“Customer-centered” is a phrase you often see associated with banks, as it is true that your business relies heavily on dealing with customers, whether individuals or other companies.
That is why banks are constantly striving to find innovative solutions, conduct customer satisfaction surveys, etc., and RHB Banking Group (RHB) has launched an inaugural hackathon to go one step further.
He called Start your hack (GYHO), the virtual hackathon is scheduled to take place June 11-13, 2021, with the celebration of the Grand Final and the winners on June 19. It is an event that RHB organizes with the help of JomHack Malaysia.
The pandemic has made it clear that customer behaviors and needs have changed and RHB hopes to find new solutions to serve them.
Ganesh Mahendranathan, head of innovation at RHB, said: “Accelerated digital consumption has led to the influx of new digital consumers.”
“To mount this digital tsunami, we are reinventing our customer acquisition and interaction models by digitizing customer travel and driving a multitude of initiatives across the innovation value chain.”
Have a say in changing banks
In line with this, there are 5 challenges that RHB wants participants to solve. Among them are:
- Ways to enable a fully digital customer journey that also allows RHB to securely migrate its customers to mobile banking and Internet channels and serve them efficiently remotely;
- How to maintain and improve the bank-company owner relationship;
- Enable the creation and validation of financial information, solid future cash flow predictions, and sustainable business model strategies for fast-growing companies or firms, so that HR can create reliable and transparent credit profiles;
- How innovative technologies can be used to assess SME financing applications to improve HRM credit decisions and reduce defaults;
- Innovative solutions that can turn RHB into the entrepreneur chosen by digital talent so that the bank can reduce external dependence on suppliers to scale its digital initiatives.
During the hackathon, teams of 3 or less will have to build and submit a working prototype. Teams will own the intellectual property of their projects and, depending on their performance, RHB may offer follow-up opportunities in the form of pilot projects, a job offer or a partnership, etc., to develop the idea.
One of the goals of maintaining this hackathon is for RHB to also be able to gain talent from the hackathon in order to build stronger internal digital and technological capabilities, thus creating professional opportunities in technology, design or business.
Altogether, RHB aims to work with up to 300 technicians through GYHO and then fosters stronger links with Malaysia’s startup and business ecosystem.
Reward and encourage innovation
GYHO winners will win prizes with a cash fund of RM 26,000 and Amazon Web Services (AWS) cloud credits, with the champion winning a cash prize of RM 10,000, AWS credits worth US $ 800, trophies and certificates.
Cash and consolation prizes will be awarded to the 4th to 10th runners-up, and the teams that have achieved the best performance in each of the 5 challenges will also receive special prizes and cash.
The banking industry is certainly an exciting place to keep your eyes open, especially with its rapid digitization and the emergence of digital banks in Malaysia.
Therefore, GYHO is a welcome initiative to drive creative and innovative solutions that will benefit banks and customers alike, and the professional opportunities it will provide to talent are appreciated at a time when the unemployment rate remains high. From this, we can also see that new fintech technology startups are emerging.
Featured Image Credit: RHB Banking Group / IFM