Now Axis Bank Plans a Startup Accelerator

Axis Bank is about to launch its innovation center called Thought Factory in Bangalore. The bank has chosen Zone Startups India, a Mumbai-based technology startup accelerator, to host an accelerator program for them. The focus is on startups developing technological solutions for bank’s internal operations.

The Banking Industry needs it because….

Axis Bank’s CIO, Amit Sethi, believes that there has been a significant shift in technology and customer expectations in the last couple of years. One needs to keep up with the emerging technologies like IoT, AI, cloud services and Blockchain, and continuously evolve. That is the only way to retain customers and to ensure smooth operations. After all, a combination of smart technology and smart banking will lead to a happy customer base.

The bank-backed accelerator program will last three months which will aim at fast-tracking the innovative technology needed by the banking sector. Axis Bank and Zone Startup are also planning a road show in different cities to enlighten people about the growing importance of accelerator programs.

Zone Startup’s Earlier Ventures

Just last month, Zone Startups had collaborated with British banking giant Barclays to organize Rise Accelerator for them in India. Apart from their tie-ups with banks, Zone Startups is also supporting women entrepreneurs in giving wings to their ideas through a program called eMpower. Women entrepreneurs, in a lot of ways, have been bringing in revolutionary ideas to the table. eMpower has chosen fifteen such women entrepreneurs whose ideas range from online religious service to Braille-ed startups.

Takeaways:-

• Zone Startups India to launch accelerator to launch accelerator program for Axis Bank.
• Startups in the fields of IoT, AI, cloud services and Blockchain will be chosen to develop technology for banking services.
• The accelerator facility is being setup in Bangalore.