National Bank of Greece organized its third fintech hackathon

Efma feature

12 December 2018

National Bank of Greece successfully organized in collaboration with Crowdpolicy, the NBG i-bank #fintech3 crowdhackathon between the 30th of November and 2nd of December, 2018. The competition took place at “be finnovative” premises for the third time with a goal to develop applications and business models in the field of financial technologies (FinTech) within a strict 48-hour timeframe.

There was a strong interest by many students, experienced professionals and startups to participate in the process and on Sunday twelve (12) teams pitched their proposals to an evaluation committee and an engaged audience. They covered a wide range of FinTech services such as: digital payments and wallets, crowdfunding, digital assistant / chatbot for real time customer service, loan management platforms with credit scoring algorithms, KYC applications, blockchain technologies for banking services optimization, micro-lending, P2P lending, applications for SMEs using digital accounting and loyalty programs. NBG with a large mentors’ group from IT Division and IBM provided on-site support to all teams on their APIs (Application Programming Interfaces). In total, around 300 people attended the hackathon, including participants, mentors, judges, volunteers, executives and visitors who had interest in watching the pitching session.

The 1st prize and 5000€ grant was awarded to “BAAM”, a team that developed a real estate management platform implementing blockchain technologies and smart contracts. Their pilot application accelerates today’s procedures of purchasing an asset using digital identification (digital KYC with eIDAS for Europeans), implementation of AI for real time asset valuation, clearing of transactions based on smart contracts and open banking APIs.

The 2nd prize and 3000€ grant went to “AIthoughts”. Their prototype is an integrated automatic digital assistant (chatbot) which receives chat and voice commands. Their platform provides a safe storage for payments and users’ personal information.

Regarding crowdhackathon, Mr Stavros Petroulas, Digital Channels Director of National Bank of Greece, stated: “It is the third year for NBG i-bank fintech crowdhackathon and we are excited to have a very balanced combination of entrepreneurs from Universities and experienced business executives. It is also very encouraging that they all focus on tackling real pain points for financial institutions and end users. We are sure that some of them will be ideal participants in the full acceleration programme next year.”  

Through “be finnovative” innovation lab and crowdhackathons, National Bank of Greece embraces Greek FinTech teams and startups in order to help them grow and potentially get funded and expand abroad. These programs provide an active collaboration platform, aiming to run proof-of-concepts (PoC) and develop modern value propositions for NBG customers.

For more info on “be finnovative” innovation lab

Keywords : Innovation , SME/Corporate , Fintech

Geography : Greece