November was an interesting month for us at Octave. Octave team participated and came out top in two tech events: (1) The Zenith Tech Fair and; (2) Africa Fintech Foundry Data Hack for Access Bank.
The Zenith Tech Fair was aimed at showcasing leading technology innovations that cut across different aspects of life such as Artificial Intelligence, Quantum Computing, Machine Learning, Blockchain, Robotics, Big Data, FinTech, Augmented Reality, Data Analytics, 5G and Communication Technologies, among others. At this event, Octave came up with a value proposition for intelligent banking. This proposition involved the use of text mining, location analytics, and Artificial Intelligence to reduce monthly ATM processing fees to other banks by sending targeted campaigns to bank customers with geo-recommendations on the ATM distribution around them. The reduced ATM processing cost would translate to increased customer deposits and more importantly, provided visibility to where the costs are incurred. This value proposition caught the attention of the event organisers and we clinched the top prize worth N20m.
Africa FinTech Foundry (AFF) is an Access Bank initiative that aims to nurture, fund, and accelerate the growth of Fintech start-ups in Africa through its mentorship and accelerator programmes, fast-tracking their growth and maturity to deliver relevant solutions to the market, providing greater access to financial services to the financial excluded across the continent. At this event, Team members at Octave participated in the Data Hack Competition. The challenge of the competition includes providing solutions for: (1) Predicting Loan Default using Machine Learning Algorithm (2) Credit scoring for retail customers, (3) Geospatial analytics on non-performing loans. Our representatives won this competition not only with our analytics skill set but also with telling stories with data and pinpointing actionable insight.