Global Hackathons to Solve COVID-19-Related Financial Problems

Industries, societies, and governments are scrambling to find ways to counter the impact of COVID-19 to the best of their ability with available resources. However, such a problem that threatens a massive population needs the collective effort of problem-solving. One of the ways to do this is to crowdsource the problem-solving and solutions. Some initiatives are already being taken in that direction by using a page from the IT industry’s innovation textbook – using hackathons. As they say, “crisis breeds innovation.” This article is about how hackathons are being used by banking and non-banking players to fight the COVID-19 challenges.

The usual purpose of hackathons is to identify and address a complex real-life problem by making improvements in the current systems and even develop new tools from an idea or a prototype. In the COVID-19 context, the concept has been used for a global cause to create massive collaboration and innovation efforts across the globe. Let’s have a look at some of these events and their objectives:

EUvsVirus Hackathon: In April, the European Commission hosted a pan-European hackathon to connect civil society, innovators, partners ...

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