Axis Bank Launches Innovation Labs to collaborate with Startups

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Axis Bank, the third largest private sector bank in India, which offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses, announced on June 29 the launch of ‘Thought Factory’, an innovation lab facility that aims at accelerating the development of innovative technology solutions for the banking sector. The innovation hub located in Bengaluru, has an in-house innovation team, which will host a three-month accelerator programm where companies will be mentored. The Innovation Lab will work closely with the startup community that is redefining banking in the digital era. Axis Bank becomes the first Indian bank to introduce a dedicated innovation lab in the country.


  



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Launches ‘Hack for Hire’ program for spotting talent from across the country through Hackathons and bringing them on board as full-time employees at Thought Factory.The first accelerator programme has already started in Mumbai, while the second one is expected to start in July in a 10,000 sq ft. rented space in Bengaluru.


Rajiv Anand, Executive Director (Retail Banking), Axis Bank said, “We are excited about the way financial industry is evolving and how millennials are re imagining 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.”



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.



The Bank has partnered with Zone Startups to run the accelerator program. At the end of the 3-month program, the bank along with zone start-ups would recognize an investor Day to facilitate funding for the short listed start-ups. Axis Bank may also offer to invest in high potential start-ups before the Investor Day. The bank is also working with NASSCOM 10K, tech partners, various VC Partners, Global banks and academia for creating a vibrant ecosystem which transcends beyond India


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