Key Points
Students from top institutes developed AI solutions for financial clarity
Winners included teams from VIT Vellore and IIT Lucknow
Open-source innovations aim to democratize financial insights
NFRA plans more student engagement for future challenges
The hackathon, held at IIT Kanpur on March 28-29, brought together students from various engineering colleges across India, the Ministry of Corporate Affairs statement said.
The objective was to demonstrate democratising complex financial statements so that financial information is more readable and understandable, it added.
The challenge given was to transform financial data into clear, engaging stories to enable well informed decisions. The hackathon tried to address the challenge, leveraging GenAI. Teams attempted transformative solutions to simplify financial statements and unlock deeper insights.
The presentations made by the teams at the hackathon showed that GenAI has the potential to revolutionise financial statement analysis by simplifying complex financial concepts, automating data extraction, and generating insightful narratives. As technology continues to evolve, stakeholders can expect to see increased adoption in financial reporting, leading to more efficient, accurate, and informed financial decision-making.
The event enabled the interaction of academia, students, and the regulator joining hands to address common challenges. The solutions were discussed and students were guided how to carry their innovative ideas further forward.
Teams from VIT Vellore, MNNIT Allahabad, IIT Lucknow, and the Rajiv Gandhi University of Knowledge Technologies, Nuzvid emerged as winners in the competitions. The Hackathon was judged by a combined team of experts from IIT Kanpur and the NFRA.
The statement said it was also noteworthy that many of the winning teams choose to offer their innovations to the open-source community so that more improvements and value additions can happen, and these solutions can be further developed and used by anyone interested.
The NFRA, under the Ministry of Corporate Affairs, said that it looks forward to further such opportunities to engage with the student community.
