The banking société anonyme with the business name “ALPHA BANK A.E.” and the distinctive title “ALPHA BANK”, having its registered office in the Municipality of Athens of the Prefecture of Athens, registered in the General Commercial Registry (G.E.MI.) under number 223701000 (hereinafter “Alpha Bank” or “Organiser”), in the framework of actions aimed at promoting and developing innovative technologies in the financial sector, organises an international competition for innovation and new ideas (hereinafter the “Competition” or “Finquest by Alpha Bank”).
The Competition is governed by the present terms and conditions of participation (hereinafter “Terms and Conditions of Participation”), which all participants are invited to read carefully and which are published on the website of the Competition (www.finquest.gr). The participation in “Finquest by Alpha Bank” of any interested party meeting the conditions of participation presupposes the full and unreserved acceptance of the Terms and Conditions of Participation. The Organiser reserves the right to amend at any time and for any reason whatsoever the Terms and Conditions of Participation and/or to annul or cancel “Finquest by Alpha Bank” or the prizes offered, at its absolute discretion. Any such amendment, annulment or cancellation shall take effect as of its publication on the website of the Competition (www.finquest.gr). Alpha Bank neither undertakes nor bears any responsibility with regard to any change in the Terms and Conditions of Participation and/or to the annulment or cancellation of the “Finquest by Alpha Bank” Competition.
Terms and conditions of participation
1. The Competition is addressed to all interested individuals or legal entities satisfying the specific conditions of participation listed below and its objective is to formulate and promote ideas related to the creation of innovative applications and products using new technologies, which could lead to the upgrading of the services offered, the optimisation of internal operations and, more generally, the improvement of customer experience for the Bank’s customers. The Competition will promote and reinforce digital innovation and the Bank’s digital profile in the Banking sector, in the framework of the Bank’s digital transformation programme and of the enhancement of its Customers’ experience in general. “Finquest by Alpha Bank” shall be organised by Alpha Bank and shall take place from 25.08.2020 to 31.12.2020. The publication of information about the implementation of the Competition, the communication with the participants and the announcement of the detailed programme of “Finquest by Alpha Bank” shall take place via the website of the Competition (www.finquest.gr).
2. The following categories of candidates are entitled to participate in “Finquest by Alpha Bank”:
- individuals, either individually or in teams consisting of two (2) and up to five (5) persons, aged eighteen (18) and above on the date on which “Finquest by Alpha Bank” is held, with full legal capacity, irrespective of nationality or place of residence;
- start-ups operating either as sole proprietorships (active traders) or as a companies of any legal form, which are not the subject of insolvency proceedings, i.e. have not been declared bankrupt or in resolution or placed in liquidation or have their affairs administered by the courts, and employ up to ten (10) persons on the date on which “Finquest by Alpha Bank” is held.
The persons employed by the Alpha Bank Group Companies and those employed by companies of the “Finquest by Alpha Bank” partners and sponsors (including their subsidiary companies), are not entitled to participate in the Competition.
3. In order for any interested party to participate, either individually or as member of a team, in “Finquest by Alpha Bank”, each one of the participants taking part either individually or as member of a team should, at any stage of the Competition, meet the conditions of participation in it. If a team member is excluded or is found not to be entitled to participate, the Organiser reserves the right, which it may exercise at its absolute discretion, to exclude the team as a whole from participating. It is pointed out that the composition of the teams may be changed at any stage of “Finquest by Alpha Bank”.
4. The responsibility for declaring correct and up-to-date information lies exclusively with the participants. Where false, inaccurate or incomplete declarations and/or similar information or documents are submitted, the Organiser shall have the right to cancel the participation concerned at any phase or stage of “Finquest by Alpha Bank”, including during the final evaluation.
5. When filling in the special application for participation form for legal entities, which is available from the “Finquest by Alpha Bank” website (www.finquest.gr), the details of the legal representative should be declared together with the details of all the members of the legal entity’s team to participate in the Competition. The legal representative of the legal entity participating in the Competition undertakes the responsibility for also entering correctly the details of the team members.
