The partnership between banks and FinTech is increasing and this trend is expected to continue as FinTech companies are offering innovative products/services in the financial services sector with changing customer demand for frictionless technology. In addition to offering innovative services, banks have been pursuing partnership with FinTechs to leverage their technological knowledge and cost-effective solutions. These partnerships reflect a seismic shift in the way how the industry had initially perceived these collaborations. No more adversaries, FinTech companies are now relying on their banking counterparts to build better customer experiences in addition to a huge customer base and vast amounts of infrastructure and data. One of the successful bank-FinTech partnerships had been the two cycles of the Catalyst program by Societe Generale which saw startups working within their premises to co-create promising solutions. Now in its newest iteration, the Catalyst 2.0 promises to be a bigger launchpad for FinTechs to test their existing products/solutions with real business scenarios.
At SG GSC (Societe Generale Global Solution Centre), innovation is an integral part of the overall culture. Catalyst is Societe Generale’s accelerator program that was launched in 2016 with the intent to engage with the vibrant startup ecosystem in India and co-create solutions to real business needs and challenges. This comprehensive close to 10-weeks endeavor invites deserving startups/FinTechs to team up with SG, experiment and engineer creativity and redraw their operating landscape. Some of the key highlights from the previous cycles of Catalyst have been the interactions with a vast network of in-house Business Mentors, widening the reach of the promising product/solution across the group entities, the “Aha!” moments that one experiences in the 10-weeks of Catalyst bouncing ideas/discovering new approaches, the conversion from a Catalyst engagement to formal commercial engagements, etc.
This year promises to be bigger with simultaneous launches of Catalyst across two of SG locations – India and Romania. SG GSC Catalyst India Edition will partner with startups/FinTechs from their Indian ecosystem. Teams will get to work with SG mentors and access resources exclusive to SG GSC.
The themes and business challenges for Catalyst 2.0 are as follows:
Startup benefits from the program
With an enriched interaction, an accompanied remuneration and a working space within SG GSC premises, it’s an apt platform to test, iterate and scale your product or solution with a real scenario.
Based on the demo day outcome at the end of the 10-weeks, potential engagement avenues with Societe Generale could leapfrog your company in the right direction. Catalyst is open to all startups (emerging or mature) with one or more commercial product/solutions with active paying customers.
The last date for application is on May 18 and the program commences mid-June.
More information about the program can be found here.