidelines

  • Themes and Use-Cases: Participants must choose one theme for their submission.
  • Multiple Submissions: Only the last submitted entry before the deadline will be considered.
  • API Usage: The use of Microsoft Azure OpenAI is mandatory. Participants are encouraged to use other Microsoft tools.
  • Originality: All hacks must be original and developed during the hackathon period.

General Rules

  • Participation: is limited to residents of India.
  • Intellectual Property: Remains with the respective participants or teams.
  • Ineligibility: Employees of Bank of Baroda, Microsoft, and ID8NXT cannot participate.
  • Agreement: Participants agree to the terms and conditions by participating in the hackathon.

Terms and Conditions

By participating, you agree to abide by the rules and regulations outlined above.

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Important Note While Applying for Jobs:- Do read all the instructions and requirements carefully to apply for the job. All the communications from the organization will be on your registered Email ID. Keep Checking your Mailbox for the next round details once CV is shortlisted.

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Pratik Nagda
Pratik Nagdahttp://careerboostzone.com
My name is Pratik Nagda and I am a resident of the small town of Nallasopara in Maharashtra. I come from a very poor family and I live with my mom. My father was dead when I was in 4th grade. Due to that financial issue, I was forced to go to a hostel from the 5th to the 10th. I know the basics of blogging and all because in my final year of school, after that, when I came home, I had a great fight with my mom because she wanted to take me science and I wanted to take science. Finally, I convinced my mom. I have done engineering at St. John College of Engineering and Management, which is in Palghar. I still love my college very much. Even today, I keep sharing the experiences of my college with my readers. Today I am the owner of the CareerBoostZone English blogging site and through my blog, I have prepared a better employment platform for Readers I feel happy that I tried to empower readers by helping in employment and the development of the country. And my efforts are continuing towards success.
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