Axis Bank sets up innovation lab & accelerator in Bangalore

BANGALORE, INDIA: Axis Bank is coming up with an innovation lab facility in Bangalore, 'Thought Factory' - aimed at accelerating the development of innovative technology solutions for the banking sector.

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 innovation lab will have an in-house innovation team and a dedicated accelerator program to work closely with the startup community that are redefining banking in the digital era.

Axis bank is launching the Accelerator with Zone Startups. The bank will reach out to startup hubs across India to find the best fit startups for the 3-month program. The short-listed startups will be taken through a structured mentorship program for fine-tuning, validating and scaling their business.

At the end of 3 month program, the Bank along with Zone startups would organize an Investor Day to facilitate funding for the short-listed startups. Axis Bank may also offer to invest in high potential startups before the Investor Day.

Additionally, Axis Bank has also launched ‘Hack for Hire’ programme for identifying talent from across the country through Hackathons for the in-house innovation team at Thought Factory.

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.”