Innovative Idea To Redefine Banking Introduced By IIT-Delhi’s Students At ‘SIB Finathon’

Innovative Idea To Redefine Banking Introduced By IIT-Delhi’s Students At ‘SIB Finathon’

The co-creation camp was held at the Indian Institute of Technology (IIT), Delhi on November 4 and 5 and the 14 teams that participated in it presented their innovative ideas and solutions while also receiving guidance and mentoring from SIB and IIT Delhi’s faculty

PTIUpdated: Wednesday, November 08, 2023, 05:06 PM IST
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IIT Delhi | IIT Delhi official website

‘SIB Finathon’ received applications from some of the top engineering colleges and IT companies from all around the world. It was conducted in two rounds respectively, one was an online screening and shortlisting round wherein a panel of experts reviewed the submissions and selected the top 14 teams. Next round was the grand finale wherein the participants worked on three exhilarating coding challenges. 

The Winning Idea

According to officials, the winning team introduced a unique and pioneering feature, Bank-Esy for SIB Mirror , which sets the app and their idea apart. With Bank-Esy, their aim was not only to redefine banking but also to innovate it.

"Some of the unique features include hyper-personalisation using advanced 3D models and AI-driven algorithms, tailored offers, customer needs prediction and a user-centric Design," a senior official said.

"With SIB Mirror's Bank-Esy, customers will discover a new era of banking where innovative features transform your financial journey. It's not just banking; it's an innovation that makes banking easier and more user-centric than ever," he added.

The co-creation camp was held at the Indian Institute of Technology (IIT), Delhi on November 4 and 5 and the 14 teams that participated in it presented their innovative ideas and solutions while also receiving guidance and mentoring from SIB and IIT Delhi’s faculty, the institute said. 

Other Winners

The winners of the competition are Team Akatsuki from IIT, Delhi (₹3 lakh), Team Hyperpersonalizers from IIT Roorkee (₹2 lakh), Team Phantom from Coimbatore Institute of Technology (CIT) (₹1 lakh).

"SIB Finathon is a dynamic platform where creative minds shape the future of finance and a resounding testament to South Indian Bank's commitment to innovation and cutting-edge technology in banking," said Sony A, SGM and CIO, South Indian Bank.

"With enthusiastic participants, it reflects our mission to revolutionise banking for accessibility and efficiency. We believe these engagements will leave a lasting impact on the way we bank in the future. SIB Finathon goes beyond being just an event; it serves as a powerful catalyst for innovation in the future of banking," Sony added.

(With inputs from PTI)

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