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Axis Bank Launches ‘Thought Factory’ Innovation Lab for FinTech Startups

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Axis Bank Launches ‘Thought Factory’ Innovation Lab for FinTech Startups

AXIS BANK’S THOUGHT FACTORY

Axis Bank is India’s third largest private sector bank and now India’s first to announce a dedicated innovation lab called the ‘Thought Factory’ at Bengaluru the startup hub. The facility is aimed at accelerating the development of innovative technology solutions for the banking and finance sector. ‘Thought Factory’ will have an in-house Accelerator Program to collaborate closely with the high potential start-up ecosystem. This will constantly be innovating and introducing breakthrough solutions. In the endeavour to additionally establish itself into the Fin-Tech space, Axis bank is collaborating with Amazon Internet Service, the Indian branch of Amazon Web Services & The Open Vault at the Oversea-Chinese Banking Corporation.

Axis Bank Thought Factory

Under the accelerator program, Amazon will host sessions with AWS technical experts and alongside offer AWS credits. It will also conduct thought leadership talks, startups pitches & boot camps and other such workshops. According to the MD of Amazon, Bikram Bedi, Internet Services, this facility is quite similar to its pop-off lofts facility. In this digital era, ‘Thought Factory’ by the Axis Bank will closely engage with the start-up community that is redefining banking to fast-track the journey. Moreover, Axis Bank has also launched the Hack for Hire Program recognising the talent from across the country. This is done through the Hackathons bringing them as in-house full-time employees for the innovation team.

axis bank logo

ACCELERATOR PROGRAM BY AXIS BANK

Axis Bank is also experimenting with the emerging technologies such as artificial intelligence, blockchain, mobility, and cloud. This is made to carry out disruptions across the functions including Deposits, Credits, Mobile Payments, Wealth Management, Security and more. The Bank will also be reaching out to the start-up hubs throughout India with the help of roadshows. This will help in curating the best-fit startups for the program. Only the shortlisted ones will be taken through a structured mentorship program to help them validate, fine-tune and scale their business ideas for the masses. Axis Bank has also partnered with zone startups to run the 3-month accelerator program organising an Investor Day. This would facilitate the funding for shortlisted startups. It may also propose to invest in high potential startups before the Investor Day. They want to create a certain and vibrant ecosystem which transcends beyond India.

Axis Bank - ideas of innovators

STARTING BATCH FOR THE PROGRAM

The first batch of start-ups joining this program in September 2016 will focus on interesting uses for the Artificial Intelligence (AI), big data analytics & robotics. The bank is also working with NASSCOM 10K, various VC firms, tech partners, global banks and academia creating a successful ecosystem at a global scale.  Start-ups will surely benefit from having such a wide array of technical connoisseurs. The start-ups are already demanding for a slot in the program. Plus, Axis bank is said to have received 200+ applications to be a part of their accelerator. It is said to have been equipped with state-of-art technology and will hopefully create an innovative environment for assured success.

Axis Bank Office Space

The Bank is constructing a competitive platform for the Fin-Tech startups to determine real-time business challenges influencing the emerging technologies. They are offering the entire spectrum of services to the customer segments covering both Large & Mid – Corporates, SME’s, and Agricultural & Retail Businesses. This simply is all about making the lives of the customers while also making progress in the Fin-Tech industry.

axis bank delivering new products

Rajiv Anand, Executive Director (Retail Banking), Axis Bank said during the launch on 27th August 2016,

“We are excited about the way financial industry is evolving and how millennial we are reimagining the industry. Thought Factory, our innovation lab is an endeavour to build on the ideas of innovators. These may radically change the consumers’ life in banking and beyond. With this initiative, we are creating a vibrant ecosystem of Global Banks, startups and tech innovators.”

Axis Bank’s official website (www.axisbank.com) offers more comprehensive details about the products and services.

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