Winners are announced.
To capture the momentum of Fintech movement in India, AP Fintech Valley was conceptualized with an aim to bring together public and private players, state of the art incubators and accelerators, innovation labs, mentorships, angel investors and anyone willing to break free from traditional processes. The self-sustained global Fintech Ecosystem focuses on converging finance and technology, to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation.
The Fintech Valley has launched ‘use case repository’ across banks, NBFCs, insurance companies, and capital market companies to accelerate innovation in financial services industry. Selected use cases are opened up for the hackathon to seek relevant solutions to current business problems (use cases), and provide opportunities to start-ups and developer community.
For more information around ‘use case repository’ program of Fintech Valley Vizag, click here.
Announcement of the shortlisted ideas: 10th November, 2017
Thanking Our Cloud Partner
Thanking Our Community Partner
Ten sub-themes have been identified under various important themes. Participants can choose any sub-theme(s) to work on and submit their ideas. Each sub-theme has a longer description.
To find the links to the longer descriptions, go to the Resource Centre. You'll find it on the left once you've logged in and registered for the hackathon.
Digital tool to increase client life-cycle management
It is known that average revenue per client is highest in first year of account opening. Subsequently, the average revenue per client reduces with each successive year. This happens primarily because clients reduce the trading frequency, incur losses, or fail to build discipline required for trading. We need solutions to increase client life-cycle with the financial firm.
Category: Capital Markets
Leveraging Facial recognition and Facial Analytics to know the customer better and simplify the application process
Identify methodologies which can simplify the insurance buying process and also reduce the policy issuance TAT. Further considering the increasing cost of medical examinations, the solution should be capable of leveraging advanced facial analytics along with other data points to assess whether an applicant qualifies for life Insurance. The solution should be able to read various points from an applicant’s face, process it with other data points and extract including his BMI, age, life expectancy.
Category: Insurance
Auto Assessment of Motor Claims
Motor Claims are the most common and frequently availed services from a General Insurance company. We need a tool/solution that will allow us to automatically assess the damage to a motor vehicle. Such tool/solution can be of great help in reimbursing the loss to our customer well in time and with accurate assessment.
Category: Insurance
Furnishing full KYC of investors through a digital and paperless process within the purview of SEBI guidelines
SEBI has issued guidelines under The Prevention of Money Laundering Act, 2002 (PMLA) which requires Mutual Funds to follow enhanced Know Your Customer (KYC) norms. This entails In-Person Verification (IPV), verification of identity and address and other such personal information as may be prescribed by guidelines, rules and regulation. SEBI regulation mandates that investors who complete their e-KYC using Aadhar and OTP based verification, may invest up to Rs 50,000/- per annum, per Investor. However, to invest more than this limit, they have to do full KYC through branch visit or In Person Verification (IPV) process. This is a cumbersome and results in dropouts. We need a digital and paperless process to gain efficiency in manual verification and background due diligence. The new process should also be compliant to SEBI guidelines and take into account the CKYC mandates.
Category: Capital Markets
Automate e-KYC Verification using RPA and OCR technology
The e-KYC verification process is carried out by firm’s back office employees who verify customer details in order to approve or reject customers’ e-KYC. Customer provides personal information, address and banking details along with the supporting documents in order to complete their KYC. The documents are scanned and sent to the back office team which conducts the manual verification process. We need a solution which can verify the details like personal IDs (PAN, DL), address proof (electric & gas bill), banking details (pass book, statement) at the first step itself.
Category: Capital Markets
OCR in Credit Risk assessment
While assessing the creditworthiness of a business, number of physical documents are considered. The information is extracted through OCR (Optical Character Recognition), but as the terms used in these documents do not follow standard financial terminology, we need manual intervention to put this information into evaluation framework developed by the financial institution. We seek solution which can smartly understand the non-standard terminology also, and automates the process of putting information in the evaluation framework of the institution.
Category: NBFC
We have recently seen the exponential growth in use of mobile wallets in urban and semi-urban areas. But, rural areas are still catching up with the technology penetration. Majorly using feature phone with interrupted network, rural customers find difficulty in adopting to the newly introduced digital modes of payment. Without smartphones they are unable to adopt to mobile wallets, Aadhar Pay and UPI based payments and other internet based methods of money transfer or payments. We need to develop a scalable low cost payment solution for rural India which will enable transactions using any device such as feature phones, smartphones, biometric etc. The payment solution should be irrespective of the telecom player or the technology service provider.
Category: Banking
Health reporting and management
We see a lot of mobile applications and wearable devices on health management front for users to track their vitals and physical activities. There are other set of applications which help them to maintain their physical health through timely alerts / suggestions to maintain their health. We need a holistic solution which can record the vitals and lifestyle data (preferably non wearable based), provide suggestions to the user to manage their health better, and share it with the insurer to enable them to service their customers better. In case any vital deviates from the normal range, the system should be proactive to identify and alert the user, family members, care provider and the health insurer and provide appropriate support. The system should also be able to give predictive recommendations.
Data points can be captured through but not limited to:
Category: Insurance
Digital claims processing for OPD cases
Insurance companies provide products that include OPD solutions. We need a technology solution for the customer and the medical service provider for a seamless digital interaction. The solution which will also enable customers for a cashless solution and make the process seamless.
Category: Insurance
Small businesses struggle more and more to borrow money from commercial banks. We need an alternative lending solutions for these small and medium size business including crowd funding/ P2P lending solutions to bridge these gaps. Solutions may include credit scoring, credit risk management as enablers.
Cash prize worth Rs. 3 lakhs for the winner in Banking.
Cash prize worth Rs. 3 lakhs for the winner in Insurance.
Cash prize worth Rs. 3 lakhs for the winner in Capital Markets.
a. Chance to carry out Proof of Concept (PoC) with corporate, if they like your idea / solution. The PoC will need to be executed based out of Vizag.
b. Investor network of The Fintech Valley, Vizag will be invited for Hack Day, where they will go through your prototyped solution.