New tech solutions come out of CIBC FirstCaribbean's hackathon

CIBC FirstCaribbean and consulting firm McKinsey and Co collaborated to host the bank's first hackathon – a social coding event that brings computer programmers and other interested people together to improve upon or build a new software program – as part of its innovation and planning exercise.

The one-day hybrid event, the release said, brought six teams, including developers, data scientists and engineers. There was even an intern who formed a one-man team.

After the event, the teams showcased their solutions, which were evaluated on innovation, problem-solving capabilities, user-friendliness, value, functionality and technological acumen.

In the end, a six-member team claimed victory with its idea of creating a unified digital banking experience for retail clients that encapsulates the bank’s main product offerings and houses the core portals of the bank’s current ecosystem.

The same team also won the technology award and received a cash prize and ten hours of coaching with McKinsey as well as other prizes.

Securing the second position and the value award, another group presented its AI-powered solution to revolutionise customer engagement and support.

The third-place team came up with a solution which offered a glimpse into the future of a personalised customer service experience. It also earned the team the innovation award.

The other participating teams won the responsiveness award as well as the find and track and autobots. All participants were rewarded with gift certificates.

The judging panel of distinguished experts from CIBC FirstCaribbean and McKinsey played a crucial role in evaluating the teams’ efforts. Esan Peters, chief information officer, emphasised the significance of creativity and innovation in driving the organisation’s digital journey in his opening statement. Director of technology and innovation sponsor Jason Kinch echoed similar sentiments and reminded participants that like the bank’s First Pay digital payment solution, their ideas could spark the next revolution in banking.

Trevor Wood, director of data, wealth and corporate centre technology and also an innovation sponsor, said while CIBC FirstCaribbean was known for its innovative digital banking services, it must not rest on its laurels. Rather, it should continue to foster its culture of innovation to remain at the forefront of transformation.

The hackathon, the release said, was a melting pot of creativity and innovation which unleashed the full potential of the bank’s talented employees.