State Bank of India (SBI), which is India’s largest commercial bank and IIT Kharagpur, one of India’s premier technology institute have joined hands in a collaboration to develop a customised portal to launch ‘Intellectual Property Development as a service’ (IPDaas) for Intellectual Property Rights generation.
The project was launched earlier this week at IIT-Kharagpur by Mr. Mrutyunjay Mahapatra, Deputy Managing Director and CIO of SBI. The launch event also saw Mahapatra doing a symbolic submission of a patentable project in the preliminary version of IPDaas.
Both SBI and IIT Kharagpur have already signed a Memorandum of Understanding (MoU) for more such collaborations in the FinTech sector. Four departments from IIT Kharagpur are currently actively involved in this collaboration.
SBI has for long been a front runner in creating new, innovative in-house solutions in IT and banking domain. It has done the same again by launching IPDaas, which will be facilitating streamlining of patent applications for solutions developed internally and then make them available for external usage through licensing. Since SBI is developing solutions based on the challenges it faces on a day-to-day basis, experts predict that they would prove to be beneficial for a lot of other financial institutions, too.
According to Partha Pratim Chakrabarti, Director, IIT Kharagpur, SBI’s move towards holistic IP creation would prove to be a trend-setting move among its peers. It will also help in tapping the huge technical expertise of banking professionals in the organization. Not only this, it would also lead to creation of an ecosystem for organizations in India especially in the financial domain to promote their technical expertise.
Chakrabarti also added that since India’s economy is currently at an exponentially growing stage, such solutions play a crucial role in deciding the efficiency and quality of financial services which would be provided to the Indian customers and other similar regions.
IIT-Kharagpur, which is the largest IIT in the country, will be working with SBI Collaborative Innovation Centre (CIC) team. Going ahead, the institute, which has a unique distinction of having an IPR law school in the campus, will be assisting in review and associated activities for a full-fledged offer of Intellectual Property as a service.
Mrutyunjay Mahapatra has been visiting several labs meticulously working on research related to security solutions for mobile banking, hardware such as POS machine, ATM, intelligent asset tracking, IoT etc.
There have also been discussions around commercialization of IIT-Kharagpur developed products through SBI.
According to Mahapatra, the collaboration can be seen as a beginning of a long-term association between SBI and IIT-Kharagpur. In fact, the IIT has already put forth several innovative solutions for challenges currently being faced by banks in management of human resources, IT, security, user application etc. While some of these solutions are already existing and need to be customised according to SBI’s requirements, there are some problem situations which the SBI will be sharing with the IIT based on which it will be developing appropriate solutions.