Innovation Camp Rewards ‘RAIf for Future’ Team

On the evening of Wednesday 3 May 2023, Jonk Entrepreneuren Luxembourg (JEL) held its 26^th edition of the Innovation Camp competition and award ceremony crowning the winning team “RAIf for Future” at the Banque Raiffeisen headquarters in Leudelange.

55 students from different schools were split into eleven mixed groups of four to six. They had the entire day to prepare and subsequently present their project ideas in four-minute pitches, related to the topic “Raiffeisen for the future” with a particular focus on banking and business. They also had to take into account digitalisation, new technologies (financial and beyond), competition and neo-banks (online-only banking platforms lacking branches).

Stéphanie Damgé, Director of Jonk Entrepreneuren Luxembourg, gave an introduction speech explaining the advantage of bringing together different specialisations forming varied teams. The aim, she explained, was to produce innovative ideas. Their pitches would be judged on creativity, how workable their solutions were and the quality of their presentations. She praised the enthusiasm and energy present among the students, even since the early morning. She acknowledged the intense pace of the day, but noted that it was an opportunity for the students to work on a challenge that would introduce them to future projects and perhaps inspire them to pick a career path.

Laurent Derkum, Director of Human Resources and Communications at Banque Raiffeisen, added that it is an important endeavour to engage students in entrepreneurial issues. He highlighted that in today’s world, permanent change is the new normal and stressed the need to adapt and develop new ideas and to think outside the box.

Then followed the eleven pitches, during which the students presented insightful ideas, potential developments concerning Banque Raiffeisen’s services, but also novel concepts for Luxembourg or even Europe or the world at large.

The eleven teams each presented their project to the general public and tried to convince the jury, which was composed of Laurent Derkum, as well as Georges Heinrich, member of the executive board of Banque Raiffeisen Luxembourg, Laurent Zahles, member of the management committee of Banque Raiffeisen Luxembourg, Romain Poulles, President of the strategic advisory council on sustainable development of the Luxembourg Government (Conseil supérieur pour un développement durable - CSDD), and Simone Polfer, adviser to the Luxembourg Minister of Economy.

Most projects focused on the creation of more efficient, faster banking functions using AI technology especially for customer service (such as chatbots). Some proposed a focus on the improvement of clients’ experience, such as more inclusive services (for very young and elderly people) and the facilitated management of one’s finances (saving and investing). Offering more options for digital payments was another popular idea. There were also several reward systems discussed, such as partnerships with shops and fidelity point systems giving access to more benefits.

After much deliberation, the jury chose the following top three teams:

- First prize was awarded to the “RAIf for Future” team, whose project included a sustainable and environment-related main element, such as awarding ecopoints and creating partnerships with organic brands and shops, digitalisation (the AI is in the name, for time efficiency, extra information) and an increase of website working team, to ensure proximity to the clients. They also proposed an app for mobile investing and online payment. The team was composed of Sam Elsey (Lycée Aline Mayrisch), Marie Necsa (Lycée Aline Mayrisch), Dionysios Psychogyios (École internationale Differdange et Esch-sur-Alzette), Maximilien Becker (Lënster Lycée International School) and Martin Scaillet (Lycée Robert-Schuman).

- Second prize went to the “Easy Bankers” team, composed of Annelynn Moutinho (Ecole de Commerce et de Gestion), Deimante Jakubauskaite (European School of Luxembourg I), Eugen Stepan (Lënster Lycée International School) and Louis Wagner (Lycée Aline Mayrisch). They were singled out for the mentorship element introduced (including a "budget manager" in the banking app) and its focus on individualised financial education (the importance of investing and not just saving).

-Third prize was awarded to the "R-Homes" team, for its creative idea and concept and for having identified a need, namely affordable housing for rent for students and young professionals for up to five years after finishing their studies). The team was made up of Noah Gounou Temo (Lënster Lycée International School), Sara Nilles (Lycée Robert-Schuman), Elisa Nepper (Lycée Aline Mayrisch) and Joel Correia (Lycée Technique d'Ettelbruck).

The jury also awarded a “coup de coeur” mention to the “Raiffinclusive” team, for their idea of an inclusive app, composed of Yna Ratemo (Athénée de Luxembourg), Ruby Little (Athénée de Luxembourg), Clara Kauffmann (Lycée Aline Mayrisch), Mihai Cebotari (Lënster Lycée International School) and Daniel Coelho Cilio (Lycée Technique d'Ettelbruck).