Axis bank has launched Thought factory, an innovation-oriented lab facility in Bengaluru to accelerate the development of unique innovative technology and solutions for the finance and banking sector. With an aim to work closely with the startup community, the lab will house an innovation team and will also have an accelerator program. The program aims to identify promising startups in the FinTech segment and work closely with them to solve problems in the banking industry.
With this approach, the Bank aims to harness upcoming technology trends and put to use technology like blockchain, artificial intelligence, mobility and cloud to innovate and disrupt all of their operational segments. The accelerator will be a 3-month program within which Axis Bank will work closely with startups they have identified. They will also organise events across the country to recognise startups that are suitable for the program.
Commenting on the launch, 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 endeavor 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.”
Axis bank and Zone startups will be working together to make the accelerator program effective. At the end of the 3 month period, they will be organising an investor day, at which the startups will get a chance to meet and interact with important investors as well as pitch to Axis Bank for its own funding. Axis bank is working closely with several tech firms, VC partners, and academia to create an encouraging environment for startup growth.
Also, as part of their innovation encouragement strategy, Axis Bank has launched “Hack for Hire” programme, which is a Hackathon to be conducted across the country to identify talent for the innovation team at Thought Factory.