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Sella Data Challenge, Banca Sella’s challenge for new data-driven fintech solutions

Selected participants at Sella Data Challenge will have two and a half months, starting in mid-March 2021, to realize and present their idea, through a working prototype, demo, application or simply a “proof of concept.” The fintech startup that wins first place will be awarded $18,000 (€15,000) to develop and test the solution identified with Banca Sella.

Desmond O'Flynn

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A competition aimed at fintech startups and scaleups to identify new solutions that, through the use and analysis of data, allow to customize the offer of products and services to customers.  This is the “Sella Data Challenge”, the innovative initiative launched by Banca Sella as part of its open innovation strategy that sees the bank collaborate with digital realities in order to co-create new products and services, thanks also to open banking platforms that allow access to account information through APIs (Application Program Interfaces).

The “Sella Data Challenge” is organized in collaboration with the Fintech District – the community point of reference for innovation in the financial services industry, where fintech, corporate, and traditional financial operators can collaborate to create open innovation projects through industrial and commercial synergies, developing new services and attracting investment – and Fabrick, the first actor born in Italy with the aim of promoting open finance by defining new business models and banking services.

Read more about Banca Sella’s competition and find the latest financial headlines with the Born2Invest mobile app.

Sella Data Challenge, how the challenge works

The optimization of the lifetime value assessment process, a key indicator for the analysis of customer purchasing behavior, or the adoption of new models of pre-scoring, i.e. prior assessment in financing applications, are just some of the examples of processes that can be innovated thanks to a better use of data and on which participants in the challenge can work.

Startups and scaleups will be able to develop new solutions starting from the analysis of customer data, made available anonymously by Banca Sella on the Fabrick “data sandbox”, an open banking platform on which the bank has published its APIs.  This is a true test and development environment, consistent with privacy protection regulations, which allows participants to access the portal, view data that has been anonymized and can then be used to perform the desired analyses.

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Selected participants will have two and a half months, starting in mid-March 2021, to realize and present their idea, through a working prototype, demo, application or simply a “proof of concept.”

During the challenge they will be supported weekly by a team of professionals from Banca Sella, the Fintech District and Fabrick, who will help them in the development of their project.

Sella Data Challenge, how to participate

The application to the challenge must be sent by March 15th, 2021 using the chosen portal, explaining your idea on the use of data and the project you want to develop.

The ideas collected will then be selected on the basis of their market potential, innovative contribution in data management and the real development potential of the idea presented. Participants will receive credentials to access the “data sandbox”.

The fintech startup that will win first place, will be awarded $18,000 (€15,000) to develop and test the solution identified with Banca Sella.

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(Featured image by Markus Spiske via Unsplash)

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First published in EconomyUp, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Desmond O’Flynn believes in minimalism and the power of beer. As a young reporter for some of the largest national publications, he has lived in the world of finance and investing for nearly three decades. He has since included world politics and the global economy in his portfolio. He also writes about entrepreneurs and small businesses, as well as innovation in fintech, gambling, and cannabis industries.