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.