New Delhi: State Bank of India (SBI), India’s largest bank by assets and customers, has announced a hackathon — Predict for Bank 2019 — under which the bank is offering cash prizes of up to Rs 5,00,000. The participating teams and individuals are required to submit a predictive analytics model through which the chances of a corporate customer defaulting on a loan can be forecasted. It seems that State Bank of India has taken a step ahead to make its systems more robust which can alert it with regard to the possibilities of a loan default by a corporate customer.
The registrations for ‘SBI – Predict for Bank 2019’ have already begun from January 24, 2019, and the last date to register is February 7, 2019, the Ideation Phase – Idea Submission. Interested people can register themselves as an individual or with a maximum team size of four persons. After the successful registration, the hackathon Phase – Prototype Development, will be tentatively held from February 12, 2019, to March 5, 2019. Upon the completion of the hackathon, two participants may be selected by the SBI for prizes of Rs 5,00,000 and Rs 4,00,000.
According to SBI, every individual or team participating in the the ‘SBI – Predict for Bank 2019’ hackathon are required to provide idea with process flow on how to develop a predictive analytics model that will most accurately foresee and predict corporate customer loan default using the publicly available data (e.g. news, blogs, forums, websites, court/arbitration center judgements, social media, stock exchanges, SEBI, rating agencies etc).
“Each shortlisted team will be given with 20 names of SBI Corporate Customers (chosen randomly) in the hackathon Phase and the team will have to give the probability of default over next 6 months of these customers using publicly available data,” SBI said. On the basis of precise predictions, SBI will be announcing the winners after 6 months of the submission of hackathon phase model/prototype.
The decision taken by SBI will be final and binding and the bank may not award any prize if it does not find any satisfactory model, State Bank of India stated. Going ahead, the two winning teams may opt for any one of the engagement modes after hackathon phase and the bank will award a total one-time payment of Rs 10 lakh on successful product deployment on State Bank of India’s premises. Further details of the hackathon can be viewed at https://sbi.stockroom.io/.