6. The Organiser reserves the right to request at any time the participants to supply documents establishing the accuracy of the information declared (identity card, passport, any necessary legalisation documents in the case of legal persons, such as G.E.MI. certificates, non-bankruptcy certificates etc.) and the satisfaction of the conditions stipulated in the Terms and Conditions of Participation.
7. Participation in “Finquest by Alpha Bank” and the ongoing provision of information about the terms of the Competition’s conduct shall take place exclusively via the dedicated website of the Competition (www.finquest.gr). The participants in “Finquest by Alpha Bank” shall be notified of their qualification for participation in the Competition by phone and/or by electronic mail message (email), at the contact details which they have declared in the application for participation which they have submitted for the qualification of their participation in the Competition.
8. Applications for participation shall be submitted from August 25, 2020 to September 28, 2020. The Organiser reserves the right, which it may exercise at its absolute discretion, to terminate the registration procedure at any time and for any reason whatsoever, particularly in the event of a particularly high number of participations.
9. The Organiser further reserves the right to refuse, exclude or cancel a participation, in the following cases:
- Where for any reason, a participating natural person (individual) or legal entity does not duly and unreservedly accept or does not meet the Terms and Conditions of Participation in their entirety, all of which are considered of the essence.
- Due to the subsequent failure of a participant to meet the terms and conditions of “Finquest by Alpha Bank”.
- Where a participant, taking part either individually or as member of a team – in which case the present clause shall also apply to every member of the team – violates the terms of the Competition and/or the applicable laws in general, the general principles of good faith and the accepted principles of morality or if, as a result of the said participation or behaviour of any participant, a risk arises which, in the opinion of the Organiser, might damage its reputation and interests. For the purposes of the present clause, the meaning of participant shall encompass the natural persons (individuals) declaring that they participate individually, the natural persons participating as members of a team and, in the case of a legal entity, both the legal entity itself and the natural persons (individuals) who represent it.
10. Participation in “Finquest by Alpha Bank” is free of charge. Any preparation and/or travel, accommodation and other costs for participating in “Finquest by Alpha Bank” and, in general, any cost which may be incurred by the participants on account of or in connection with their participation in “Finquest by Alpha Bank”, shall be borne exclusively by the participants and the Organiser shall bear no responsibility for covering the said costs.
11. No equipment shall be supplied for the development of applications during “Finquest by Alpha Bank”. The Organiser may provide access to Alpha Bank modules (APIs) which may be utilised for the development of the applications. In all cases, the provision, if any, of support services and equipment by the Organiser to the participants shall be subject to the understandable condition that all participants, irrespective of the manner in which they participate and of their capacity, shall be obliged to comply with any obligations arising from the Organiser’s security policies and procedures, of which they shall have been duly informed, and further accept that they shall be fully responsible for any accident or damage they may cause to the equipment provided and/or to the Organiser’s infrastructure in general.
12. The Competition is based on a challenge (hereinafter “Quest”), consisting of a subject area in which solutions shall be sought. All participants must submit a participation for the Quest.
13. The Organiser reserves the right to evaluate the applications for participation and to select and establish those which shall ultimately qualify to participate in “Finquest by Alpha Bank”. The evaluation shall take place based on criteria which the Organiser, in its sole judgement, deems significant, such as, for example, the participants’ knowledge of and abilities in digital banking products or services, their perception of the real needs of the financial sector and/or its clients, and their intention to adopt innovation and pioneering ideas, in combination with their capacity to apply and implement these in digital banking, also based on the information mentioned by the candidate participants in their applications for participation. The Organiser, should it deem this appropriate at its absolute discretion, may invite the candidate participants to personal interviews, after first notifying them accordingly.
14. For evaluating the applications/solutions to be presented by the participants in the Competition and for establishing the “Finquest by Alpha Bank” winners, a Judging Committee shall be set up, composed of Executives from the Organiser and Fintech experts from the academic and business community. The Judging Committee is responsible for evaluating the proposed applications/solutions to be presented in the Competition and for establishing the winners. The Judging Committee shall evaluate and shall assign marks on the basis of the following evaluation criteria:
- The degree to which the idea addresses real needs of the financial sector and/or its clients.
