The current times are very tough for many people all over the world, but we hope that all of you are keeping physically and emotionally healthy. The worst will be over soon, and there is a lot to look forward to! With that said, let us dive into the hackathon.
In 2016, NPCI launched the UPI payments network. One of the first things NPCI did after the launch of this system was to organize a hackathon. They invited developers, startups, and curious minds to learn more about UPI and build on top of this new digital infrastructure. The hackathon was a huge success, drawing hundreds of participants, each of whom learned more about UPI and contributed some of their ideas back to the community.
As for UPI, we all know that since its 2016 launch, the network took off like a rocket ship; in May 2020, UPI was used by almost 100m people, with a total transaction volume of ~1.25bn (greater than American Express processes globally).
It is now time for the launch of the Account Aggregator (AA) framework. From this month (June) onwards, some of the nation’s biggest and most esteemed banks will go live on the AA network. There is no better time for developers, startups, and engaged citizens to learn more about the potential of this system and to start building on top of it.
For this reason, we are announcing India’s first Account Aggregator Hackathon (Hackathon Bible)! This will be a 4-week virtual event hosted in partnership with Devfolio. Teams are invited to apply for the event at this link.
AA Hackathon Format & Important Dates
Here are a few suggested themes to focus on for teams participating in the hackathon (Participants should note that they are free to work on a different theme or concept that what has been explicitly specified – deserving teams will still win prizes):
1. Consent Management UI/UX: This theme deals with designing informed consent journeys for users of Account Aggregators.
- How can the consent flow for users be made more accessible, understandable, and secure?
- Can you design consent flows for low-literacy users? Can Consent be given by voice commands?
- It is critical to foster consented data sharing amongst feature phone users in India. Can you design the flow for a feature phone?
- What does a consent authorization chain look like for SMEs and enterprises?
- Is there a certain design language or iconography that can make the consent experience better for users?
2. Security and Middleware: Once a customer’s data has been shared with an FIU (“Financial Information User”) such as a lending bank, how can the customer gain confidence that the data will be deleted after the consent period expires?
How can it be made easier for banks and other FIUs to adopt the AA framework? Can we develop secure environments for lenders to extract insights from user data without revealing the data itself?
How can consent fraud be minimized? How can interoperability and user onboarding be enhanced?
3. FIU Use Cases: What useful applications can be built with a user’s financial data? Personal finance managers? Expense trackers? Robo-advisors? How about tools for underwriting? Or data enrichment?
4. AI/ML: Thanks to the AA framework, app developers will have a much easier time getting access to high-fidelity customer financial data (with consent, of course). How can you use this data to give value to the customer?
Personalized expense managers and savings recommendations engines? Individualized consumer spending models? Underwriting models? What insights would you generate if you could convince users to share their spending and investment data with you?
AA Hackathon FAQ
Everyone is welcome to participate, be it, students, professionals or startups. Participation is based on interest in FinTech and ability to BUILD – whether that’s writing software, designing beautiful UX, product management, or something else entirely.
Yes, you can submit projects in teams of up to 5 people. Most teams aim to have a mix of people with both design and developer skills.
Zero. Zip. Zilch. Nada. Nothing. Participation in the Account Aggregator hackathon is completely free.
We’re looking for people who “do”! Folks who are passionate enough to work on crazy world-changing ideas.
Tell us what makes you apply to the Account Aggregator hackathon, what excites you, accomplishments you are proud of and whatever else you think can strengthen your chances of acceptance.
We’ll get to know more about your abilities from the past projects, GitHub profile, participation/awards in other hackathons.
IP of the projects developed in the hackathon will reside with the creators of the project.
Yes! Please take a look at it here.
Please see Account Aggregator Hackathon Tech FAQ
Three teams working on each theme will be eligible for a prize, with the total prize money for the event standing at a minimum of Rs 300,000. Participants should note that they are free to work on a different theme or concept that what has been explicitly specified – deserving teams will still win prizes.
Applications for the hackathon will be open until the last day of June, with hacking beginning in early July.
We hope that you share this post and decide to participate in this historic event!
Register here to participate in the first Account Aggregator Hackathon! Reach out to us at firstname.lastname@example.org
- Sahamati AA Hackathon 2020 – Projects List
- Sahamati Hackathon 2020 Press Release
- Judges, Mentors, Masterclass Presenters for Account Aggregator Hackathon 2020
- FIPs and FIUs in the Account Aggregator Ecosystem
- Account Aggregators in India
- Steps to connect FIP/FIU with Account Aggregators
- What is an Informed Consent & Consent Artefact?
- Consent Artefact: One-time Consent for a loan application
- Consent Artefact: Periodic Consent for monitoring of loan account
- Use Cases For Account Aggregator Framework