Finastra names the winners of Hack to the Future
Finastra has named the winners of its annual hackathon: Hack to the Future.
The virtual event saw hundreds of ideas, proof of concepts (POCs) and applications submitted, from around the world, around the themes of reducing systemic inequalities, COVID-19 hacking and adoption. technological change.
The shortlisted teams presented their ideas to a panel of expert judges from banks, fintechs, universities and industry experts. Judging was based on a bid’s ability to meet a real and urgent need, its feasibility and use of the technology, and its commercial potential. Winning ideas and POCs benefiting from a range of prizes offered by Finastra and hackathon supporters, such as cash, incubation opportunities and coaching, include:
â¢ Hacking Systemic Inequalities: Nest Egg – a fun banking app for kids that integrates financial literacy and brings unbanked or underbanked children into financial services
â¢ Technology-driven change: AI-powered mortgage advisor – using machine learning to predict mortgage approval, for faster turnaround time for applicants
â¢ Hacking via COVID: FinFlo – Filipinos can acquire fast loans digitally, allowing residents affected by the pandemic and needing to apply without leaving their homes or visiting a bank
In addition, prizes including incubation and internship opportunities were also awarded for the following categories:
â¢ Best idea for young people: FinED – uses gamification principles and cutting edge technology to impart financial literacy
â¢ Best student submission: Handpay – a payment platform designed to fight against banking exclusion of people with disabilities
â¢ Best SME / Business Bank Submission: Romulus for Trade Finance – automates trade finance document reconciliation against Swift communication
â¢ Best in MEA: Banking4U – a platform that leverages a customer’s mobile money transaction data to determine loan eligibility
â¢ Better environmental impact: ESG AI – smarter sustainable investment through data and deep learning
â¢ Better user experience: ESG AI – smarter sustainable investment through data and deep learning
â¢ Better social impact: CreditSense Fusion – leveraging APIs and machine learning to create credit and microcredit prediction models, based on a user’s transaction history
â¢ Best fintech submission: The Responsible Investors – rating Finastra ESG funds using fintech, AI and natural language processing via FusionFabric.cloud
Chirine Ben Zaied, Chief Innovation Officer at Finastra, said: âIt has been amazing to see over 4,500 global registrations from schools, universities, startups and fintechs – all with the common goal of hacking for real. It has been our most impactful hackathon to date, generating truly inspiring apps and ideas that have the potential to redefine financial services and drive change. Our thanks to the large number of collaborators, sponsors and partners who supported the hackathon through judgments, prizes and mentoring; it is a testament to the importance of bringing the industry together to create innovative solutions with purpose and impact.
Finastra has made its open development platform – FusionFabric.cloud, backed by Microsoft Azure – as well as more than 130 APIs and several open datasets available for the hackathon.