Private sector bank, Axis Bank, has launched ‘Thought Factory‘ an innovation lab facility to accelerate innovative technology solutions for the banking sector.
The innovation hub located in an area of 10,000 sq ft in Bangalore, has an in-house innovation team and a three-month accelerator program. Thought Factory will work closely with the startups that are redefining banking in the digital era.
Rajiv Anand, Executive Director (Retail Banking), Axis Bank said, “We are excited about the way financial industry is evolving and how millennials are reimagining the industry. ’Thought Factory’, our innovation lab is an endeavour to build on the ideas of innovators that can radically change consumers’ life in banking and beyond. With this initiative, we are creating a vibrant ecosystem of Global Banks, startups & tech innovators.”
Currently, 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.
Axis will shortly launch an application process for the first cohort of the ‘Axis Accelerator’. Along with that, Axis is also planning to reach out to startup hubs across India through roadshows for selecting the startups for the program. The short-listed startups will be taken through a structured mentorship program for fine-tuning, validating and scaling their business.
Axis has partnered with Zone Startups to run the accelerator program. At the end of 3 month program, an Investor Day will be organised to facilitate funding for the short-listed startups. Axis Bank may also offer to invest in high potential startups before the Investor Day. It is also working with NASSCOM 10K, tech partners, various VC partners, global banks, and academia.
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. Another first in the industry, the bank is creating a competitive platform for FinTech professionals to resolve real business challenges leveraging emerging technologies.
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