B-Hive FinTech Hackathon

219 Registered Allowed team size: 1 - 7

This campaign is over.

idea phase
Online
starts on:
Jun 12, 2018, 11:00 AM
ends on:
Sep 19, 2018, 04:55 PM
hackathon
starts on:
Sep 24, 2018, 01:00 AM
ends on:
Sep 25, 2018, 10:00 AM

Overview

The B-Hive FinTech Hackathon addresses real and urgent challenges in the financial and insurance sector. It’s backed by 6 major European banks, insurers and market infrastructure players. These partners intend to take on and fund the most interesting solutions presented at the hackathon as Proof of Concept projects.

The intention of this hackathon is not only to code, but to come up with ingenious and well thought out business solutions.

About the organizers

B-Hive is a European collaborative innovation fintech platform that brings together major banks, insurers and market infrastructure players. Together, they work on common innovation programs and build bridges between corporate partners and startup and scale-up community members. Find out more about B-Hive's partners supporting this event in the 'About the Partners' section.

Hack Belgium LABS is a Brussels based hackathon facilitator and co-organizer of this event, managing communication and PR efforts and also responsible for mobilizing key stakeholders from within various sectors (financial sector, private sector, academia, etc).

Who can apply?

This hackathon is split in two tracks:

  • The Company Track is open only for existing company teams and addresses 4 dedicated challenges. It is directed to specialised companies, startups and scale-ups who can tweak or build on existing solutions to meet the business challenges objectives and who have the ambition and capability to scale up their solution in partnership with major financial institutions. Teams should be minimum 2 and maximum 7 people.

  • The Open Track addresses one challenge, to which anybody can apply. This means you don't need to be an established company team. We’re taking applications from developers, designers, entrepreneurs, technologists, futurologists - in short, all ambitious professionals who feel compelled to tackle this challenge. In the run-up to the physical hackathon, you have the opportunity to form or join a team within the Open Track. This is not obligatory: teams can be created during the physical hackathon as well.

Company Track

About: Together with our partners, we’ve defined 4 Company Track Challenges (see Themes below) for you to tackle. The winner of the Company Track will get funding for their Proof of Concept and a potential partnership with B-Hive or a partner.

Outcome: Your goal is to come up with a technically feasible and actionable solution, that makes business sense and addresses the needs of end-users. At the end of the hackathon we expect you to pitch and submit your project, including a concept description, a business model and a mockup or a demo.

Open Track

About: In this Open Track we are looking for solutions that will increase adoption of mobile payment technologies. The winner of the Open Track will receive a money prize of €5000.

Outcome: At the end of the hackathon you pitch and submit a project, including a concept description, a business model and a mockup or a demo. You’ll have the opportunity to present your work to key decision makers at 10 major financial institutions. The winning team of this track will win €5000 in cash.

Themes

Company Track: Pattern detection for Insurance Fraud

Insurance fraud is a phenomenon occurring within every stage of the insurance lifecycle: At policy subscription, giving fake identity data and fraudulent objects are among the many strategies that we see applied today. But also the stages of claims declaration (overclaiming, fake identities) and payout processing (identity theft, interception of payments) are not without threat.

Notwithstanding today’s technological advances, capabilities to detect such fraud attempts remain vastly unexploited. The ways in which we gather, use and share relevant data within and across industries remains a key obstacle for fraud detection strategies to reach their full potential.

So how might we effectively detect fraudulent claims using innovative approaches such as AI and natural language processing?

We are not looking for a “one size fits all” solution. Every form of fraud detection is different and may require a specific solution. Combine all your technical expertise and ingenuity to uncover a variety of solutions that could help in this fraud detection process.

Can you come up with a solution to:

- gain additional intelligence within large datasets (structured and unstructured data) to automatically flag suspicious claim declarations (pattern detection)?

- detect fraudulent claim submissions using pattern detection across insurance policy datasets?

- enrich the fraud detection system with external datasets? They can vary from open source datasets to other private datasets.

- use unstructured datasets (such as claims descriptions, voice to text from calls, …) to detect possibly fraudulent claims?

