Our Nordic Partner Tieto and our Nordic member Intrum are running a great Hackathon for "Financial Wellbeing" in Helsinki April 11-12th. NFI has been invited as a partner and we hope you will participate.
“Today, we call for teams to hack the future of financial wellbeing with us. We will look at how digitization is changing consumption patterns, and sometimes in challenging ways,” says Cathrine Klouman, COO at Intrum.
Klouman refers to the 2017 European Consumer Payment Report, which indicates that as an increasing share of Europeans are willing to buy goods and services on credit, they also put themselves at higher financial risk:
“Having surveyed more than 24,000 European consumers, we see that these trends have a substantial impact on society. We invited NFI, Tieto and IBM to co-sponsor this hackathon to gain cross-sector and cross-border understanding of these challenges, as well look at possible solutions,” Klouman says.
Living in the black
The rapid digitization of banking has made payment easier. Household debt is at an all-time high, research shows, partly due to the increasing proliferation of credit cards and pay-later options. This affects financial wellbeing, defined as consumers’ control over their day-to-day finances, ability to absorb financial shock and meet their financial goals, and the freedom to make the choices necessary to enjoy life.
“Financial wellbeing lets you assert your own path to financial security. This hackathon is exciting because it aims to create innovations that improve individual consumer’s financial wellbeing,” says Iren Tranvaag, CEO of NFI.
“A focus on financial wellbeing is not about charity. It is in society’s best interest that consumers are in the black and in charge of their personal finances, thereby being able to make long-term financial choices based on informed choices and aspirations, rather than desperation,” Tranvåg says.
A cross-industry hackathon
The hackthon’s cross-company, cross-border, cross-sector approach neatly summarizes NFI’s bridge-building philosophy for real fintech development. Intrum underbuilds the approach by sharing never-before available data with the hackathon teams. Cathrine Klouman points out that Intrum as a market-leading credit management company has wide-ranging expertise in debt collection services across multiple European markets:
“This provides the opportunity and responsibility to set new standards and change the way people perceive credit management. That is why the selected teams will be given access to never-before available data and customer insights,” Klouman says.
Hackathon teams will be equipped with the latest technology and tools, and support from top mentors in the field to bring their ideas to life. Ksenia Avetisova, Strategic Innovation Lead at Tieto XHub, argues that financial wellbeing is a top society challenge:
“Attitude to money has changed drastically since credit cards have replaced bills and coins in our wallets. Digital money is invisible and easy to spend, forgetting all the limits might lead to financial trouble,” Avetisova says.
Tieto XHub has co-created several open innovation programs including hackathons with customers like Elo, Fazer Food Services, Cargotec and UPM.
“The challenge of this hackathon is vast and fascinating. Intrum’s new data, combined with the teams’ cross-disciplinary knowledge, open data sources and AI algorithms, allows for exploring opportunities that lie beyond our current grasp.”
Insight leads to breakthroughs.
IBM will provide participants with cloud based platforms enabling the usage of the latest technology - like advanced analytics, blockchain and, naturally, IBM's artificial intelligence, Watson.
“We are entering into a new era where digital data is the foundation and digitalization - a smart usage of this data - will transform industries and jobs. Today's financial services are all about digital data and IBM is keen to help find new ways and solutions to go through this transformation in a controlled manner,” says Tuomo Haukkovaara, Vice President of Long Term Services at IBM Nordic.
Haukkovaara says IBM is making the technology available at the hackathon to enable new, agile ways of working with fast prototyping and minimum viable products (MVP) made available for real life validation with very limited effort and time:
“Digitization is fading the boundaries of traditional industries. The financial sector is present everywhere and is a perfect candidate for cross- everything value creation,” he says.
”Our participation is thus in line with NFI’s vision to build a strong culture of co-creation across industries and borders in the Nordics.”
A high-profile roster of keynote speakers will share insights on innovation, entrepreneurship, human behavior, design and exponential technology. The lineup includes Laila Pawlak, CEO & Co-founder at Singularity University Nordic; Taneli Tikka, Head of Innovation at Tieto; Alan Cabello, founder of Sparklab Switzerland and Innovation Program Manager at Allianz; and game researcher Miikka Lehtonen, the founder of IDBM Challenge program at Aalto University.
Invite, signup and more information about The Hackathon:
Welcome to #Helsinki