- The innovation incorporated in the idea.
- The idea’s applicability and feasibility of implementation.
It is explicitly clarified that, in all cases, the Judging Committee shall formulate its judgements and establish its decisions at its absolute, unreasoned and unquestionable discretion.
15. The evaluation process shall take place after the expiry of the deadline for the submission of the participations, in accordance with the detailed programme to be posted on the “Finquest by Alpha Bank” website (www.finquest.gr). The participants shall be invited to present to the Judging Committee, within a short period of time, whose exact duration shall be determined in the detailed programme no later than the start of the competition procedure, the result of their work. The Judging Committee, taking account of the Competition’s Quest for which the competing applications/solutions shall be submitted, shall select (7) participations which shall qualify to the main phase of the Competition. The seven (7) participations shall join a six-week Accelerator programme, during which they shall receive training and mentoring. The purpose of this stage is for the teams to be supported in order to further develop their ideas, so that these reach a stage of implementation that could make them more comprehensive and enhance their suitability as candidates for implementation by the Bank.
16. “Finquest by Alpha Bank” will be concluded with an event (Pitching Event), scheduled to take place on November 2020. At this event, the seven (7) participants will have the opportunity to present their applications or ideas. The Judging Committee shall evaluate them and shall establish the three (3) best ones, which will be awarded corresponding prizes at the final event, which will take place in December. In particular, after the conclusion of the presentations and of the evaluation process, in accordance with the detailed programme of “Finquest by Alpha Bank” (www.finquest.gr), the winners will be announced according to their marks. The prizes are cash prizes of Euro 5,000, Euro 3,000 and Euro 2,000, respectively.
17. Any costs or charges in connection with competing for the prizes or with their presentation, shall be borne exclusively by the winners of the Competition. The monetary prizes shall be paid without deduction of any taxes or other contributions or charges.
18. With regard to the product/solution/application which they shall present in “Finquest by Alpha Bank”, the participants represent and warrant that:
- it is an original creation of the participant and, therefore, it represents the participant’s intellectual property;
- it does not infringe intellectual property rights, ownership rights or other related rights or rights of any nature of any third party;
- they grant to the Organiser the license to use and promote, in various media (including the Internet), what they developed in the framework of “Finquest by Alpha Bank”, for the sole purpose of implementing, promoting and highlighting the results of “Finquest by Alpha Bank”.
19. All participants in the Competition shall retain the intellectual property rights that they own to the idea, solution or application which they shall present in “Finquest by Alpha Bank”, also bearing the sole responsibility and obligation not to infringe intellectual property rights, ownership rights or other related rights or rights of any nature of third parties relating to the aforementioned ideas, solutions or applications. All participants acknowledge and accept that the ideas, solutions or applications to be presented during “Finquest by Alpha Bank” may have similarities in terms of their subject or basic concept. The Organiser shall not bear, now or in the future, any direct or indirect obligation or responsibility in connection with the infringement or protection of an intellectual property right or of other related rights or ownership rights, the protection of personality, of secrecy and in general in connection with any violation of any institutional framework provision on the lawful development, promotion and presentation of the ideas, solutions or applications in “Finquest by Alpha Bank”, towards the participants as well as towards any third party deriving any rights from them. It is clarified that the experience to be gained by each participant and which shall be due to the collaboration between the participants and their joint effort to develop ideas, solutions or applications which they will present in “Finquest by Alpha Bank”, shall not be the object of a separate ownership or intellectual property right.
20. The ideas, applications and solutions to be created as “Finquest by Alpha Bank” products may serve as the basis for cooperation of the creator/participant with the Organiser. This, however, is left to the absolute discretion of the Organiser and shall by no means constitute a commitment, pledge or undertaking of an obligation in any way by the Organiser to the participants or as giving rise to expectations by the latter.
