The Fintech Open Month being organized by NITI Aayog in collaboration with PhonePe aims to celebrate the sea change fintech has brought to the space of digital payments, investments and lending in India.

Purpose of the Hackathon:

This hackathon conducted by PhonePe in collaboration with Setu HQ will focus on using PhonePe Pulse data (a first of its kind Open-Data initiative by PhonePe that provides open and free access to aggregate and anonymized payment data at scale), and any other open-data APIs along with frameworks such as the Account Aggregator as a foundation to power the following:

• Alternate risk models for Lending, Insurance or Investments with a focus on Financial Inclusion
• Innovative Products that use the power data signals for various demographics and Geographies for broader adoption of financial services
• Improved Visualisation and Derived intelligence based on the Digital payments data

The final app that participants come up with has to incorporate one of the above.

Platforms to use:

Participants can use the following sources of Open Data (this is not a comprehensive list and you are open to accessing other open data platforms you are aware of.)

• PhonePe Pulse
• Open Government Data Platform
• RBI Reports on payments

Participants are to use one of the following Sandbox platforms for their hacks.

• Setu AA Sandbox
• Setu Payments Sandbox

Example Use Cases:

Here are a few examples of Products and Features that can accelerate the participation of the population in the Financial Services sector:

• Personal Expense Management with Demographic benchmarks
• Alternate data to augment traditional lending signals for better underwriting
• Goal-based investment advisory based on automated risk-reward profiling
• Improved and Faster claims processing by automated filtering of potentially fraudulent claims
• Personalization and Gamification of incentives through intelligent recommendation engines based on payment behavioural data
• Contextual, personalized education on financial products, across multiple languages
• Customized investment products based on personal risk profile and preferences
  • Enabling users to better understand their risk tolerance
• User fee-based wealth & investment management, to remove biases from advisory
• Enabling a purely digital/online experience for a user, across his/her investment lifecycle (onboarding, nomination, investment, redemption, etc)
• Making insurance claims processes transparent, and completely digital

Ask Me Anything

If you have questions regarding the theme or use cases of the Hackathon or what the end product should be, then join in for a special AMA session on Monday, 21st February, at 5:00 PM as we will have folks from PhonePe and Setu explain it all to you.

https://phonepe.zoom.us/j/82114925837?pwd=K0hiMEd0N0c0NVhDTXNJODdka1YxQT09