Axis Bank set to use solutions from its accelerator project

BENGALURU: Axis Bank is set to incorporate solutions around lending, operational efficiency and tax-planning, which are developed by startups from the first cohort of its accelerator programme.

The bank, which ran its first accelerator programme with six startups, has selected three - Pally, FintechLabs and Gieom -to use their solutions for its specific-use cases.

The other three startups that were part of the bank's first accelerator programme were offline mobile payments companies S2Pay, Kalaari-backed shopping checkout app Perpule, and Paymatrix, which enables credit in the ren tal space.

"We identified three proofs of concept of solutions that will help improve our processes and offer new products to our customers," said Rajiv Anand, executive director at Axis Bank. "While the startups are free to partner with others, the solutions developed with Axis Bank will be exclusive."

Pally offers a chatbot solution that helps customers create an investment portfolio and maximise tax saving. FintechLabs uses analytics in the digital lending space to scan documents to make decisions, while Gieom uses artificial intelligence to improve operational efficiency.

Apart from providing physical space at its Bengaluru innovation lab `Thought Factory', which was launched last year, the bank has also provided access to data, angel investors and mentorship from the bank's internal team on domain knowledge as well as from industry experts such as GoQii founder Vishal Gondal, Sharad Sharma of iSpirt, Manish Chokhani of Enam and serial entrepreneur Shankar Narayan.

Axis Bank