Registration for Finastra’s Hack to the Future 2020 event is now open

Fintech company Finastra is inviting everyone to Hack to the Future 2020, the organization’s annual hackathon. This year the global event once again focuses on themes that aim to help redefine finance for good. Hackers are encouraged to:

  • Tackle systemic inequalities – such as banking for the unbanked, under-banked, socially responsible investments and Environmental, Social, and Corporate Governance (ESG), building inclusive technology and driving financial literacy. 
  • Overcome COVID-19 challenges – by embedding fintech across industries, finding new growth streams and managing risk in challenging times. 
  • Embrace technology-enabled change – including by establishing ecosystems beyond finance, cross-business intelligence via Artificial Intelligence (AI), reimagining transaction flows with Distributed Ledger Technology (DLT) and integrating physical and digital experiences.

Prizes include cash, platform certification fees waived, internship and coaching opportunities and the possibility to onboard projects into Finastra’s FusionStore app marketplace.

Hackathon project submissions close on November 22, 2020 and live judging will select the event’s winners in December. 

Finastra is making its open developer platform supported by Microsoft Azure and over 130 application programming interfaces (APIs) available to participants. 

Accenture, BankUnited, BNP Paribas Personal Finance, Capgemini and Google Cloud are among the top banks, leading consultancies and technology companies supporting the event. 

Accenture mentors will support a separate Kids’ Hackathon (no coding required) where young people ages 10 to 18 years old can get involved and submit their ideas “around hacking systemic inequalities, contributing to a better world,” by video and presentations. BNP Paribas mentors also will be on hand to help hackers progress.

“The pandemic has intensified some of the world’s most challenging issues such as poverty, inequality and exclusion,” said Chirine Ben Zaied, head of innovation at Finastra. “Digital infrastructure and technology are providing the platform to transform financial services, and we have the opportunity to create better, fairer and more inclusive outcomes for people, businesses, and communities around the world. We are excited to see the innovative ideas that our global hackathon will generate.”

Those interested can sign up for Hack to the Future 2020 here.

Finastra acquires provider of CRM and mortgage workflow tech

Finastra’s not just keeping hackers busy for a good cause. The company also announced the strategic acquisition of Doorr,a provider of cloud-based point-of-sale mortgage application software, via its Canadian mortgage marketplace business Filogix.

This investment will deliver next generation solutions to the Canadian mortgage market, including to consumers, brokers and lenders, the London-based fintech noted in a statement, but did not disclose the financial details of the acquisition.

Doorr is a customer relationship management (CRM) and mortgage workflow technology solutions fintech that provides mortgage brokers and financial institutions “with a single environment to manage and interact with clients and partners such as realtors.”

The deal is part of Finastra’s strategic investment in Filogix, which reportedly expands its capabilities to deliver benefits by enabling digital signatures and self-service interactions for customers; reducing paperwork for mortgage brokers by adding custom workflows, lead generation and CRM functionality in the cloud; and increasing lender access to mortgage volumes from new and emerging channels.

“Filogix has always been the go-to provider of tools and technology for mortgage originators in Canada. The addition of Doorr will bring cutting-edge features backed by the talented individuals that join us from the company,” said Siobhan Byron, SVP of technology enabled managed services (TEMS) at Finastra.

Extending Doorr’s residential mortgage marketplace partnership with Finastra will help further advance the company’s digital mortgage application process, “to drive an improved customer experience while harnessing the power of open APIs are well aligned,” said Muhammad Rashid, co-founder & CEO at Doorr. 

Speridian Technologies launches new mortgage tech

Another global business and financial technology solutions provider, headquartered in Albuquerque, New Mexico, Speridian Technologies has launched Delinkure, a next-gen, analytical solution for the mortgage sector.

Delinkure’s default prediction models, which are powered by artificial intelligence (AI) machine learning (ML), enable lenders and other users to manage portfolio risk by predicting default and supporting early resolution and loss mitigation. Delinkure uses advanced AI-ML, the company says, which is based on the Gradient Boosting and Random Forest testing methodologies, to yield nearly 99% confidence in determining loans at risk.

“We help leading banks, non-bank lenders and servicers to manage their delinquent accounts with cost-effective, intelligent solutions,” said KP Hari, co-founder and managing partner, Speridian Technologies.

Forecasts predict mortgage default rates will rise to anywhere from 7% and 15%, causing losses expected to exceed $200 billion by the end of 2021, he explained. “To efficiently handle this problem on a large-scale,” he said, Speridian leveraged the power of AI and ML “to help predict and prevent loans from becoming Non-Performing Assets (NPAs).” 

Designed as a cure for delinquency, Delinkure provides two modules.

Default prediction – Combines loan, borrower and external influencing data elements to help categorize the loan portfolio into high, medium and low risk watch-list groups based on risk scores derived from ML algorithms.

Early Resolution – Uses the loan-level default prediction tool data to analyze different workout options to provide an expert system workflow that integrates with call centers to route the best-qualified loan modification to agents for handling and resolution.

“Delinkure uses up to date, real-time, external data which allows for specific disruptive events like pandemics and political elections,” added Hari, while a fast deployment or as-a-service offering and pricing models including “pay-by-the-drink or gain-sharing, eliminate long-term projects and complicated agreements.” 

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