Bank of Baroda, one of India’s leading public sector banks, has announced a nationwide online hackathon on Generative Artificial Intelligence (GenAI) in collaboration with Microsoft. This initiative aims to inspire participants to develop innovative solutions using GenAI technology to address specific business challenges defined by the bank.
The hackathon, which is open to individuals and teams—including developers, students, professionals, start-ups, and fintechs—will span two months, focusing on ideation and prototype development. Participants will have the opportunity to create groundbreaking solutions in six key areas: customer service, financial advisory, audit and compliance, risk management, operational efficiency, and personalised content generation.
The winning three teams will get the cash prizes of Rs 5 lakh, Rs 3 lakh, and Rs 2 lakh, respectively. Additionally, Bank of Baroda plans to implement the best ideas that emerge from the hackathon.
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Shri Sanjay Mudaliar, Executive Director, Bank of Baroda, stated, “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. AI, 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.”
Puneet Chandok, President of Microsoft India and South Asia, commented, “We at Microsoft are thrilled to share a common vision of a tech-powered India with Bank of Baroda. Our journey is fueled by Azure OpenAI’s digital innovation, and together, we are ushering in a transformative era in customer banking. Through the GenAI 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 bobhackathon.com. Registration and idea submissions are open from June 10, 2024, to June 30, 2024. Shortlisted teams will then develop prototypes, with support including Azure credits, technical resources, and mentoring sessions provided by Microsoft and Bank of Baroda subject matter experts.
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