21. In the framework of the Competition, the Organiser declares that it shall process, in the capacity of Data Controller, personal data of the participants, such as their personal information (contact details), the short CVs that the participants submit in the Competition application form, and any other personal data which result from their participation in the Competition, such as in particular photographs and videos of the participants, after obtaining their consent. The personal data of the participants in the Competition are used by the Organiser and by any third parties acting on its behalf, solely for the purposes of conducting the Competition, promoting “Finquest by Alpha Bank” and highlighting its results (statement by the winners and publication of their details and of the award ceremony), such as, for example, via the “Finquest by Alpha Bank” website, the Organiser’s website or on social media, as well as in any other printer or digital media (including the Internet). The Bank shall disclose the participants’ data to third parties that are bound contractually by it and guarantee the same level of protection, confidentiality and business secrecy. In particular, to the advertising company, which will process the data as data processor, and to its sub-processors, such as the IT and web hosting company.
The Bank shall not share, transfer and in any other way process these personal data for purposes other than those mentioned in the present Terms and Conditions of Participation.
The participants shall have the right to exercise their rights under the General Data Protection Regulation such as the right to access the data processed by the Bank and the right to rectify any inaccuracy. If a participant exercises their right to object and erasure, this shall result in the exclusion from the Competition of the participant concerned.
The collection, storing and processing, if any, of the personal data of the participants in the Competition shall be subject to and governed by the Terms and Conditions of Participation as well as by the regulatory and legal frameworks in force on the protection of the individual with regard to the processing of personal data and the secrecy of communications.
The participants’ data shall be retained for a period of five years in case any dispute regarding the competition arises.
22. By submitting their application for participation in “Finquest by Alpha Bank”, the participants in the Competition:
- are bound by the present Terms and Conditions of Participation and undertake the obligation to adhere to and comply with them;
- accept and agree that the decision of the Judging Committee to be appointed by the Organiser shall be final and binding with regard to any prizes to be awarded;
- explicitly and unreservedly agree to the processing of their personal data, their summary CV details and the overview / description of the contents of the application which they shall present, in accordance with the applicable laws on the protection of personal data;
- undertake the obligation to protect the information which concerns the Organiser and which may be supplied to them as confidential (such as, for example, the APIs of the Bank) against unauthorised access and dissemination, and to use such information exclusively in the framework of “Finquest by Alpha Bank”;
- agree not to use or promote offensive, indecent, slanderous, defamatory, threatening, harassing or any other illegal content in their presentations and applications;
- agree not to install any virus, trojan horses, worms, time bombs, cancelbots or other computer programming routines or malicious software (malware) which may harm, interfere with and cause damage to, prevent the operation of or remove from the Organiser, any system, data or other information;
- agree that their participation in “Finquest by Alpha Bank” shall not violate any obligation of confidentiality or third-party rights, and that by participating in “Finquest by Alpha Bank” they are not in breach of any law, contract or regulation in general.
23. Unless a mandatory provision to the contrary is stipulated by law, the Organiser, any sponsors and supporters of “Finquest by Alpha Bank” and their executives, employees, associates and agents in general, shall bear no liability, the participants acknowledging and accepting, by submitting their applications for participation, such exclusion from liability for any damage, loss or any direct or indirect damage (including loss of profit) which may result in any way from or in connection with “Finquest by Alpha Bank”, such as for example in the cases listed below:
- if, due to any technical reason, receiving and logging an application for participation via the dedicated “Finquest by Alpha Bank” website is temporarily impossible;
- if any technical difficulties, technical faults and equipment, hardware or software malfunctions arise or if the network connections (whether or not these are under the Organiser’s control) become problematic or unavailable;
- in the event of loss, breakdown or damage of devices of the participants’ equipment;
- in the event of changes, if any, to the value of the prize, as such value is mentioned in the present Terms and Conditions of Participation;
- for any tax obligation (also in accordance with the provisions of clause 17 of the present Terms and Conditions for Participation) undertaken by a winner or by any participant;
- for any loss, damage, claim and lawsuits of any type in connection with the conduct of “Finquest by Alpha Bank”, with the applications developed or with the acceptance or use of any of the prizes.
24. The present Terms and Conditions of Participation are governed by the provisions of the Greek law. For any dispute which may arise in connection with the interpretation and/or application of the Terms and Conditions of Participation of “Finquest by Alpha Bank”, the Courts of Athens having subject matter jurisdiction shall be the competent Courts.