2024-09-19
Ikano Bank Challenges the Future of the Banking Sector in Hackathon
In an era where digitalization and technological innovation are reshaping the financial sector, Ikano Bank and IT company Consid are joining forces to push the boundaries further. Their joint initiative takes place at the annual hackathon Considition, where this year's focus is on creating sustainable financial solutions using artificial intelligence and machine learning.
– Being involved in organizing a hackathon is an exciting opportunity for us. By exploring and testing new concepts and technologies, we can find ways to improve our services, says Mikael Andersson, Chief Digital Officer at Ikano Bank.
Ikano Bank, founded by the creator of IKEA, operates in eight European countries and aims to be a “fair everyday alternative” for “the many people.”
– We are well on our way to becoming a fully digital bank, with an even better ability to offer simple financial services that meet the needs of the many people and businesses. We see great potential in using AI and ML to create even more value for our customers, says Mikael Andersson.
The bank is now taking further steps through its collaboration with Consid and their joint focus on sustainable innovation. This year’s edition of Considition, taking place in November, challenges participants to develop an algorithm that automatically assesses loan applications—a key function to streamline and improve credit evaluations. The winning solution will be rewarded with an IKEA gift card valued at 40,000 SEK.
– The collaboration with Ikano Bank is an excellent example of how we at Consid live up to our philosophy of always prioritizing quality over quantity. We have had close dialogue with Ikano Bank to ensure we truly understand their needs, says Herman Svensson, Client Manager at Consid.
For several years, Consid has worked closely with Ikano Bank, contributing customized technical solutions. The ongoing digital transformation has made it necessary for the banking sector to adapt quickly, and Ikano Bank has been a pioneer in embracing this challenge. By investing in new technology like AI, the bank hopes to strengthen its position further and create even greater value for its customers.
– Ikano Bank is at the forefront of technology and innovation, and we’ve had the privilege of supporting them on their development journey, says Herman Svensson, adding:
– It has been an exciting and educational process for us to collaborate with such a forward-thinking client. Through continuous dialogue, we have been able to contribute to creating flexible and future-proof solutions that help Ikano Bank stay ahead in a rapidly changing industry.
Ikano Bank and Consid now hope that the collaboration at Considition will result in innovations that not only make banking services more efficient but also drive the broader use of AI in the financial sector.
