Bangalore : Country’s largest lender State Bank of India recently launched its second edition of its Hackathon – Digitize For Bank (#D4B2017) at the hands of DMD & CIO of SBI, Shri. Mrutyunjay Mahapatra.

Digitize for Bank (#D4B2017) presented by SBI Collaborative Innovation Centre (CIC) is a curated Digital Hackathon on 4 use cases across “Cognitive” theme. They are: Facial Recognition, Signature Recognition, Voice based Authentication and Cheque Truncation Value Enhancers.

Today, Banks face several challenges like identity fraud, problems with signature validation, and lack of multi-form authentication.

Sudin Baraokar, Head Innovation, SBI opines on this occasion, “D4B2017 will leverage digital technologies to automate processes, identify patterns, improve efficiency and help the bank in fraud detection, spotting outliers, reduce validation errors and help simplify and ease customer experience.”

In the phase 1, participants can register their idea during October 11-27, 2017 followed by Hackathon which will start from 1st November 2017 and ends on 12th Nov. The finalists will be called for final interview and can showcase their product between November 20-29, 2017. The winners will be announced on 30th November 2017 and the winning teams will get an opportunity for incubation and acceleration with SBI.

State Bank of India (SBI) the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The bank has a deposit base of 26.02 lakh crore with CASA ratio of 43.81%. As on June 30, 2017, SBI has an extensive network, with over 23 thousand branches in India and 194 offices in 35 other countries across the world in all time zones. It has a strong network of more than 59 thousand group ATMs. With more than 2.73 lac employees it caters to a customer base of more than 42 crore which includes nearly 2.3 crore Mobile Banking users, over 4 crore Internet Banking users, 1.07 crore State Bank Buddy users. As on March 31, 2017, the bank has installed more than 6 lac PoS terminals, capturing a little over 22% of market share and 34.5 crore State Bank Debit Card holders. SBI has the highest number of Facebook followers across all banks in the world. SBI’s non- banking subsidiaries / joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India’s financial icon.

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