Initiative to provide a platform for students and alumni to co-create innovative solutions for the future of banking
FinTech BizNews Service
Mumbai, 25 May 2026: Bank of Baroda, India’s International bank, is set to launch Hackathon 2026 in collaboration with Indian Institute of Technology Gandhinagar, under the PSB Hackathon Series 2026 being organized under the guidance of the Department of Financial Services (DFS) and the Indian Banks’ Association (IBA).
Bank of Baroda has signed a Memorandum of Understanding (MoU) with IIT Gandhinagar through its Innovation and Entrepreneurship Center (IIEC) for collaboration under this initiative. The Hackathon aims to serve as an open innovation platform for students and alumni to develop technology-driven solutions for real-world banking and financial services challenges identified by the Bank.
As part of the Hackathon series, the Bank, in collaboration with IIT Gandhinagar, will focus on a critical problem statement under the domain of Cybersecurity and Fraud titled “Identity Trust, Protection & Safety.” The challenge aims to design a privacy-first, risk-based Identity Trust framework capable of continuously validating customer and enterprise identities across digital banking channels. The proposed solution is expected to intelligently detect high-risk events such as anomalous user behaviour, new device usage, suspicious onboarding or account recovery attempts, and misuse of privileged access, while triggering real-time verification only when elevated risk levels are identified.
The expected outcome of the challenge is to help reduce account takeover incidents, KYC fraud, and insider misuse, while enabling secure, compliant, scalable, and friction-optimised digital access across banking channels as user and transaction volumes continue to grow.
Through this initiative, Bank of Baroda aims to foster collaboration between academia and industry while encouraging young innovators to contribute towards shaping the future of secure and resilient digital banking.
Speaking on the initiative, Shri Sanjay V Mudaliar, Executive Director, Bank of Baroda, said, “Bank of Baroda believes that innovation thrives when academia and industry come together to solve real-world challenges. Through Hackathon 2026, we aim to create a platform that empowers young innovators to develop impactful solutions that can redefine customer experience, strengthen digital capabilities, and contribute to the evolving banking ecosystem. As digital banking adoption accelerates, strengthening identity trust and cybersecurity frameworks will play a critical role in ensuring safe, seamless, and future-ready banking experiences.”
The initiative reflects Bank of Baroda’s continued commitment towards driving innovation-led transformation and leveraging emerging technologies to build secure, customer-centric, and future-ready banking solutions.
Speaking on the initiative, Prof. Rajat Moona Director, IIT Gandhinagar, said, “We are delighted to collaborate with Bank of Baroda on this initiative that encourages innovation, problem-solving, and entrepreneurship among students and alumni. Such engagements provide participants with an opportunity to apply their technical expertise to practical industry challenges while contributing meaningfully to India’s digital transformation journey.”
The Hackathon will include multiple stages of evaluation, mentorship, and solution development, culminating in a grand finale where shortlisted teams will present their solutions before a distinguished jury comprising leaders from the banking, technology, and academic ecosystem.
