Emirates NBD Group and the Open Bank Project have launched a global competition for financial technology (fintech) start-ups, with monetary prizes of €20,000, €12,500 or €10,000, along with the chance to further develop the winners' products. Deadline for application is April 1.

Up to 20 projects will be invited to an exclusive 3-day hackathon in London from April 15th-17th, where they will further develop their products and receive mentoring from business, design, technology and communication experts; and finally present to senior Emirates NBD and Emirates Islamic executives.

Selected participants will recieve travel bursaries of up to €600.

The competition welcomes participants who want to apply to the following sector:

Customer acquisition:  

Decision making for new or prospective customers is influenced by specific motivations, influences and behaviors. Identifying ways of acquiring customers by utilizing direct or indirect channels is important, as well as the need for financial inclusion in emerging markets using unique solutions that are relevant and accessible to them.

Loyalty and engagemnt:

There is a need to reimagine and reinvent the banking approach towards across all customer touch points. Banks must therefore create strong models to promote financial literacy, rewards, personalization and cross selling to foster superior customer experience, and consequently increase loyalty. Another important aspect is the leverage of valuable data by applying customer intelligence into core products and services.

SME banking: 

SMEs contribute an estimated 45% nominal GDP in Dubai, and more than 60% of the UAE’s GDP. SME’s banking needs are quite unique as they are in constant need for effective cash flow management tools, access to short term financing, efficient payment systems, factoring, invoice management, cost effective and quality labor, less complicated licensing and government policies etc. With the digital revolution, new business models must be introduced to overcome factors limiting the varied financial and non-financial needs of SMEs. 

Banking in the age of blockchain and IoT: 

Technology must be brought into the perspective of the billions of unbanked millennials who are most likely to be the customers of tomorrow. New technologies such as blockchain inspired distributed systems, open source hardware and applications, the internet of things, Open APIs, biometrics authentication and others. It is important to look for various ways in which unique value propositions can be provided, such as social banking, cross border remittances, mobile payments and others.

Islamic banking:

A key finding of the first Islamic Banking Index by Emirates Islamic is that three out of four people in the UAE would consider an Islamic banking product to fulfill their financial needs. While Islamic banks are rated highly for fairness, trust and their contribution to the community, they fare less well in areas such as technology, innovation and service. Driven predominantly by the widespread popularity of Shari’a compliant auto finance and savings products, the focus must now be on excellence. As the market for financial services in the UAE matures, Islamic banks need to compete more aggressively with their conventional peers in the areas that customers value most, like service, speed and digital innovation, while never losing sight of the importance of the industry’s core values, such as integrity and fairness.

Apply now here.