Mumbai-based ICICI Bank has launched is virtual app development competition to help create the next generation of mobile banking technology.

Technology companies, start-ups, developers and technopreneurs will go head to head in ICICI Bank’s ‘Appathon’ with the hope of producing a working prototype on the themes of virtual banking and financial services.

The challenge requires participants to create the prototype for submission on March 27. Finalists will be announced on April 7 and will be judged on a variety of measures including originality, functionality, business potential, user experience and scalability of solution.

Managing director and chief executive officer of ICICI Bank Chanda Kochhar spoke on the initiative, stating that the ability of technopreneurs needs to be utilised effectively in the developing financial sector.

“We want to broad-base and leverage on the innovative ideas and exceptional talent in our developers, technopreneurs and technology start-ups,” he said.

“Programmes like these will encourage young developers to create world-class banking applications on mobile.”

The Appathon also provides opportunities for fintech start-ups to partner with banks and be in the game, able to capitalise on UPI architecture. It will also provide the ICICI with opportunity to promote India’s position on the global fintech scene.

“This will strengthen the government’s ‘Digital India’ mission,” said Kochhar.

“We are taking technology as a core of our strategy.”