24/7 bank, predictive analytics grand challenge by Telangana AI mission soon

HYDERABAD: In an effort to promote innovation in the banking industry, Telangana AI Mission (T-AIM) and Wells Fargo on Wednesday announced the beginning of the Academic Grand Challenge.

Student teams from throughout India are expected to develop solutions for two areas as part of the Telangana government's T-AIM project, which is backed by NASSCOM.

One involves building a futuristic bank that is entirely digital and uses cutting-edge technology to enable 24/7 banking. The second involves creating a predictive analytics model to project the performance of the financial markets this year.

Prize money and merchandise worth 5 lakhs will be awarded to the winning student teams. This competition is open to all young innovators across the country.

Prize money and items worth Rs 5 lakhs will be awarded to the winning student teams. All student innovators in the nation are eligible for this competition.

The nominated student teams will have eight weeks to produce a Proof of Concept after being chosen based on their approach note. On the basis of strategy, technique, and outcome, the submissions will be evaluated.

It is quite exciting to see the business sector support young talent through this programme, said Jayesh Ranjan, principal secretary for the Telangana government. Artificial intelligence is one of the modern technologies that has the inherent potential to alter several industries, including banking.

"Students are one of our best sources of innovative ideas," stated Arindam Banerrji, EVP & Managing Director, Wells Fargo India & Philippines. As an organisation that seeks early talent for customer-centric ideas and innovations, we hope that the Academic Grand Challenge will provide students with the opportunity to use their fresh, out-of-the-box thinking to create innovative solutions that align with Wells Fargo's focus on being a digital-first bank that offers customers easier-to-use products and services."

The deadline to submit approach notes for the challenge is September 16, 2022. The winner will be announced in the month of November 2022. Registrations for the contest is now open for the interested candidates.

Visit taim-gc.in/academic to register for the challenge