“Customer-centric” is a phrase you often see associated with banks, as it is true that their business relies heavily on relationships with customers, be they individuals or other businesses.
This is why banks are constantly striving to offer innovative solutions, to carry out customer satisfaction surveys, etc., and RHB Banking Group (RHB) has launched a first hackathon to go even further.
Called Get Your Hack On (GYHO), the virtual hackathon is scheduled to take place June 11-13, 2021, with the grand finale taking place and the winners announced on June 19. This is an event that RHB is organizing with the help of JomHack Malaysia.
The pandemic has made it clear that customer behaviors and needs have changed, and RHB hopes to find new solutions that will meet them.
Ganesh Mahendranathan, Head of Innovation at RHB, said: “The acceleration of digital consumption has led to the influx of new digital consumers. “
“To ride this digital tsunami, we are reinventing our customer acquisition and engagement models through the digitization of customer journeys and a multitude of initiatives along the innovation value chain. “
Have a say in the banking change
With this in mind, there are 5 challenges that RHB wants participants to solve. Among them are:
- Means of enabling a fully digital customer journey which also allows RHB to securely migrate its customers to mobile and Internet banking channels and to serve them effectively remotely;
- How the bank-owner relationship can be maintained and improved;
- Enable the creation and validation of financial information, strong future cash flow forecasts and sustainable business model strategies for startups or fast growing companies so that RHB can create reliable and transparent credit profiles;
- How innovative technologies can be used to assess SME financing requests in order to improve RHB’s credit decisions and reduce instances of default;
- Innovative solutions that can make RHB the employer of choice for digital talent so that the bank can reduce external dependence on suppliers to advance its digital initiatives.
During the hackathon, teams of 3 or less will need to build and submit a working prototype. The teams will own the intellectual property of their projects and, depending on their performance, RHB may offer follow-up opportunities in the form of pilot projects, a job offer or a partnership, etc., to further develop the idea.
One of the goals of holding this hackathon is that RHB can also seek out talent from the hackathon in order to build internal digital and technological capabilities, thereby creating career opportunities in technology, design or business.
In total, RHB aims to work with up to 300 technicians through GYHO while subsequently strengthening closer ties with startups and the Malaysian business ecosystem.
Reward and encourage innovation
GYHO winners will win prizes from a cash pool of RM 26,000 and Amazon Web Services (AWS) cloud credits, with the champion winning a cash prize of RM 10,000, AWS credits worth $ 800, trophies and certificates.
Cash prizes and consolation prizes will be awarded to the 4th to 10th finalists, and the teams that performed the best in each of the 5 challenges will also receive special prizes and cash.
The banking industry is certainly an exciting place to watch, especially with its rapid digitization and the advent of digital banking in Malaysia.
Therefore, GYHO is a welcome initiative to promote creative and innovative solutions that will benefit banks and clients, and the career opportunities it will provide for talent is appreciated at a time when unemployment is still high. From there, we could well see new fintech startups emerging as well.
- You can read more about GYHO here.
- You can read more about the hackathons we’ve covered here.
Featured Image Credit: RHB Banking Group / IFM
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