DBS launches global hackathon

Top teams will compete for a total prize purse of US$100,000.

DBS Bank has launched a global hackathon that focuses on building a customer-centric approach to developing new services for digitally-savvy customers, an announcement revealed.

Also read: DBS to hire future-ready tech talents via hackathon

Called Paradigm Shift, the hackathon has attracted over 1,000 participants across 25 markets. including Brazil, Germany and the US.

Through the hackathon, the bank is looking to attract submissions from the world’s top technology talents, including developers, data scientists, behavioural scientists, UX/UI designers, fresh grads to PhD students, and entrepreneurs. Separated into three phases, teams of up to four are urged to create concepts concepts that will make banking effortless for customers.

Under phase 1, which will run from 28 May to 5 July, interested participants will need to register themselves as individuals, and form teams. They will be given consumer trend themes to guide them through their ideation. They will also have access to a panel of over 50 experts from DBS and its partners across key areas of specialisation, such as big data, artificial intelligence, mixed reality, banking, sustainability and consumer trends.

In phase 2 (13 July to 6 September), teams with the most original concepts will be shortlisted. Over the next eight weeks, they will then be given access to technology platforms to develop their concepts into prototypes. 

During phase 3, the final sprint which will run from 21 to 22 September, selected teams will compete in the finals through a virtual pitch session. The best performing teams could land a job at DBS, and teams with the most impressive solutions will stand a chance to win cash and prizes. The total prize purse is US$100,000.

“Banks continue to face stiff competition from non-financial companies and must reinvent and disrupt themselves in order to stay relevant,” said Soh Siew Choo, managing director and head of consumer banking and big data analytics technology at DBS Bank. “This requires us to have a fundamental shift in the way we think and operate, so as to build a superior user experience for our customers.”

The DBS Paradigm Shift global hackathon will take place from 28 May to 22 September, and is supported by partners such as Amazon Web Services (AWS), Capgemini, Microsoft, QuantumBlack and Telstra.

Over 17 weeks, the teams will take their inspiration to a concept to a working prototype. The hackathon will focus on the use of technologies such as machine learning, IoT, AR/VR, to build a better customer experience. Teams will be judged on the novelty of their concepts, relevance and impact.