Team Cash flow has emerged the winner of the maiden edition of the First Bank of Nigeria (FBN) Hackathon Competition, with cash prize of ₦3 million.
Also, Team Ace won the second position with ₦1.5 million, while Team CyberSmart, won third position with ₦750,000.
The participating teams are expected to develop some financial solutions to boost banking services, leveraging on Artificial Intelligence and Big Data.
10 teams participated in the two-day hackathon competition. Hackathon is an event in which large number of people engage in collaborative computer programming.
Dr. Adesola Adeduntan, the FBN Managing Director, said that the aim of the hackathon was to come up with new ways of applying artificial intelligence to banking operations and practices.
In the words of Dr. Adesola Adeduntan:
“But, technologies like artificial intelligence and big data technology need to become part and parcel of our business models across the board.
At First Bank, our goal is to ensure that our risk framework enables the bank to take full advantage of these technologies, while keeping consumers and investors protected.
That is our goal, and we are very committed to this.
Financial services industry tends to focus on access and risk, but it is also our duty- especially in a field so rich in opportunity– to support Fintech solutions enabling our businesses to become more efficient and more competitive.
As the chief executive officer, I am personally committed to ensuring that we find the right balance in our approach and do not overanalyse a budding industry that needs space to grow.
We are keen at proffering solution to the problem of Big data in banks in order to effectively and efficiently meet customer needs, even before they arise.
Recently, we launched our Digital innovation Lab to operate a model that is akin to that of FinTech’s with the required agility to swiftly develop and roll out innovative financial products and services.
The First Bank Digital innovation lab also anchors and manages First Bank’s collaboration and partnership with Fintech firms to promote financial inclusion through innovation.
At First Bank, our promise is to always deliver the ultimate ‘gold standard’ of value and excellence.
We will, therefore, stop at nothing to provide excellent and innovative financial services to our esteemed customers.”
Mrs. Ibukun Awosika, the Chairman, First Bank stated:
“The innovators capabilities can change ways of doing things.
We need something that you have and you need something that we can give you.
”It is a combination of now and the skills you have and the future.”
Mr. Job Oyebisi, Team Lead of Team Cash flow, said that the competition was an opportunity to partner with the bank to develop solution on financial services.
Oyebisi said that Team Cash flow was developing a solution on financial funding of Small Medium Enterprises (SMEs) leveraging on AI and Big Data. He appreciated First Bank for such unique opportunity to be a part of the hackathon.