Banks tap hackathons for ideas to compete in digital world

SBI's Code For Banks was a month-long event with over 1,000 participating teams

Banks are opening up their platforms and data to people with ideas to improve their business in a digitally disruptive environment.

Unlike in the past, banks such as State Bank of India, RBL and Axis Bank are organising hackathons to welcome youngsters to innovate digital solutions.

Axis Bank held a similar event last year for technical and business roles across their offices. Hackathons help banks attract talent instead of recruiting people first and then putting them through extensive digital transformation.

SBI's Code For Banks which concluded last week was a month long event with over 1,000 participating teams. Based on this success, the