Monday, June 10, 2024

Bank of Baroda Launches Hackathon on Generative AI in Collaboration with Microsoft

 Nationwide hackathon for developers, students, professionals, start-ups & fintechs to showcase innovative solutions and co-create solutions with the Bank

- Top three winners will be awarded cumulative prize money of Rs 10 lakh 

Mumbai, 10th June 2024: Bank of Baroda (Bank), one of India’s leading public sector banks, has announced the launch of a nationwide online hackathon on Generative Artificial Intelligence (GenAI), in collaboration with Microsoft. The hackathon aims to inspire participants to develop innovative solutions using GenAI technology to address specific business areas defined by the Bank. The top three teams will receive cash prizes of Rs 5 lakh, Rs 3 lakh and Rs 2 lakh each, and the Bank will look to implement the best ideas that emerge from the hackathon. 

Open to both individuals and teams—including developers, students, professionals, start-ups, and fintechs—the two-month-long event will focus on ideation and prototype development. Bank of Baroda is seeking groundbreaking solutions in six areas: customer service, financial advisory, audit & compliance, risk management, operational efficiency and personalised content generation.

Shri Sanjay Mudaliar, Executive Director, Bank of Baroda said, “Bank of Baroda is committed to staying at the forefront of innovation. With the banking industry evolving rapidly, the advent of Generative Artificial Intelligence marks a new frontier. Artificial Intelligence, particularly Generative AI, holds immense potential to transform the way we approach banking, offering new ways to enhance customer experiences, streamline operations, and drive efficiencies. We firmly believe that by working together with like-minded innovators, we can create transformative solutions that will redefine the banking landscape for the better. We are also pleased to collaborate with Microsoft in this initiative.”  

Commenting on the initiative, Mr. Puneet Chandok, President, Microsoft India and South Asia said, “We at Microsoft are thrilled to share a common vision of a tech powered India with Bank of Baroda. Our journey is fueled by Azure OpenAI’s digital innovation, and together, we are ushering in a transformative era in customer banking. Through the Gen AI Hackathon, an initiative by Bank of Baroda, we look forward to developers utilising Azure OpenAI’s capabilities to architect unique digital solutions for the Indian banking sector.”

Contestants can participate in the hackathon by visiting Participants can form a team of a maximum of four people to participate. Individuals and teams can register for the hackathon and submit ideas from 10th June 2024 to  30th June 2024 (both dates inclusive). Shortlisted teams will be asked to develop a prototype which will form the basis for deciding the winners. Shortlisted teams will be provided Azure credits, technical resources and mentoring sessions by Microsoft and Bank of Baroda subject matter experts.

About Bank of Baroda

Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III, Bank of Baroda is one of the leading commercial banks in India. At 63.97% stake, it is majorly owned by the Government of India. The Bank serves its global customer base of ~165 million through over 70,000 touch points spread across 17 countries in five continents and through its various digital banking platforms, which provide all banking products and services in a seamless and hassle-free manner. The Bank’s vision matches the aspirations of its diverse clientele base and seeks to instil a sense of trust and security in all their dealings with the Bank.

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