Students brainstorm next gen banking solutions at IIT-Delhi's 'SIB Finathon'

New Delhi: Hyper-personalisation using advanced 3D models and AI-driven algorithms to enable banks to understand customer behaviour better was the winning solution at a hackathon organised by IIT-Delhi in collaboration with the South Indian Bank.

The "SIB Finathon" was conducted in two phases consisting of an online screening and shortlisting round, followed by the grand finale, where participants worked on three exciting coding challenges.

The competition garnered applications from top engineering colleges and IT companies nationwide. A panel of experts meticulously reviewed the submissions, selecting 14 teams that rose to the top, the institute said.

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

According to officials, the winning team introduced a unique and pioneering feature, Bank-Esy for SIB Mirror+, which sets the app 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 said.

The winners of the competition are Team Akatsuki from IIT, Delhi (first prize – Rs 3 lakh), Team Hyperpersonalizers from IIT Roorkee (second prize – Rs 2 lakh), Team Phantom from Coimbatore Institute of Technology (CIT) (third prize – Rs 1 lakh).

"SIB Finathon is a dynamic platform where creative minds shape the future of finance and 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.