The banking sector has been one of the delayed segments to adapt to the latest technology. Nationalized banks are simply painful to get any of our banking things done at times. They are slow, many hurdles to cross and what not. But when it comes to the private banking sector, they are quickly adopting technology. Be it from having apps to payments done using mobile alone, it’s like carrying your bank in the pockets. But the Axis bank has upped the ante by opening Thought Factory, an innovation lab to drive FinTech innovation.
We are in a time where NFC-based payments are booming all around the world. Be it Android Pay or an Apple Pay to companies own Samsung Pay and LG Pay, payments are becoming insanely easier. We now have an NFC chip built into out debit and credit cards. Mobile recharging companies like PayTM, Freecharge and etc., have gotten a RBI nod to open up e-wallets. A lot of startups are getting into FinTech innovations. And there is Axis Bank, which wants to drive it via their Thought Factory innovation labs.
FinTech meets HealthTech
Yes, that seems little crazy. But Axis Bank and the Goqii Fitness Band have done groundbreaking innovation. Both the companies have come together and integrated finance technology with the health care fitness band. As a result, we now have a Goqii Fitness band that can allow us to make payments.
Here is how it works,
What is an Axis Bank Thought Factory?
Thought Factory is an innovation lab created by Axis Bank wherein startups can work towards building innovative banking related solutions. Axis Bank will be working closely with the startup community to attract some innovators to Thought Factory.
Axis Thought factory is an innovation lab facility which will nurture start-up community through an Accelerator Program.
How does Thought Factory Work?
The Thought Factory has been divided into three zones.
- Accelerator: In this program, Thought Factory will hand pick startup that is working on innovative products under banking sectors. These teams will have 90 days to implement an idea. They will be provided with mentors, development tools, workspace, funding and get to meet potential investors. At the end of 90 days time frame, the lab will organize an Investor Day to attract fundings for the startups.
- In-house incubator: Intrapreneurial teams which will work like start-ups
- Social Powered by AWS: Axis Bank has collaborated to work with Amazon to nurture the startups.
How to Join Thought Factory?
First of all, your startup should be registered Indian company. Should be exploiting the technologies like Artificial intelligence, Big data and analytics, IoT, Blockchain etc, Due to limited space in Bangalore facility, Thought Factory will be able to accommodate only 5-6 people per startup.
Where is Axis Bank’s Thought Factory Located and how to contact?
The Axis Bank’s Thought Factory Located at below mentioned address,
Tower C, 2nd Floor, Diamond District,
Old Airport Road, Domlur,
Bangalore – 560008