Axis Bank, India’s third largest private sector bank today announced the launch of ‘Thought Factory‘, an innovation lab facility aimed at accelerating and nurturing the startup community in the banking sector. In the process, the bank gets to be the first bank in India to setup a dedicated innovation hub.
The facility launched in the startup capital of India, Bengaluru will house an in-house innovation team and an accelerator programme and will work closely with the startups and give them the required backup and resources. 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 etc.
The ThoughtFactory would typically push three aspects to help the startups flourish – in-house incubator, accelerator program and social engagements with industry leaders for productive engagement to culminate the idea into workable solutions. The accelerator program would be a three-months initiative to collaborate closely with the high potential startups to see through the ideation and take it forward to get it funded and product realization. The Bank is also working with NASSCOM 10k, tech partners, various VC partners, global banks, and academia to develop a vibrant ecosystem.
“We hope the startups will come up with technology-led solutions for payments and customer experience as well as risk management in microfinance space. We also hope that they will be using augmented reality, artificial technology and blockchain technology and create something disruptive,” said Rajiv Anand, executive director of Axis Bank.
To help the startups come up with better solutions and deal with real-life scenarios and roadblocks, Axis bank has tied up with Amazon and global cards and payment company Visa, OCBC Singapore to give their insights regarding cloud technology and payments process.
Three startups – Jacota, JusPay and Vymo who are engaging with Axis bank shared the glimpse of their products in the opening day of the ThoughtFactory which was attended by various Industry leaders and media. The panel discussion on the role of innovation in Fintech gave a lot of insights into the industry in the current scenario and road ahead in the Fintech space in India.
At the ThoughtFactory inauguration, Axis bank also unveiled an unique one-of-a-kind product, AxisActive fitness band they have co-developed with GOQII. The fitness band could be availed by the bank customers and one can make NFC payment via the band. The company has already made over 1 lakh point of sales devices across the country that would work with the band. In addition, the bank also offers a reward program based on the fitness points. The AxisActive fitness band blends Fintech with Healthtech in a very innovative way.
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