Page 27 - ASR_Forewords

FOREWORD

ENABLING INNOVATION

N their ini al stages, organisa ons develop internal
Isystems to ensure smooth growth. As growth
con nues, they develop systems to ensure smooth
running. Over a period of me, organisa ons get used
to the well laid down systems and procedures. It
becomes very difficult for them to innovate and adopt
newer technologies and processes. It becomes
impera veforthemtointroduceinnova veculture.

In the case of the banking sector, there has been an
emergence of fintech companies that can contribute to
innova on. Individual banks are collabora ng with
specific fintechs to get new systems designed,
developed and deployed. The difficulty in such a
processisthateachbankhastoputineffortstoiden fy
the right fintech partners. The difficulty the Fintech
faces is that it has to knock on the doors of several
banks' CIOs on April 12, 2019 at IDRBT. With the help of
banks not only for showcasing their product but also to
CIOs feedback, three of the ten presenta ons will be
develop the right product as there could be a gap in
iden fied for prizes. However, it is strongly felt that
theirunderstandingofrequirementsofbanks.
compiling the ideas of all the ten finalists could be
It is in this context that innova on contests are quite useful to all banks and fintechs. Accordingly, this
helpful. They draw, from every nook and corner of the publica onpresentssummaryofthetoptenideas.
country, innova ve ideas from individuals, academic
Shortlis ng ten entries is not an easy task. We thank
ins tu ons, fintechs, large IT companies and banks.
Prof. Rahul De, IIM Bangalore, Prof M.V. Panduranga
Realising the value of such contests, IDRBT, an
Rao, IIT Hyderabad and Shri K T Venumadhav, General
ins tu onsolelyfocussedonresearchand
Manager – IT, Andhra Bank, for all the me and efforts
development in banking technology, has been
they put in to evaluate the entries and shortlist the ten
organizingbanktechinnova oncontestseveryyear.
bestamongthem.DrRajarshiPalandDrP.SyamKumar,
For the year 2019, there have been several applica ons Faculty, IDRBT deserve compliments for coordina ng
,
and like in the previous years, ten innova ons have the en re contest. We trust the publica on would be
been shortlisted for presenta on during the mee ng of quiteusefultoallconcerned.

Date: April 12 , 2019
Place: Hyderabad
Director, IDRBT

1

Fourth IDRBT Banking Technology Innovation Contest