Axis Bank, a private sector bank in India, announced Wednesday the launch of ‘Thought Factory,’ an innovation lab facility aimed at accelerating the development of technology solutions for the banking sector.
The innovation hub, located in Bengaluru, has an in-house team and an accelerator programme. It will work closely with the startup community that is developing solutions for digital banking segment.
The bank is experimenting with emerging technologies such as blockchain, artificial intelligence, mobility, and cloud to bring about disruptions across functions including Credits, Deposits, Wealth Management, Mobile Payments, and Security.
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With the Accelerator, a dedicated 3 month programme, Axis Bank will engage with the start-up community to fast-track the innovation journey. The bank will launch an application for the first cohort of the “Axis Accelerator”.
The bank will also be reaching out to startup hubs across India through roadshows for curating the best fit startups for the programme. The short-listed startups will be taken through a structured mentorship programme for fine-tuning, validating, and scaling their business.
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“Thought Factory’, our innovation lab, is an endeavor to build on the ideas of innovators that can radically change consumers’ life in banking and beyond,” said Rajiv Anand, executive director (Retail Banking), Axis Bank.
The Bank has partnered with Zone Startups to run the Accelerator programme. At the end of the 3-month programme, the Bank along with Zone startups would organize an Investor Day to facilitate funding for the short-listed startups. Axis Bank may also offer to invest in high potential startups before the Investor Day.
Additionally, Axis Bank has also launched ‘Hack for Hire’ programme for identifying talent from across the country through Hackathons for the in-house innovation team at Thought Factory.
The bank is creating a competitive platform for FinTech professionals to resolve real-business challenges leveraging emerging technologies.
Photo courtesy: Axis Bank