Wallabe, a mobile
app that facilitates the exchange of cash between individuals (social cash) based on the possibilities
of mobile telephony and the infrastructure of the financial institutions, won
the first hackathon organized jointly
by Banco Sabadell and Barcelona Mobile World Capital.
During the hackathon, a total of 100 computer
programmers were called on to develop in a weekend and in a single
uninterrupted session, IT solutions that can enhance the way in which financial
institutions relate with their customers.
Wallabe, the
winning project, consists of a mobile app that, using the possibilities of
mobile telephony and the infrastructure of the financial institutions, allows
the exchange of cash between individuals. Thus, if a person needs cash and is
unable to easily reach an ATM, they can see which members of the Wallabe
network are nearby (they may be other individuals or commercial
establishments). That member of Wallabe would provide the money in cash. At the
same time, by means of Wallabe and the support of a financial institution, the
lender would recover the sum borrowed plus a small commission via bank
transfer.
According to
Carles Abarca, director of Technology and Centralised Administration of Banco Sabadell: “Over the coming years many of the usual
practices of the financial sector will be modified and new activities and
economic flows will appear in society which are currently unthinkable. For
banks, it is key to adapt to this new reality and learn from the
entrepreneurial and creative talent such as that taking part in this first
edition of the hackathon.”
The jury of the hackathon (comprising managers from the
digital, technological and entrepreneurial departments of Banco Sabadell and
leading figures from the world of digital innovation, including the well-known
digital entrepreneurs Genís Roca and Xavier Verdaguer or the manager for
entrepreneurship of Mobile World Capital, Aleix Valls) also awarded other
prizes to several of the competing teams.
All these
projects, which are notable for different reasons, will be incorporated into
the open innovation program of Banco Sabadell, Sabadell Open Apps. By means of
this initiative, the financial institution wishes to put in place stable
collaboration channels with all those entrepreneurs and creatives interested in
formulating possible ideas to enhance their online channels.
During the hackathon,
Aleix Valls, director of Innovation and Entrepreneurship of Mobile World
Capital Barcelona, analysed the chief fields for the future of digitally based
entrepreneurs: “Especially important is
what is known as the connected economy and collaborative consumption. This new relational model of consumption offers totally new business
models. From the more technological viewpoint, the Internet of things stands
out, as it implies not only connecting objects to the Web but totally
rethinking the role of many of our day-to-objects. Lastly, everything related
to digital identity.”
The hackathon also saw the collaboration of a large number of
consulting firms, companies and entities such as Fjord, Everis, Deloitte,
Barcelona City Council, and the University
of Alicante, amongst
others.