The banking industry faces a number of challenges as more and more consumers are managing their personal finances using smartphones and other electronic devices. Fintech companies and companies that operate exclusively digitally are also appearing in increasing numbers, and financial technology is becoming more and more advanced. Innovation is essential to the future of banking.
For this purpose, Nova Ljubljanska banka (NLB) organized the second Hackathon this year, this time on the topic of open funding. The red thread of the 20 day hackathon was to find/design digital solutions that would enhance an open financial system and make it easier for end users to manage their finances. The digital event was used by 52 participants (ethical hackers, programmers, innovators…) from different countries in Southeast Europe, Switzerland and Kenya also as a platform to showcase their ideas. The primary objective of the hackathon was to attract young talents and students and encourage them to present their skills and ideas, and for the first time they also offered the opportunity to participate in companies – FinTech and Digital Startups.
In addition to developing their ideas, the participants had the opportunity to exchange experiences with the best experts in their field, participating in several professional meetings and two round tables:
- Open Finance – What is the Digital Future of Banking and Finance: Experts discussed the situation in banking and financial services, how access to alternative data is changing the user experience and how to create an exceptional app or fintech company.
- Open Finance Risks and Opportunities: The main topics were technology challenges, operational standards, security of software interfaces (APIs), open finance and vulnerabilities, and client and bank security dilemmas.
NLB’s invitation was accepted by many of the experts who make up the European and global picture of banking today: Simon Steinmann (MbillS, Emoney and Payment Services), Matek Bitnik (Toshl Finance), Petr Dvorak (CEO of Wultra), Thomas Sinek (Adastra Group) and Pierre-Alexandre Boulay (Backbase Ltd) and NLB experts Jiri Truhlar, Nebojša Varoščić and Vito Gosar.
The winners are…
In addition to the prepared business model, the brave competitors had to prepare a demo or software code for the solution and a 3-minute presentation video with an explanation of the innovative idea. The jury, made up of Jerry Trolac, Antonio Argyer, Vito Gosar and Nebojsa Varošić, had a tough time, as 36 individuals, 11 teams and 5 organizations each developed a variety of solutions with great potential to improve the financial knowledge of end users. In the end, winners were chosen in two categories: in the Individuals and Teams category, Team FinCats came first, and in the Enterprise category, INNOCTA GmbH won.
“We joined the NLB Hackathon because we love challenges and believe that the topic of Digital Banking and Open Finance is very topical and has a great impact on people and their lives. During the event, we developed an app that makes it easier for young people to invest. We are very pleased that NLB has realized the potential of our idea and we look forward to further development In this area.Despite the fact that everything was happening remotely in digital form, the hackathon was very well organized and we had a lot of fun to participate! What I liked the most was that the challenges were well explained and the criteria for evaluating our ideas and prototypes It was transparent and known in advance. The meetings, events and round tables were also very effective, given the agenda and time constraints. We liked that the focus was also on the technical implementation of the solution and not just on the idea itself.”
FinCats Actress Nina Marzelj
“NLB is one of the few banks where we have had the opportunity to present our products and ideas. So we were happy to participate in the hackathon. The live events (professional meetings and round tables) are very professionally prepared and we are glad to see NLB’s openness to collaboration with fintech companies and willingness to create A community potentially shaping the future of the Bank with a focus and focus on meeting the needs and desires of customers. Thank you for this wonderful opportunity and your valuable time to listen to us.”
Praise be to NLB Company Owner and Category Winner of the Innocta Organization Miro Babic