Participating in hackathons is part of an open innovation mindset and culture. Since 2016, Arion Bank has heavily invested in digital banking services and adopted an internal program for developing those services. Arion’s approach on innovation has impacted the way the Bank delivers new services. Product development is more rapid, efficiency in services has increased and employees are more aware of technology and innovation, which in turn affects the way the Bank regards problem solving when it comes to products and services.
Arion Bank is the main sponsor of the Nordic Health Hackathon, hosted at Reykjavik University. Participants mostly come from the Nordic countries and their challenge is to develop health related products by using open APIs from various sources. Arion will host a challenge where participants shall show “novel use of financially related data to help people lead healthier lives”, and exposes an API from transactions and enriched transactional data.
Investing in innovation may seem obvious. Still, many companies have difficulties overcoming the obstacle of why, how and where to innovate. In other words, on an operational level, it requires a conscious and enlightened management decision to systematically invest in innovation. Arion started investing in local startups in Iceland via its accelerator programs, Startup Reykjavik (2012) and Startup Energy Reykjavik (2014). Through these two accelerators, Arion has invested in 90 startups (and counting).
As of 2016, Arion uses its internal accelerator, Digital Future, to develop and launch new digital financial services. The results in increased usage, better customer journeys and improved efficiency behind those services have been staggering. In the same year, the Bank was the first financial institution in Iceland to host a hackathon where open APIs with transactions, payments and other features were made available to participants. A dozen teams hacked away for 36 hours in Arion’s headquarters.
Arion Bank is a leading Icelandic bank offering universal financial services to companies, institutional investors and individuals. These services include corporate and retail banking, investment banking, capital markets services, treasury services, asset management and comprehensive wealth management for private banking clients.
Arion Bank’s balance sheet was more than 1,100 ISK billion (€8.9 billion) in 2017. Arion Bank only has operations in Iceland. Read more about Arion Bank.
Read more about Arion bank
Situated in the North Atlantic Ocean between Europe and the United States, Iceland is a European country with 330,000 inhabitants. The capital and largest city is Reykjavik. Two thirds of the country's population live in the Greater Reykjavik area. Iceland, as other Nordic countries, ranks high in economic, political and social stability and equality.
Icelandic citizens are early adopters when it comes to technology and technical infrastructure is good where 97% of residentials have access to internet. Iceland ranked number six globally in terms of GDP per capita in 2016 according to the International Monetary Fund.
About Iceland on iceland.is
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