Axis Bank Thought Factory Launch

WHAT THEHEEBEE SAYS :

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#AxisThoughtFactory

Axis bank is India’s third largest private sector bank. On 27-Aug-2016, Saturday, it became India’s first Bank to launch an innovation lab named “Thought Factory” at Bengaluru. It was a privilege to be part of this launch through a personalized invite by Mr Rajiv Anand, Executive Director, Axis Bank and Mr. Amit Sethi, CIO, Axis Bank.

ABOUT THOUGHT FACTORY :

“Thought Factory” is an innovation lab located in the country’s IT Hub and Start-up Hub – Bengaluru. Axis Bank has Partnered with Amazon Internet Services, an Indian affiliate of the Seattle-headquartered Amazon Web Services, payment products company Visa and Singapore-based Oversea-Chinese Banking Corporation (OCBC) bank to establish a startup accelerator called “Thought Factory” It is aimed at development of innovative technology solutions in the FinTec space.

Thought Factory will work closely with innovative start-ups by providing them the needed guidance, support, infrastructure, exposure and access to a wide variety of data needed for their R&D.

Thought Factory has designed different zones like “Accelerator/Incubator” – provide support to the innovating ideas by start-ups; “Innovation Lab” – develop and build products with many companies and majorly into next-gen led business solutions; “Startup Hub” – Invite fresh shart-ups to co-work with guidance and help from Axis bank’s SMEs.

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 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.”

The Bank has partnered with Zone Startups to run the Accelerator program. 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. The Bank is also working with NASSCOM 10k, tech partners, various VC partners, global banks and academia for creating a vibrant ecosystem which transcends beyond India.

The first three startups identified to kick-off the seeding of Thought Factory are : Jocata, Juspay and Vymo.

THE FLOW OF EVENT :

The event started by an introduction to #AxisThoughtFactory by Mr. Rajiv Anand and Mr. Amit Sethi. This was a very informative and interactive session. It helped lay the base of the concept. Audience asked many relevant questions to which the hosts helped with informative inputs.

Next was the actual launch of Thought Factory by Mr Rajiv Anand, followed by an informative presentation by him on the concept, Axis Bank’s progress and insights into the future of Banking and FinTech.

Then there was the big announcement – Launch of Axis Bank wearable which has been developed through a tie up between Axis Bank and GOQii. Apart from various smart payment and banking functionalities, Axis bank is also going to pay you for keeping a good health.

Tenith Adithyaa was the keynote speaker who blew up the stage. He is India’s youngest innovator and attempted Guniess Record at a very young age. He already has 17 inventions under his name and has bagged many recognition globally.

Then it was followed by a very interactive panel discussion on “Role of Innovation and FinTech in Banking“. A lot was discussed around emerging trends in Indian FinTech and its future.

This was followed by a quick introduction by representatives of all the three startups – Jocata, Juspay and Vymo. This helped in establishing the faith in this whole concept. It worked like an evidence on the top of the table and an encouragement to thousands of innovative minds.

At the end we had some demos and the event closed with a delicious lunch.

INFORMATIVE VIDEO BY MR. RAJIV ANAND ABOUT THOUGHT FACTORY :

GLIMPSE OF THE EVENT IN PICS :

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