As this year’s Hackathon kicks off, teams are working to solve industry-wide challenges by harnessing the power of AI and Machine Learning. We’ll be announcing the winners of both challenges in a dedicated SWIFT at Sibos session – don’t miss it!
The SWIFT Hackathon 2021 is now officially underway and teams have already begun working on innovative solutions to the competition’s two challenges. Within financial services and beyond, AI and Machine Learning (ML) are attracting increased focus, as industry leaders realise the myriad of benefits these technologies can bring to customers. That’s why they’re at the centre of this year’s Hackathon – teams are focusing on using AI and ML to detect transaction anomalies and use synthetic data sets to better understand customer behaviour.
And the potential of deploying AI and ML to solve industry challenges has clearly been recognised by banks, market infrastructures, corporates and FinTechs alike. This year we received a record number of Hackathon entrants with 25 teams and almost 180 participants registering. That’s more than double our 2020 event
Introducing our partners: Fintech Sandpit and C3AI
Fintech Sandpit and C3 AI allow financial institutions to collaborate, co-create, build, test and go-to-market with the products and services they’re developing. These platforms use synthetic, private datasets as well as an extensive fintech API marketplace to facilitate the fast development and evaluation of proof of concepts and early stage products. We’re excited to see how teams will use these platforms and look forward to harnessing their capabilities for future co-creation projects too.
Co-creating to solve industry challenges
While simplifying the process of opening an account or developing a more intuitive banking app can be done by an individual institution, some problems are experienced by all industry players. For example, compliance checks are essential to protecting the integrity of the financial network, but screening the same transaction multiple times throughout its journey can lead to delays. To solve challenges like this and reduce frictions in cross-border payments, collaboration is essential. It’s the principle that guides our innovation approach and the reason we’re inviting the financial community to Innovate with SWIFT.
That’s why we think capitalising on the wealth of ideas generated at events like the Hackathon is so important, as it gives us the opportunity to work with some of the brightest minds in our industry and build solutions that have a real impact on end customers’ lives.
With that in mind, the SWIFT Hackathon 2021 is more than just a competition. We’re planning to work with the best participants from both challenges after the Hackathon to see if we can build their solutions into products and services that can benefit the whole community.
We’ll be announcing the winners and runners up in a dedicated SWIFT at Sibos session on Thursday 14 October at 09:00 GMT, so don’t miss it – it’s free for members of our community.
Innovate with SWIFT: It’s not too late
If you missed out on registering for the Hackathon but are still interested in collaborating with us, we want to hear from you. Get in touch with us, download our co-creation tool kit or tune in to our Sibos session on collaborative innovation for more information.