|Corporates||Use Case Repository||Start-up winner|
|Kotak Mahindra||Low cost payment solutions for Rural India||Fingpay|
|DCB Bank||P2P Lending for SME||Algo360|
|TATA Capital||OCR in Credit Risk Assessment||Force of Nature|
|IndiaFirst Life Insurance||Leveraging facial recognition and facial analytics to know the customer better and amplify the application process||Face Auth|
|ICICI Lombard||Health reporting and management||GDGVIT|
|Bajaj Allianz||Auto assessment of motor claims||D Idea|
|Angel Broking||Digital tool to increase client life-cycle management||LATESTERS|
|Motilal Oswal||Automate e-KYC verification using RPA and OCR technology||K3rn3l_p4n1c|
FINACKATHON 2017 which kick started in September 2017 received over 2000 entries out of which only 247 ideas were submitted. 47 start-ups were shortlisted across 10 use case repositories of which 24 teams were part of the grand finale on December 2nd and 3rd, 2017 in Mumbai. The initiative aimed to crowdsource ideas and bring together emerging start-ups to escalate innovation in financial services industry.
These start-ups presented their unique ideas to some of the leading BFSI corporates and partners like IBM, ICICI Lombard, Bajaj Allianz, DCB Bank, TATA Capital, Angel Broking, Motilal Oswal and Kotak Mahindra Bank. They were judged on basis of the solutions provided by them for each used case repository across five broad themes – customer experience, process automation, financial inclusion, risk management and lending.
Mr. J A Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister – Government of Andhra Pradesh said, "The Finackathon was an initiative to boost innovation in the financial industry and to establish a platform for these upcoming start-ups to present solutions for the use case repositories. The success of 'Finackathon 2017' is evident from the increase in the number of entries made this time and the commendable task done by these private companies will lead us in creating a self-sustainable ecosystem."
Neha Punater, Partner and Head, Digital Strategy, Innovation and Fintech at KPMG India expressed, "We at KMPG are proud to be a part of the most successful project originated by the AP government. As their knowledge partners, we are delighted to take forward the ideology and demand of innovation and technology to encourage development in the fintech sector."
Sachin Gupta, CEO and Cofounder, HackerEarth said, "We witnessed a lot of incredible solutions and hacks to resolve the issues observed in the BFSI sector through the given use case repositories. We are delighted to see the response and this encourages us further to take this initiative on a long road along with the government of Andhra Pradesh to make our state a better financial hub."
About Fintech Valley Vizag
The Fintech Valley Vizag created by APEITA, Government of Andhra Pradesh, is a self-sustainable, global fintech ecosystem that focuses on converging finance and technology, to create large avenues of growth through industry-enablers, world-class infrastructure, entrepreneurship and innovation. Visit http://www.fintechvalleyvizag.com for more information. Interact with us on Facebook, Twitter, Instagram and YouTube.
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