Kolkata, June 10 (Representative) Bank of Baroda , one of India’s leading public sector banks has announced the launch of a nationwide online hackathon on Generative Artificial Intelligence (GenAI), in collaboration with Microsoft. The hackathon aims to inspire participants to develop innovative solutions using GenAI technology to address specific business areas defined by the Bank. The top three teams will receive cash prizes of Rs 5 lakh, Rs 3 lakh, and Rs 2 lakh each, and the Bank will look to implement the best ideas that emerge from the hackathon, according to a media statement on Monday. Open to both individuals and teams—including developers, students, professionals, start-ups, and fintechs—the two-month-long event will focus on ideation and prototype development. Bank of Baroda is seeking groundbreaking solutions in six areas: customer service, financial advisory, audit & compliance, risk management, operational efficiency and personalised content generation. “Bank of Baroda is committed to staying at the forefront of innovation. With the banking industry evolving rapidly, the advent of Generative Artificial Intelligence marks a new frontier.
Artificial Intelligence, particularly Generative AI, holds immense potential to transform the way we approach banking, offering new ways to enhance customer experiences, streamline operations, and drive efficiencies. We firmly believe that by working together with like-minded innovators, we can create transformative solutions that will redefine the banking landscape for the better. We are also pleased to collaborate with Microsoft in this initiative.” Bank of Baroda MD Sanjay Mudaliar said, Commenting on the initiative, Puneet Chandok, President, Microsoft India and South Asia, said, “We at Microsoft are thrilled to share a common vision of a tech-powered India with Bank of Baroda. Azure OpenAI’s digital innovation fuels our journey, and together, we are ushering in a transformative era in customer banking. Through the Gen AI Hackathon, an initiative by Bank of Baroda, we look forward to developers utilising Azure OpenAI’s capabilities to architect unique digital solutions for the Indian banking sector.”