ICICI Bank launches online hackathon for startups to create next generation products and solutions

ICICI Bank recently announced the launch of the fourth edition of ‘ICICI Appathon’, a virtual challenge for start-ups to create next generation products and solutions. Start-ups can develop unique products by using over 250 APIs (Application Programming Interfaces) hosted on the Bank’s API Banking portal.

Participants need to envision innovative solutions around diverse set of APIs in categories like lending, payments, retail & corporate banking, trade among others.

Speaking on the initiative, Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has been at the forefront of digital innovations since its inception. We continue to seek opportunities to collaborate with the wider start-up ecosystem which will help foster rapid innovation and bring in value addition for our customers. ‘ICICI Appathon’ is a great opportunity for all new age companies to partner with us and create path breaking solutions by using our APIs.”

Overall process and timelines:

Registration: Startups can register on https://developer.icicibank.com/ and submit their ideas by February 23, 2020. Startups will have to share a brief presentation describing problem statement, market opportunity, product features and APIs to be used for integration.

Development: The names of the shortlisted start-ups will be announced by February 25, 2020. Access to ICICI Bank APIs would be given for product development and startups would have to provide video of the product demo by first week of March 2020.

Evaluation: Finalists will be announced by mid-March 2020. They will be invited to Mumbai to compete in the ‘Grand Finale’.

Eligibility criteria:

· The programme is open to startups and companies aiming to use ICICI Bank’s APIs

· Participating team should use at least one of the listed ICICI Bank APIs available on the website

These innovative solutions will be judged on the basis of multiple parameters like its concept, uniqueness, functionality, business potential, user experience and scalability. The finalists will also get a chance to work with ICICI Bank’s Business and Technology teams to improvise their solutions before the grand finale.

‘ICICI Appathon’ winners will be selected by a jury of eminent leaders from the banking industry and start-up ecosystem. The winners will be awarded with prizes worth over Rs. 10 lakh along with a partnership opportunity to create products with ICICI Bank.