Axis Bank, third largest private sector bank in the country, on Wednesday announced the launch of ‘Thought Factory’, an innovation lab facility aimed at development of innovative technology solutions in the FinTech space.
The innovation hub, located in Bengaluru, has an in-house innovation team and an accelerator programme. The Innovation Lab will work closely with the startup community that are redefining banking in the digital era. With this launch, Axis Bank becomes the first Indian bank to introduce a dedicated innovation lab in the country. Axis Bank will engage with the startup community via a dedicated three-month programme to fast-track the innovation journey. Axis Bank ED (Retail Banking) Rajiv Anand said the company is excited about the way financial industry is evolving and how millennials are reimagining the industry.
“Thought Factory is an endeavour 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 and tech innovators,” he said.