Mashreq - a leading financial institution in MENA – has announced the winners of the 2022 Mashreq-DIFC ‘Game Changer Hackathon’ at a special ceremony at the Mashreq Global Headquarters, naming Mher Patvakanyan as the overall winner of the 1st Prize and Lune Technologies; Helal Lootah and Sarah El Masry as runner up.
The winners were selected using impartial and internationally accepted Model Accuracy scores - a well-known Machine Learning model validation method used in evaluating classification problems, which measures the number of correct predictions made by a model in relation to the total number of predictions made.
Participants were challenged to use artificial intelligence (AI) and machine learning (ML) to calculate the future probability of client churn and the likely profitability for individual customers. By being able to foresee customer behaviors using ML and AI, Banking industry gain the ability to make more accurate profit forecasts and develop hyper-personalized products, services and solutions.
Participants come from more than 35 universities, of which 63% were from the UAE. Of those, 42% were freshers in their first year of studies, coming from some of the leading universities in the UAE. In addition to the student cohort, employees from 30 companies participated in the Hackathon.
The Hackathon also provided participants with a rare opportunity to meet and network with data scientists and business leaders to improve their skill sets and gain tips in developing new customer analytics ideas and solutions.
The Hackathon was held at the DIFC Academy, a training and development platform established by the Dubai International Financial Centre (DIFC). The Academy partners with local institutions, companies based in the DIFC and educational providers, providing access to reputable financial services courses, executive education programs, internships, mentorships and graduate opportunities for UAE nationals and residents.
Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, said:
“On behalf of Mashreq, I would like to thank all those who participated in the Mashreq-DIFC Game Changer Hackathon and for their contributions to innovating new customer analytics solutions. The entire banking industry benefits from the creativity and passion we have seen from those who took part and from the ideas put forward by the winners. They represent some of the most promising AI and ML professionals in the region whose ideas have the potential to help banks develop a greater understanding of their customer’s behaviors and needs.”
“As a digital challenger bank, we have led the development of AI and ML technologies throughout our digital journey. Whether through our in-house innovation capabilities or participation in the wider fintech ecosystem, we have created multiple industry-leading and award-winning digital platforms – many of which have transformed financial services in our region and revolutionized how we innovate for our customers.”
Arif Amiri, Chief Executive Officer of DIFC Authority, commented:
"DIFC continues to play a significant role in positioning Dubai as a global hub for FinTech and Innovation. As well as attracting start-ups, growth stage companies and unicorns to the Centre, DIFC enjoys partnering with organisations such as Mashreq on initiatives that enable the financial services workforce to innovate and contribute to the future of finance. The Mashreq-DIFC hackathon was an excellent example of helping talent within the industry advance their appetite to find new ways of using technology to anticipate and meeting the needs of customers and clients.”
This Hackathon is one of the ways in which Mashreq is supporting local talent, building awareness with the younger population on the practical application of emerging technologies and encouraging innovation in the country.