Financial services firm Standard Bank is holding the ninth yearly two-day Kuunda Disrupt Hackathon, which is aimed at harnessing the creative power of its people to tackle client pain points.

The event also emphasises the importance of innovation and collaboration in devising client-centric solutions, the firm states.

This year's hackathon had a record-breaking 274 ideas submitted from across Africa and, from these, the top 42 teams – comprising 229 hackers – have been selected to participate.

“During the initial judging phase, the teams will present their client-focused solutions to an experienced panel of judges, which will narrow the field down to 15 finalist teams. The ultimate stage will see these top 15 teams competing in front of a panel of experts, and passionately pitching their refined solutions,” said Standard Bank Group CIO Jörg Fischer.

Winners will be announced on the last day of the event on September 6.

The solutions that the teams develop will harness cutting-edge technology while aligning with the bank's digital strategies and core values.

For example, each team is bound by four pivotal criteria for their proposals, with the first requirement being that the proposal submission must be anchored in a cloud platform.

Secondly, they must leverage one of the organisation's contracted hyper scalers to establish real-time connections with clients.

Thirdly, the idea should align with Standard Bank Group's strategic value drivers.

Lastly, the envisioned outcomes should ideally lead to improved costs and efficiency, and an enhanced client experience, he said.

“The event underscores the bank's steadfast dedication to nurturing innovation to solve real client challenges, creating solutions that are not only technically brilliant but also socially relevant and impactful,” said Fischer.

Hackathons serve as effective strategic cornerstones for fostering innovation. This annual event is open to all employees across all levels within the Standard Bank Group, including permanent and contracted employees.

Standard Bank remains committed to generating novel solutions and forging fresh partnerships to enhance client experiences, he added.