Your solution must be applicable in at least one of these insurance domains:

- Car Insurance

- Home Insurance (theft, fire, natural disasters…)

- Labour/Liability Insurance/Guaranteed Income

- Life/Health Insurance

Company Track: “Know Your Vendor” platform

Procurement processes are often (rightfully) long and tedious for both parties involved. The corporates have heavy, often highly manual processes to screen the companies, while the tech companies have to go through this process for each customer again and again. In the current environment, speed of innovation is key, and API based systems facilitate a faster “plug and play” integration. Hence, the procurement processes need to be reviewed and adapted for this new challenge. As such, we need to find enablers to help speed up the entire process, while ensuring the right level of security/risk at each moment. We could, for instance, define a step by step approach, gradually increasing the level of detail of the assessment, linked to the phase of engagement (eg: Basic screening for a POC, deeper screening for pilot and full screening for full implementation tracks, etc).

In this challenge, we want to chop up the process in manageable pieces, and try to find a technology driven solution to assist or speed up the process for each part of the procurement journey:

Can you come up with a solution for a generic KYV platform for collecting, sharing and updating vendor-related procurement data on a cross-industry basis (so as to speed up the procurement process and avoid duplicate work)? The idea is not simply to outsource this to a centralised provider but to create an API based system where individual companies are able to create their own tailored systems customised to their own risk appetite.

- Submission of company information: how to use external datasets or analytics to get a validated 360 view of the company (shareholder structure, funding, team, existing customers, …)

- Financial analysis (how healthy is the company?): can we use A.I. or external datasets to speed up the financial assessment of companies?

- Risk & security assessments: tooling to assess basic and advanced security:

  • penetration testing
  • API security
  • ...

- (Regulatory) Compliance checks:

  • GDPR compliance
  • Any other regulatory compliance (eg PSD2, IRFS9, …)
Open Track: Electronic payments adoption & financial inclusion

Belgium is well-equipped when it comes to e-payments. There is great infrastructure in place and most Belgians do use electronic channels. However, given recent technological advances, there is tremendous opportunity to increase adoption of mobile payment solutions and generally provide a better user experience. We have to keep in mind, however, that such improved services must be accessible to all, including youth, students, elderly people, families, physically impaired people, and the currently unbanked such as refugees and other disadvantaged groups

So how can we make sure that we are fully inclusive with our mobile payment solutions?

KEY WORDS: Electronic Payments, Reaching the unbanked, Financial Inclusion, Loyalty, Local Merchant solutions

Company Track: Financial Management for SMEs and Professionals

SMEs and independent professionals face a tremendous administrative burden with regard to the management of their finances: think invoicing, payment, expense management, accounting, financing, and managing cash flow and liquidity. While there are many solutions available in the market that solve individual aspects of this wider challenge (such as online accounting software), the fragmented nature of the market makes it difficult for banks to play a more proactive role supporting their customers.

Ideally, banking services should be integrated in end-to-end financial management platforms, so that more tasks can be automated, more data can be leveraged for better insight and prediction, and liquidity is always optimised. In this challenge we are looking for solutions that could help banks serve their SME and professional customers better, especially with regard to:

  • sending/receiving the invoices digitally
  • facilitating the decision to pay the invoice
  • initiating payments
  • tracking open invoices and payment status
  • optimizing expense management of employees
  • keeping a real-time overview of the cash flow and liquidity
  • getting financing
  • optimising working capital needs
  • decreasing Days Sales Outstanding
  • predicting and solving liquidity issues
  • connecting to tax and accounting platforms
Company Track: Detecting transactions fraud by combining data from multiple sources

The goal of this challenge is to detect fraud in a transactional environment by combining and analysing multiple data types and sources. The Hackathon partners will provide you with anonymous transactions data (both fraudulent and clean transactions) and detailed descriptions of other transactions data, but your task is to propose a viable approach and method for combining and analysing data from multiple financial institutions and external, publicly available data.

You will work with the partner’s experts to address IT issues, data issues (including proposals on external data sources), security/privacy issues, analytical issues, and business model issues. To succeed, your proposed initiative will have successfully withstood technical and business scrutiny by the partners during the hackathon, meaning it could be viable and is thus worthwhile to explore further in a proof of concept.

Prizes

Every team will have the opportunity to pitch for and meet with 10 key decision makers of major financial institutions.

Main Prizes
Company Track 1st Prize: Funded Proof of Concept

At least one winning team will receive funding to develop their Proof of Concept with B-Hive or one of our partners. The winning team will also have an opportunity to pitch at Digital Finance Europe 2018 (26 September).

Open Track 1st Prize: €5000
EUR 5000

The winning team will receive €5000 in cash. And remember, all teams have an opportunity to present their work to a jury of senior decision makers at major financial institutions. This may lead to interesting business opportunities for you.

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