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Challenge Improving Banking Processes in the Developing World
Improving Banking Processes in the Developing World
STATUS: Awarded
Active Solvers: 770
Posted: Mar 31 2009
Challenge ID: 8135922
 
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Abstract
A global not-for-profit Seeker is looking for help improving the efficiency of banking transactions in the developing world. Success in this Challenge would ultimately lower the costs of banking services and encourage more widespread adoption. Solvers need only bring their creativity and innovation in order to contribute meaningfully as an in-depth knowledge of banking is not required.
Overview
The administration of bank transactions often requires the transfer and coordination of information between central offices and geographically distributed branch locations. The coordination, transmission, reconciliation and auditing of such information represents a significant bank operating cost in the developing world. This Challenge is seeking ideas for ways of improving the efficiency of banking processing in the developing world. No specialized background is required in order to provide a valuable solution to this Challenge since a thorough recap of the problem is provided within the Detailed Description and Technical Requirements section.
What is InnoCentive?
InnoCentive is the global innovation marketplace where creative minds solve some of the world's most important problems for cash awards up to $1 million. Commercial, governmental and humanitarian organizations engage with InnoCentive to solve problems that can impact humankind in areas ranging from the environment to medical advancements.

What is an InnoCentive Ideation™ Challenge?

An InnoCentive Ideation™ Challenge is a broad question formulated to obtain access to new ideas, similar to a global brainstorm for producing a breakthrough idea or market survey which may include ideas for a new product line, a new commercial application for a current product, or even a viral marketing idea to recruit new customers. Ideation™ Challenge submissions are typically about two written pages, and Seekers receive a non-exclusive, perpetual license to use all submissions.

In an Ideation™ Challenge, Solvers may:

  • Submit ideas of their own
  • Submit third party information that they have the right to use and further the authority to convey that right and the right to use and develop derivative works to Seekers
  • Submit information considered in the public domain without any limitations on use

Solvers should not reveal any confidential information in their submissions. Often the Ideation™ Challenge will be followed by one or more of the other three Challenge types to further develop the ideas and gain Intellectual Property protection when the concept has been well-defined.

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InnoCentive Trust Partners