HSBC Fintech Innovation Challenge
Overseas Education
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”
Problem Statement
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.
Possible outcomes
- 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.
Evaluation criteria
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.