Applications for this event have now closed.
By 2018 European banks will have to give 3rd parties access to their customer data. This new regulation may increase competition, innovation and transparency across the European payments market. The impact will be felt in 2 areas in particular, presenting both opportunities and threats to financial institutions:
Aggregators: The majority of people today have multiple bank accounts (i.e. bank with more than one bank). The new regulation will lead to the emergence of aggregators – providing consumers with a portal to view all of their bank details in one place. The aggregator will be able to build valuable insights on consumers offering a number of opportunities (e.g. being able to suggest products and services that most closely meet a consumer’s needs).
Payments: When a consumer buys something online, the merchant has to go through intermediaries to receive money from the consumers bank account. The new regulation will bypass this process to allowing merchants to request the payment directly from the consumers bank account if the consumer has given permission.
Corporate Treasurers are rebelling against the traditional methods adopted to manage risk. Rather than using historic balance and transactional data from their bankers, they are looking to drive innovation as a result of new European regulations around account aggregators and payments.
Large Corporate companies today typically have multiple bank accounts with different banks. Each of these accounts will be accessed via separate banking platforms; some are online, some are offline, and all require time and effort to access/analyse. Accounts are often in multiple currencies and across several geographies and require complex payment instruments to send and receive money. The new regulation will allow corporates to view all of their bank accounts on one platform, enabling treasurers to make sure their money is in the right place at the right time and in the right currency.
Corporate Treasurers produce a range of reports for internal and external audiences. These reports take a long time to compile and rely on data from multiple financial and non-financial sources, which can be out of date. The new open banking regulations will potentially allow for real-time data accurate to the second, giving Treasurers the tools to make informed decisions and making it far easier to manage their risks and balances in the short, medium and long term timeframes.
With the rise of bots, virtual assistants and IoT devices, many believe that the app is evolving to almost extinction. In a world where 70% of the adult population has a smartphone, internet traffic is driven by mobile users and digital consumers interact almost exclusively through social media and messaging services, how will people consume banking services in the future?
Organisations are realising the importance of the changing nature of customer behaviour – people are less and less willing to step out of their favourite channels to carry out transactions. For example, when web chatting with an airline company why do you have to revert to their website or app to make a payment? Or when talking to a client on social media, why can’t they view and pay their invoice there and then? ‘Zero UI’ allows users to do what they want, when they want, by allowing them to interact with the devices around them in more natural ways.
Zero UI is an emerging trend which reflects a change in consumer behaviour. The majority of face time with apps is now spent using social media, instant messaging or watching videos. Virtual assistants are now embedded into every smartphone device (e.g. Siri, Google Now and Cortana) and over 10% of searches online are initialised through voice requests. Traditional digital platforms such as the retail service Alibaba and message service WeChat now process more payments than PayPal and other dedicated payment services combined.
You can enter the Hackathon in two ways:
Register with an idea: Submit an idea by yourself or as part of a team. By applying with your idea, you will get access to our Slack channel where we can connect you to relevant experts within Barclays and our technology partners to shape your idea / build before the Final Combat. This also helps us to help you find team members interested in the same idea as you. The idea does not have to be fully formed or perfect and can be changed at any point before and during the Final Combat - this is only a guide so we can help you find the right people. We would highly encourage this approach where possible so we can help you.
Register without an idea: If you do not have an idea or do not yet have a team, don’t worry - you can register for a place and fill out as much of the form as you can. In the ‘Describe your idea’ box, simply share a little bit about you and that you do not yet have an idea or team. We will help you before and during the Final Combat in Stage II to find people to join a team.
You’ll hear back from the Rise Battlestar Command Centre within 72 hours of your submission / registration with confirmation of the submission or your idea / registration of your place. This confirms you have passed to Stage II ‘Build and Final Combat’ and have secured a place for the 36 hour hack at BSE, Mumbai on September 24th/25th, 2016.
The final remaining spaces will be allocated on a first come, first serve basis, so register today to secure your place!
Once you have submitted your idea / registered your place you can:
Build / Shape your solution: Once you are in Stage II you can now proceed to build and shape your solution. In the Slack Channel, you will find additional information on the business challenges in the Hack Dropbox. You will also get access to APIs and technology from Barclays and our technology partners (with many prizes to be won for using their technology - see below). This can be helpful as you will have time to think about the solution in advance. You are required to then come for the 2 day Final Combat for 36 hours on 24th / 25th Sept 2016 at the Bombay Stock Exchange (BSE), Mumbai. It will be a fun event with a huge array of competitions, a chance to win badges and further prizes. See this video on our last Heroes vs Hackers event to see what this might be like.
If I have built something before the Final Combat, what do I do in the Final Combat?
You will have the opportunity to work with Barclays business experts, product owners, technology partners to shape your solution. They will help to refine your idea and test your assumptions as it is likely what you have built may change. You will also have support from mentors to refine your pitch. We would also recommend you take advantage of the Slack channel in advance to speak to experts and partners on any APIs, technology and clarification on the challenges.
If I have not built anything or have not found a team, what do I do in the Final Combat?
Don‘t worry - the majority of people will be in this position. You can use the time before to understand more around the challenges on the Slack channel and the technology available. You will not be at any disadvantage - we have had teams come together in the past from scratch and build to win the competition. You will get access to Barclays business experts, product owners, and technology partners to shape your solution and support from mentors to refine your pitch. In our last hackathon, a single founder engineer built within 36 hours and went on to win in the competition so anything is possible!
Pitches & Prizes
All teams will pitch their demonstration to a stellar cast of judges who will be monitoring you in the 36 hour period of industry VCs, experts and senior Barclays stakeholders. There will be 1 winning crew and 1 runner up from each world with the chance not only to win a catch prize but the opportunity to build a solution with Barclays to tackle the universe of financial services together.
Remember all those who successfully submit their idea / register at Stage I will have secured a place and are required to come to the Final Combat on September 24th & 25th at Bombay Stock Exchange (BSE), Mumbai.
Dr. Jerry Query, a genius scientist from Rise Battlestar Command, is a tad eccentric. He bangs his head on walls & breaks his spectacles when he does not find answers to his questions. He is currently working on a classified experiment and needs mastermind geeks to help him satisfy his curiosities.
Rise Battlestar Command will reward Geeks who can keep Dr. Jerry’s head and spectacles in good shape. Watch out for his Question of the Week to win exclusive goodies from the Rise Battlestar Command Geek Store and a Certificate as gratitude for your support.
The buses will leave from Pune on Saturday, Sept 24th at 04:00 IST from Pune Bus Stand, Agarkar Nagar. It will bring you straight to Bombay Stock Exchange (BSE), Dalal Street, Mumbai - the venue of Rise Hackathon the same day.
Post the Hackathon on Sunday, Sept 25th, the bus will leave BSE, Dalal Street, Mumbai at 21:00 IST and drop you back to Pune Bus Stand, Agarkar Nagar.