Indian startups in the financial technology space, here's a new that will put a smile on your face. India's third largest private sector lender in term of assets, Axis Bank, recently unveiled to the world that it has started an innovation lab facility, named Thought Factory, in the city of Bengaluru. Apparently, what drove Axis Bank to start such as facility was the great potential it oversaw in accelerating the development pace of new technology solutions in the banking sector.

The Axis Bank innovation lab would be a first stated by a bank in India. According to the company, the lab has a very experienced in-house innovation team and a very interesting accelerator program so as to closely work with various promising startups in the financial technology sector.

According to information available with us, currently, the bank is closely working with 6-7 startups in the city of dreams, Mumbai and the maximum limit they can go up to at this moment is 10. Company insiders reveal that the bank is making use of the services of a company in the ad tech space to come up with better advertisements for mobile, payments space and optimising the sales outlook.

The Thought Factory innovation lab will be working towards experimenting with various promising emerging technologies such as cloud, artificial intelligence, mobility and block-chain etc. in order to bring around substantial disruptions across various financial functions such as wealth management, credits, mobile payments, security and deposits.

The said accelerator will be incubating startups for a total duration of three months. The first batch of the programme is already live in Mumbai. The second batch of the accelerator programme, in all probability, will begin this month and will be based out of Bengaluru. Apparently, the bank has rented out a huge 10,000 sq ft space for the lab.

Zone startups is the official partner of Axis Bank for the accelerator programme. At the end of the programme, an investor day would be organised were the selected startups will be facilitated with fundings.

Further, Axis Bank also has an option of investing in the startups that it incubates and it is therefore currently in the midst of creating a separate fund for startups. According to company officials, its main aim for now is to build disruptive business models and remove operational inefficiency.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.