Axis bank is known for its innovation in the FinTech segment. They are one of the leading banking houses in India who are early adopters of technology and innovation. Axis bank has now launched a dedicated innovation lab called the “Thought Factory”. The “Thought Factory” is located in a strategic business location in Bangalore. Bangalore as we all know, has a high number of startup. Bangalore is the tech talent pool of the country and a startup innovation hub in Bangalore makes a lot of sense.
What is in it for Startups?
Axis bank, being one of the top private sector bank is a great brand name for startups to be associated with. Startups working with the Axis Thought Factory will have access to technology and investors. Startups working on solutions that enable banking sector will get guidance from the in-house innovation team. They will be part of an accelerator program to get them innovate solutions for the financial technology stream. Axis bank is working with NASSCOM 10k, tech partners, various VC partners, global banks and academia. Startups at Thought factory will get exposure to these partners via Axis bank.
Startups will be signed up with the Thought Factory program and can operate from there for 3 months. At the end of the 3 month program, the startups can showcase their ideas and concepts to investors. Axis Thought Factory will conduct investor day on a regular basis to facilitate investors short list startups. Axis bank is also one of the potential investor.
How to get on board?
Axis Thought Factory is a great platform for any startup working on functions like credits, deposits, wealth management, mobile payments, security, etc… Axis bank will conduct road shows to connect with startups across other innovation hubs in the country. Road shows will serve as a point of exposure for the startups and their ideas to connect with Axis Thought Factory. The shortlisted startups will go through structured mentor program for validating, fine tuning and scaling their business.
Commenting on the launch, 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.”
The ‘Hack for Hire” program by Axis Bank will help Axis Though Factory on board budding talent from the nation via Hackathons.
Axis Thought Factory will help private banking sector to connect and engage with financial technology (FinTech) segment across the country, which is not highly fragmented.