The Business Bytes
Mumbai, June 11, 2024 (TBB Bureau): Bank of Baroda (Bank), one of India’s leading public sector banks, has announced the launch of a nationwide online hackathon on Generative Artificial Intelligence (GenAI), in collaboration with Microsoft. The hackathon aims to inspire participants to develop innovative solutions using GenAI technology to address specific business areas defined by the Bank. 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, start-ups, and fintechs — the two-month-long event will focus on ideation and prototype development. Bank of Baroda is seeking groundbreaking solutions in six areas: customer service, financial advisory, audit & compliance, risk management, operational efficiency, and personalized content generation.
Sanjay Mudaliar, Executive Director of Bank of Baroda, said, “Bank of Baroda is committed to staying at the forefront of innovation. With the banking industry evolving rapidly, the advent of Generative Artificial Intelligence marks a new frontier. Artificial Intelligence, 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 firmly 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.”
Commenting on the initiative, Puneet Chandok, President of 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 Gen AI Hackathon, an initiative by Bank of Baroda, we look forward to developers utilizing Azure OpenAI’s capabilities to architect unique digital solutions for the Indian banking sector.”
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 June 10, 2024, to June 30, 2024 (both dates inclusive). Shortlisted teams will be asked to develop a prototype that will form the basis for deciding the winners. Shortlisted teams will be provided Azure credits, technical resources, and mentoring sessions by Microsoft and Bank of Baroda subject matter experts.
