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Digital banking landscape

Axis Bank addresses digital opportunity in partnership with NASSCOM
Reinvent the interaction with their consumers through the bank's mobile app
The bank invited companies and individuals who had great tech ideas to participate in the Hackathon.

The Bank will now:

Take forward the winning ideas to design an engaging product/service mix
These ideas will make financial transactions more enjoyable for their customers
It will reward the top three winners with an overall prize money of Rs. 15 lakh
May get into service contracts with one or more of the companies selected
Retain the Intellectual Property so created

Mobile technology has, in fact, transformed not only the daily behavior of customers but their expectations of us as their financial partner.

The rapidly changing digital space and improved technology penetration across various customer segments have transformed the world, including all industry verticals such as banking, travel, retail and manufacturing.

The banking landscape, in particular, has embraced technology, especially mobile technology, to address the changing demands of customers, who now want more from their financial partners.

Recognizing that the banking landscape is indeed going 'Digital', and that banks need to find innovative ways to engage with their customers and become a part of their lives, India's third largest private bank, Axis Bank, has put in place an interesting game plan. The bank is looking to build strong Digital Banking capabilities and has sought NASSCOM's partnership and support in this task. Consequently, the Axis-NASSCOM combine hosted a virtual Hackathon challenge on May 30-31, 2015.

The aim of the initiative for the bank was to:

Meaningfully use gamification to motivate customers and nudge their personal financial behaviour such as goal-based savings and debt reduction
Engage with innovative companies to build customer-focused solutions
Search for developers and designers who could gamify financial technology solutions, using Axis Bank's digital platforms/APIs on the mobile channel