The Team Cashflow on Wednesday emerged the winner of the maiden edition of the First Bank of Nigeria (FBN)’ s Hackathon Competition, with cash prize of N3 million.
Also, Team Ace won the second position with N1.5 million, while Team Cyber Smart, won third position with N750, 000.
The News Agency of Nigeria (NAN) reports that 10 teams participated in a two-day hackathon competition.
The participants were expected to develop some financial solutions to boost banking services, leveraging on Artificial Intelligence and Big Data.
NAN also reports that Hackathon is an event in which large number of people engage in collaborative computer programming.
Speaking, Dr Adesola Adeduntan, the FBN Managing Director, said that the aim of hackathon was to come up with new ways of applying artificial intelligence to banking operations and practices.
Adeduntan said that to remain competitive, banks must make use of the most disruptive change.
According to him, at the moment, some actors are using this new technology so enthusiastically that it’s hard to keep up, whilst others are still channelling too much investment in old systems.
”But, technologies like artificial intelligence and big data technology need to become part and parcel of our business models across the board.
”At First Bank, our goal is to ensure that our risk framework enables the bank to take full advantage of these technologies, while keeping consumers and investors protected.
‘”That is our goal, and we are very committed to this.
”Financial services industry tends to focus on access and risk, but it is also our duty- especially in a field so rich in opportunity– to support Fintech solutions enabling our businesses to become more efficient and more competitive.
He said that new payment services technology was supporting fast and secure transactions.
According to him, new data technology underlies better informed investment decisions and improved risk management.
Adeduntan said that the cost efficiencies, the more personalised and tailored services that Fintech could help deliver, were genuinely exciting.
”As the chief executive officer, I am personally committed to ensuring that we find the right balance in our approach and do not overanalyse a budding industry that needs space to grow.
”We are keen at proffering solution to the problem of Big data in banks in order to effectively and efficiently meet customer needs, even before they arise.
”Recently, we launched our Digital innovation Lab to operate a model that is akin to that of FinTech’s with the required agility to swiftly develop and roll out innovative financial products and services.
”The First Bank Digital innovation lab also anchors and manages First Bank’s collaboration and partnership with Fintech firms to promote financial inclusion through innovation.
”At First Bank, our promise is to always deliver the ultimate ‘gold standard’ of value and excellence.
”We will, therefore,  stop at nothing to provide excellent and innovative financial services to our esteemed customers,” he said.
Also,  Mrs Ibukun Awosika, the Chairman, First Bank, said that the goal was to raise innovative startups and partner with Fintech to provide more quality customers service.
Awosika said that the bank was committed to develop talents and competencies and to remain true to it at all times.
”The innovators capabilities can change ways of doing things.
”We need something that you have and you need something that we can give you.
”It is a combination of now and the skills you have and the future,” she said.
Speaking to NAN on the sidelines, Mr Job Oyebisi, Team Lead of Cashflow, said that the competition was an opportunity to partner with the bank to develop solution on financial services.
Oyebisi said that his team was developing a solution on financial funding of Small Medium Enterprises (SMEs) leveraging on AI and Big Data.
He appreciated First Bank for such unique opportunity to be a part of the hackathon.
NAN reports that other teams that participated in the competition were Team Sabi; Finnovators; Octave; Cheque Processing; AI6 Abeokuta; Trigger and Venus.