India’s largest bank by assets and customers State Bank of India (SBI) has announced a hackathon ‘SBI- Predict for Bank 2019’ under which the bank is organising a competition in which individuals are required to submit a predictive analytics model, offering cash prizes of up to Rs 5 lakhs.
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 vigorous.
The last date for registrations (the Ideation Phase – Idea Submission) for ‘SBI – Predict for Bank 2019’ is 7 February 2019 which have already begun from January 24, 2019. Interested people can register themselves as an individual or with a maximum team size of four persons.
After the successful registration, from 12 February 2019 to 5 March 2019, the hackathon Phase – Prototype Development, will be tentatively held. 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.
SBI said, “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.” On the basis of precise predictions, SBI will be announcing the winners after 6 months of the submission of hackathon phase model/prototype.
Every individual or team participating in the ‘SBI – Predict for Bank 2019’ hackathon are required to provide an idea with process flow on how to develop a predictive analytics model, according to SBI.
The predictive analytics model 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).
State Bank of India stated that the decision will be final and binding and the bank may not award any prize if it does not find any satisfactory model.
On successful product deployment on State Bank of India’s premises, the bank will award a total one-time payment of Rs 10 lakh if the two winning teams have opted for any one of the engagement modes after hackathon phase. Further details of the hackathon can be viewed here.