Ministry of Electronics and Information Technology (MeitY) and The Hongkong& Shanghai Banking Corporation, India (HSBC) announce the “HSBC Fintech Innovation Challenge for devising a solution to help reach and assist students aspiring to study overseas”
There are many students who wish to go and study overseas. The entire process and preparation for studies abroad starts much in advance of the desired academic year and is daunting for aspiring students and their parents alike. This process involves, amongst other things, taking decisions relating to choice of overseas education institution, financing for education, travel preparations and appreciation/understanding of overseas cultural and living context.
We are seeking a solution that will help us identify such key decision points, the place where students/their parents source such information from and the key considerations for such decisions. Such a solution should primarily address the financial aspects while taking into consideration how the financial aspect fits in the overall journey. The solution will also provide insights on having the right set of tools/enablers which can be deployed at relevant points in the customer journey and thus assists such students/parents to make better decisions.
- Identify the overseas education preparatory journey. These may include popular sites/ social media platforms/ partners/ influencers throughout the journey
- Come up with most effective ways to reach and assist such students/their parent with relevant tools/information/enablers etc.
- Identify the effective point in-time of reaching (exploring, deciding, post moving aboard)
- Focus on how a bank add superior value in this journey
- Identify if there are any corridor nuances - example difference in requirements/needs of students going for studies to USA, UK, Australia, Canada etc.
Scope of the Fintech Innovation Challenge
The challenge will be conducted in three stages: In Stage-1, the focus will be on the idea and design, and in Stage-2, the focus will be on detailed implementation strategy and in Stage 3 a Proof of Concept (POC) to test/ verify the functionality of the proposed solution.
The solution should be proposed keeping in view the complexity involved.
Stage 1. Screening of applications received at MeitY Startup Hub (MSH) Portal.
The submission of concept paper for Stage-1 should encapsulate the design and process flow for implementing the scheme. The proposed solution should cover the following aspects:
- Journey mapping with touch point
- Key consideration at each touch point
- Enablers /information required at each touch point to make a better decision
- The best way to provide such enablers/information along the journey
The proposed solution should cover complete cycle from the start to the journey till the student starts his/her academic year at the overseas education institution
Stage 2. Top 5 entries from Stage 1 will enter Stage 2 for presentation and submission of detailed implementation strategy.
The submission of detailed document should include the following:
- Journey map with listing of key touch points , their relative importance and gaps if any
- Specifics on type of information sought and the desired format of the information
- Corridor nuances
Stage 3. Top 2 entries of Stage 2 will be implementing and presenting Proof of Concept (PoC) to test/verify the working of their respective solution.
The evaluation will be done by a committee constituted by HSBC. The solution will primarily be evaluated in respect of the following:
- Robustness of recommendation- backed by data / sound logic /market intelligence
- Novelty and incisiveness of recommendation
- Ability of the recommendations to scale up to be market leading
Awards & Recognition
- Letter of Participation from HSBC for proposing “innovative solution” for "Overseas Education Enabler” for the top 5 entries selected from Stage-1.
- Possible engagement with HSBC for a commercial roll out
- The contest is open for all, including fintech companies, start-ups, students or individual/ group of individuals.
- All the participants must be Indian Nationals of minimum 18 years of age.
* For providing more information and clarity on the above, a conference call will be held by HSBC within 7 days of the start date. For Terms and Conditions and Timelines, please refer the document attached below.