State Bank of India has opened up their APIs for a hackathon, Code for Bank, to tap into the larger developer talent pool for new tech innovations. This hackathon, supported by online platform for hackers HackerEarth, is open to developers and startups from India with the idea of taking the platform to global developers in the near future.
“Emerging technologies like AI, analytics, and machine learning capabilities is reshaping the banking space in India at fast space. We cannot lag behind the competition. By opening up APIs, it gives us an opportunity to create services and products that previously could not have been possible,” says Sudin Baraokar, Head, Innovation, SBI.
The competition has two phases. The first phase invited ideas from applicants wherein, around 3071 participants had registered, out which 603 were women had submitted their ideas. Currently, 481 ideas are being taken forward for the final hackathon rounds.
“We want to create things that the regular banking sector has not seen so far. We want to engage with innovative Fintech startups and create new possibilities for our consumers. This has been developed by our CIC (Collaborative Innovation Centre),” says Baraokar.
HackerEarth who is assisting the SBI API hackathon platform previously has worked with Nasscomm, Government of Rajasthan, NPCI, TRAI and have helped conduct many Aadhaar hackathons.
“Earlier only certain players were dominant in the payment space. Now there is competition which is good for innovation in the industry and public banks opening up their infrastructure is a great step forward,” says Sachin Gupta, CEO, HackerEarth.
Moreover, Gupta mentions that SBI is providing dummy data and not sharing any mission critical banking data with the developers for the hackathon.
SBI has partnered with NPCI, Microsoft, CA Technologies, TCS, Vodafone Business Services, Primechain Technologies, Vodafone Business Services, iSPIRT, Smart Chip & NetApp. “We will also collaborate with our partners APIs and then create a new solution for our customers,” says Baraokar.
Vivek Belgavi, Partner, FinTech Leader PwC says that SBI has taken the right decision to open up their APIs for developers. “Open banking system will break the traditional value chain and create new services. This will give customers many options to interact with the bank. Imagine endless possibilities where third-party developers can build applications on top of the bank platform,” said Belgavi.
[Copyright By Aritra Sarkhel ]