Financial Services Innovation Challenge
Smarter Risk. Better Products. Broader Reach.
Background and Context
The financial services ecosystem is evolving rapidly in the era of Open Finance, where secure, consent-based data sharing is enabling new possibilities across the value chain. This evolution is not limited to customer-facing financial products alone; it also extends to the B2B solutions that support, strengthen, and transform how financial institutions operate.
On the end-customer side, Open Finance is allowing providers to design more relevant, inclusive, and personalised financial services — reaching new customer segments, reimagining traditional products, and delivering seamless, contextual journeys. On the institutional and ecosystem side, Open Finance data is enabling a new class of B2B innovations that help lenders, insurers, platforms, and intermediaries solve critical problem statements across risk assessment, fraud prevention, compliance, onboarding, servicing, monitoring, and operational efficiency.
The Financial Services Innovation Challenge has been conceived to recognise and showcase innovative products built using Open Finance data, whether they are:
- Customer-facing financial solutions improving access, experience, or outcomes; or
- B2B products and platforms that enable financial institutions to operate more efficiently, securely, and at scale.
The competition is designed to:
- Surface high-quality innovation across maturity stages
- Encourage working solutions, not just conceptual ideas
- Provide a platform for innovators to engage directly with senior ecosystem stakeholders
Themes
Submissions are categorised and evaluated based on stage of implementation, participants are expected to demonstrate impact (or potential impact, for MVPs) across the three focus areas below.
Expanding the Financial Service Access
(1 Minimum Viable Product and 1 Live Solution will be selected by the judges in this theme.)
This focus area recognises innovations that directly improve access, inclusion, or experience for end customers. These solutions typically:
- Reach underserved or newly addressable users
- Enable better financial outcomes using financial data
Here, the end user is the primary beneficiary and the solution is customer-facing.
Engineering the Financial Backbone
(1 MVP and 1 Live Solution will be selected by the judges in this theme.)
This focus area recognises innovations that enable financial institutions and the ecosystem to function and scale better. These solutions typically:
- Strengthen financial products or platforms
- Improve risk, compliance, or operational efficiency
- Use financial data to power institutional decision-making
Here, the primary user is an institution, even if customers benefit indirectly.
Imagining the Next Data Layer
(Judges will select two solutions in this theme, drawn from idea-stage concepts, prototypes, or existing live products that demonstrate a credible path once new data sources become available.)
This theme recognises solutions that demonstrate how the future expansion of Open Finance can transform financial services. The emphasis is on demonstrating what becomes possible when new data rails are unlocked, rather than what can be implemented under the current framework. Participants may showcase solutions built around emerging or anticipated data sources, including but not limited to:
- EPFO data
- Corporate and joint accounts
- Expanded cash-flow and transaction data under GSTN
- CBDT data
- BSE / NSE data
- Government securities
- Small savings schemes
- NRE / NRO accounts
Submissions are expected to demonstrate:
- A clearly defined future problem statement or opportunity
- How does additional data availability change existing financial journeys
- A working prototype, proof-of-concept, simulation, or design demonstrator
- Potential impact on access, risk assessment, product innovation, customer experience, or operational efficiency
- Feasibility and readiness for adoption once the enabling ecosystem becomes available
Evaluation Categories by Stage of Maturity
To ensure fair evaluation, separate categories are used for solutions at different stages of maturity. Participation is expected from idea-stage innovators with strong concepts and prototypes, startups with working MVPs and early customer adoption, and established companies running live solutions at scale. Since each group is at a different stage of growth, it would not be fair to evaluate them on the same benchmark.
For Themes 1 and 2, winners will be selected separately from:
- MVP Stage — Solutions with a working prototype, pilot, or limited customer adoption.
- Live Product Stage — Solutions already deployed and delivering value to customers or institutions.
This ensures early-stage innovators are judged on the strength of their idea, innovation, and potential, while mature solutions are assessed on execution, adoption, impact, and scalability.
For Theme 3, participants can showcase future-looking solutions that may become possible as new data sources are added to the Open Finance ecosystem. This track is open to:
- Idea-stage teams with concepts, prototypes, or proofs-of-concept
- Companies with existing solutions that can demonstrate how their products could evolve once new data sources become available
The objective is to encourage both innovation for today and innovation for the future, while ensuring participants are evaluated alongside peers at a similar stage of maturity.
What Your Submission Should Include
Applicants must submit a clear and structured solution ONE document or presentation deck covering the following:
| Requirement | Details |
|---|---|
| Problem & Target Users | Clear articulation |
| Innovation Description | Differentiation and approach |
| Use of Financial / Open Finance Data | Mandatory |
| Technology Overview | High-level architecture |
| Stage of Development | MVP / Pilot / Live |
| Impact | Expected or realised |
| Testimonials | Required for live products |
| Product Video | Max 3 minutes |
Evaluation Framework
A single evaluation framework is used across all focus areas; judges adjust expectations based on the stage of the solution. Each focus area is evaluated independently to ensure fairness.
| Dimension | MVP / Pilot Focus | Live Product Focus |
|---|---|---|
| Impact & Relevance | Problem clarity, potential impact | Demonstrated outcomes, adoption |
| Use of Financial Data | Meaningful conceptual or functional use | Live integration driving decisions |
| Innovation & Execution | Originality, working prototype | Reliability, usability, robustness |
| Scalability & Future Potential | Credible path to scale | Ecosystem relevance, proven scalability |
| Recognition | Details |
|---|---|
| Prize Money | 6 winners, ₹1 Lakh each (2 winners × 3 themes) |
| Visibility | Event and ecosystem platforms |
| Exposure | Presentation to senior delegates |
| Milestone | Date |
|---|---|
| Open Call for Applications | 23 July 2026 |
| Submission Deadline | 1 September 2026 |
| Shortlisting by Sahamati | 5 September 2026 |
| Presentations to Judges | 7– 18 September 2026 |
| Results | 25 September 2026 |
| Live Showcase & Awards for Finalists | During the event |