MUMBAI, India and THRISSUR, India, Nov. 16, 2023 /PRNewswire/ -- South Indian Bank (SIB), in collaboration with Enactus IIT Delhi, proudly announced the winners of its esteemed hackathon competition — SIB Finathon. SIB Finathon aligns with the bank's commitment to fostering next-generation banking that encompasses innovation and the adoption of cutting-edge technology.
The winners of the competition are Team Akatsuki from IIT Delhi (First Prize — Rs. 3 lakhs), Team Hyperpersonalizers from IIT Roorkee (Second Prize — Rs. 2 lakhs), and Team Phantom from Coimbatore Institute of Technology (CIT) (Third Prize — Rs. 1 lakh). In addition to this, two teams received special appreciation awards for their solutions. The teams are Team DigiCrafters from Shri Vile Parle Kelavani Mandal's Dwarkadas J. Sanghvi College of Engineering (DJSCE) and Team AlgoAllies from Netaji Subhas University of Technology (NSUT), who also received a cash prize of Rs. 25,000/- each.
The competition garnered applications from top engineering colleges and IT companies nationwide. A panel of experts meticulously reviewed the submissions, selecting 14 teams that rose to the top. These 14 teams participated in a co-creation camp held at IIT Delhi on November 4th and 5th, 2023, presenting their innovative ideas and solutions while receiving guidance and mentoring from SIB, IIT Delhi's faculty, and experts from Mindgate Solutions, OneCard, and OSTTRA.
The grand finale hosted at IIT Delhi's prestigious campus on November 4th and 5th, 2023, witnessed talented teams competing for a total cash prize of Rs. 6.5 lakhs. SIB Finathon succeeded in showcasing innovative solutions to the challenges faced in the finance industry.
Mr. Thomas Joseph K, Executive Vice President and Chief Business Officer, South Indian Bank, said, "Enabling a platform for innovation and collaboration, SIB Finathon reflects South Indian Bank's unwavering commitment to pioneering the next wave of banking through cutting-edge technology. We are proud to have collaborated with Enactus IIT Delhi to organize the SIB Finathon and congratulate the winning teams for their exceptional solutions. This hackathon not only showcased immense talent but also fostered a dynamic exchange of ideas, paving the way for a transformative future in the financial technology landscape of our country."
Beyond the hackathon competition, SIB Finathon played host to a conclave that featured illustrious speakers from the BFSI and tech domains. Mr. Thomas Joseph K, Executive Vice President and Chief Business Officer at South Indian Bank, delivered the welcome address, setting the tone for the event. He expressed his enthusiasm for the collaboration and the potential it holds for revolutionizing the financial technology landscape in the country. Mr. Vishal Jain, Managing Director of Accenture, graced the occasion with his keynote address, sharing insights on the dynamic world of fintech and its significance in today's financial ecosystem.
The SIB Finathon also featured a series of engaging panel discussions. The first panel, titled 'Psychology of Money: How Fintech Incorporates Behavioural Economics Principles to Influence Financial Decisions,' brought together thought leaders in the field. The panel included Mr. Sony A, Senior General Manager & Chief Information Officer at South Indian Bank; Mr. Ankit Agrawal, Founder of Unstop; Mr. Jitender Singh, Assistant Commissioner of Police at the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs; Mr. Lalit Chowdhary, Senior Vice President of Implementation & Delivery at Mindgate Solutions; and Mr. Ramakant Khandelwal, Head of Merchant Business at OneCard.
The second panel discussion, 'Evolution through FinTech - Tracking the Innovation Graph in the Fintech-Banking Ecosystem and its Usage in BFSI', featured notable experts in the industry. The panel comprised Mr. Naval Khosla, Head of Adobe Experience Manager Business, India; Mr. Babu Thiagarajan, Global Head of FX and Securities Tech at OSTTRA; and Mr. Sahil Tagra, Director of Risk Advisory, Cyber & Strategic Risk at Deloitte.
In addition to these insightful discussions, the event hosted a session conducted by Mr. Rajesh Jain, Founder and Managing Director of Netcore, focusing on the essential aspects of building Proficon.
The conclave concluded with a productive roundtable session on 'Technology Innovation in Product Development" by OSTTRA. The roundtable featured key contributors to the industry, including Mr. Sachin Goel, Head of STP Technology / FX&S Technology; Mr. Rahul Sharma, Head of TradeServ Technology - Rates & Credits; and Ms. Sumaiya Nasrat, QA Lead at MarkitWire, all of whom shared valuable insights on the ever-evolving landscape of technology innovation in product development.
About South Indian Bank
South Indian Bank is a leading Kerala-based Private sector bank with a nationwide presence. The Bank's shares are listed on The Stock Exchange Mumbai (BSE) and The National Stock Exchange of India Ltd., Mumbai (NSE). South Indian Bank has 944 branches, 3 Ultra Small Branches, 3 Satellite Branches, 1180 ATMs and 130 CRMs across India and a representative office in Dubai, UAE. South Indian Bank is a pioneer in technology-based banking, offering an array of digital products and services. It has one of the youngest workforces in the banking sector in the country. The Bank's Vision 2025 focuses on the 6 Cs -- Capital, CASA, Cost-to-Income, Competency Building, Customer Focus, and Compliance. For more information, please log on to www.southindianbank.com
About Enactus IIT Delhi
Enactus IIT Delhi is a student led chapter of Enactus India based at IITD. Enactus IIT Delhi, comprised of a dedicated team of over 50 engineering students, embodies the spirit of social entrepreneurship leveraging innovative minds to tackle pressing societal issues. Established in 2011, this dynamic organization has made its mark by completing over 7 successful projects across diverse domains. Enactus IIT Delhi's core mission is to drive positive change and promote sustainability, all while nurturing the leaders of tomorrow. Currently, they are running 3 projects in the domains of net zero energy campus, sustainable education, and welfare of tribal communities in Jhabua.
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