Mumbai, November 07, 2022.
Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the “bob World hAAckathon”, in collaboration with Sahamati, a collective of the Account Aggregator (AA) ecosystem. Built around the AA theme, the purpose of the hackathon is to invite the brightest talent in the country to ideate and develop innovative solutions to leverage the full power of the Account Aggregator platform.
Bank of Baroda is live on the AA platform as both a Financial Information Provider (FIP) and a Financial Information User (FIU). While the platform is still in the initial stages with the banking industry being an early adopter, a number of new and innovative use cases built on this framework are expected to emerge as more and more financial entities and government departments join the AA.
Shri Joydeep Dutta Roy, Executive Director, Bank of Baroda said, “The Account Aggregator ecosystem has the potential to transform the world of finance be it lending, investments etc. Going forward, FIUs that deploy best-in-class AA journeys will gain a strong competitive edge, with the ability to reach out to untapped customer segments. And hence, the opportunity is immense. The “bob World hAAckathon” provides a platform to our next-gen talent to work on a next-gen, emerging technology and deploy their solutions in the real world.”
Shri Akhil Handa, Chief Digital Officer, Bank of Baroda said, “The Account Aggregator framework is being visualised as the UPI of data and is expected to usher in a world-class “Open Finance” regime in the country. While we are already gleaning early insights and benefiting from higher business volumes, lower drop-offs, lower operating costs etc., the full potential of this game changing platform is yet to be harnessed. As a bank we want to continue to be a front-runner when it comes to innovation and are excited to launch the “bob World hAAckathon” in partnership with Sahamati and invite enthusiastic participation from across the country to join us on this innovation journey.”
Shri Vamsi Madhav, Chief Operating Officer, Sahamati said, “At Sahamati, we firmly believe that the AA ecosystem has the potential to significantly improve our citizens’ financial health. AA empowers citizens to leverage their financial data to obtain faster, cheaper and tailored financial services. This can however happen only when financial institutions embrace AA as a strategic lever in their digital roadmap and consciously embrace AA-led innovation in their product and partnership initiatives. We are very grateful that Bank of Baroda, one of the most respected financial institutions in the country, is leading the way in leveraging AA as a key pillar in their digital strategy. Further, the hackathon initiative will encourage the development community of the country to participate in co-creating smart, AA-led digital journeys with the help of the Bank and Sahamati. We are delighted to be a part of the hackathon and are sure this will pave the way for wider adoption of AA.”