Axis Bank, third largest private sector bank and First bank
in India to introduce a dedicated innovation lab Thought Factory at Bangalore
aiming start-up’s to boost the development of innovative technology
solutions to solve real-business challenges in Banking Sector and beyond.
The Innovation Lab Thought Factory located at Bangalore - Silicon Valley of India, has an in-house innovation team with an accelerator 3 month programme for startups where they can experiment with emerging technologies such as blockchain, artificial intelligence, mobility, and cloud to
come up with an innovative solution.
Rajiv Anand, Executive Director (Retail Banking) at Axis Bank, explain about
the Thought Factory and invited startups and entrepreneurs to come and join, describes
"How Thought Factory will help new innovators to convert their ideas into
reality for changing consumer’s life in banking and other sectors". He said "The first batch of startups, is about to begin in September, will build
interesting use cases for AI, Blockchain, Big Data Analytics, robotics which
can take Consumer Banking experience to the next level".
Axis bank has partnered with Zone Startups to run the Accelerator program, Oversea-Chinese Banking Corporation (OCBC) and Amazon Internet Services PVT LTD (AISPL) to provide three month mentor-ship programme through its Thought Factory, Where Experts will guide FinTech start-ups through the various stages of ideation to get answer for their questions regarding technology. Also it has partnered with global cards and payment company Visa to help start-ups to introduce innovative payments methods in banking sector. At the end of 3 month program, the Bank along with Zone startups would organize an Investor meetup to avail funding for the short-listed startups.
Axis Bank has also launched ‘Hack for Hire’ programme for identifying talent across the country through Hackathons for its in-house innovation team at Thought Factory, said Rajiv Anand.