Hack the Vibe — an exciting event for data scientists which was organized by Fibe (formerly known as EarlySalary), the largest consumer loan app in the country on HackerEarth, India’s top-managed hackathon provider. The competition started on 10th March 2023 and was held in collaboration with the Indian Institute of Technology in Bombay and the Narsee Monjee Institute of Management Studies in Mumbai to commemorate its achievement. It was a great platform for creative thinkers and problem solvers to showcase their skills and bring their ideas to life. Participants in the data science, machine learning, software development and application development disciplines joined from top institutions across the country to compete in this online competition for a high-tech audience.
The main goal of “Hack the Vibe” was to offer innovative answers to a number of real-life problems faced by most companies in the digital lending sector, particularly in credit risk modeling technologies. Credit scoring is a technique to measure a customer’s ability to repay the loan. Participants must create a Machine Learning model that predicts a customer’s loan repayment likelihood. There were 2,531 teams that joined the Hackathon.
Mr. Balakrishnan Narayanan, Head of Product and Analytics at Fibe on this event, stated, “Fibe has always been a front-runner in developing unique AI solutions to solve challenges that impede the lending industry. We’ve always been an incubator for new ideas and perspectives within the organization. With our Hack-the-Vibe hackathon, Fibe has been able to extend our mindset to the upcoming talent in the field of AI. We are delighted with the overwhelmingly enthusiastic response and are eager to organize similar events in the future, pushing the boundaries of innovation and collaboration.”
Young college students, AI analysts and digitally savvy individuals engaged passionately in the four-week competition and proudly displayed their machine learning (ML) & AI skills. The top 3 winners were rewarded with ₹50,000, ₹30,000 and ₹20,000 cash prizes. Other participants also received exciting goodies. The winners were selected on the basis of innovativeness and sustainability of the ideas.
Ms. Monica Mishra, Head of Human Resources, Fibe, said on this occasion, “I am happy to see that Hack-the-Vibe was a great success. This event not only provided students with invaluable exposure to real-world business challenges, but it also gave us an opportunity to tap into a vast talent pool from top-tier institutes across the country.”
About Fibe:
Fibe (previously EarlySalary) is one of India’s leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group to fulfill their aspirations. It is an industry leader in the salary advance segment with the fastest processing time. It has launched a host of financial products like Cash Loans, long-term Personal Loans, and Buy Now Pay Later plans. It offers a 100% digital loan application process that takes seconds to complete. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income groups in India. Fibe recently has been assigned a BBB+ rating by CARE Ratings and has been certified with ISO/IEC 27001 for its Information Security Management System (ISMS). The company has already disbursed nearly 4 million loans worth Rs. 10,000.
- Winner of the Economic Times Best Brand Award at the Best Brands Conclave 2022
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- Winner of Young Indians Delhi Youth Conclave Award
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