The Malaysia’s first Financial Technology Hackathon (“FinTechathon”), themed “Wealth Management for Millennials”, was hosted by RHB Bank with Startupbootcamp (SBC) from 13 to 15 May 2016 at RHB Complex, Bandar Baru Bangi, Selangor.
Millenials are born from early 1980s to 2000. Report says 45% of working millennials (age 21-34) are not saving for their retirement. And, by the end of this decade, millennials will represent the largest ‘adult’ group.
Banks and traditional financial advisors are facing a challenge to adapt to the new customer profile. They are looking for digital solutions in wealth management services to let the new generation embrace them.
“The FinTechathon is part of our Digital Strategy, as we seek to tap into the Fintech ecosystem to find solutions that de;liver superior customer experience for our clients.” said Rohan Krishnalingam, RHB Banking Group’s Chief Operation Officer.
The challenges of the first FinTechathon covered acquisition & retention, big data, and banking relationship, such as:
- How can technology be used to better attract and tailor wealth management services to millennials.
- How can big data and analytics be used to strengthen the advisor-client relationship and to predictively offer/customise wealth propositions to advisors?
- How can technology be used to encourage millennials to save and ultimately grow their wealth without the need for human advisors?
The 19 teams at FinTechathon were provided free Wi-Fi connectivity, food and beverages throughout the event. They were given access to Application program interfaces (APIs) by Thomson Reuters.
The teams are guided by business & tech mentors made up of experienced RHB personnel and leaders among other sponsors and partners of the event.
The 1st FinTechathon has 3 categories winners: Best Overall Innovation, Best Challenge Fit and Best Technical Solution. The total cash prizes of RM15,000 was sponsored by RHB.
Here are the FinTechathon winners:
- Best Overall Innovation â€“ won by team AgentHero with members Bobby Ong Chong Eu and Lee Teik Ming. The app is designed to teleport a financial advisor to customerâ€™s doorstep.
- Best Technical Solution â€“ won by team Muin Bot with members Raja Hafify and Jonathan Wong. Muin Bot is an intelligence chat interface that works as another channel for millennials to engage the bank and financial advisors. It is also an avenue for banks to capture or reach millennials.
- Best Challenge Fit â€“ won by Team A with members Leong Yok Tien, Tan Khai Ping and Chew Chit Siang. The app acts as a goal oriented wealth assistant.
“The FinTechathon presented excellent exposure to new ideas and concepts around wealth management. We are very excited to explore some of the solutions further as we develop our wealth management proposition that will be increasingly digital led,” added Rohan.
Managing Director of Startupbootcamp FinTech Singapore, Steven Tong said “We are very happy with the solutions we saw today. There were ideas that could potentially be a good viable business in innovating areas of wealth management in the future. We will definitely watch out and monitor these talents and hopefully see their applications in our 2017 program!”