Financial technology startups – often called FinTech(s) – have been at the forefront of financial innovation, prompting the traditional banking sector to recognize these new innovative technologies and agile business models. We have been covering the exhaustive details of how the banking industry is taking notice of the new innovations in the financial services industry and how it is actively pursuing collaboration to increase security, convenience and the rapid adoption of new technology. The innovation brought in by these FinTech firms is being used in niche markets and solves the unmet needs of a customer but it lacks the ability to scale. For this reason, banks are now opening up their operations to collaborate with FinTech startups to reach a far greater network with much more efficiency. In this space for bank-FinTech collaboration, there is a need of a catalyst which not only preserves the FinTech’s agility and innovation but also unites it to a bank’s reach and assets. One such opportunity which gives an immense fillip to bank-FinTech partnerships and can serve as a catalyst is the Finacle FinTech Connect.
Finacle FinTech Connect Infosys Finacle, the universal banking solution suite from EdgeVerve, is the choice of banks across 94 countries and serves over 848 million consumers, which is estimated to be nearly 16.5% of the world’s adult banked population. Finacle FinTech Connect is a program designed to take a FinTech innovation to the vast Finacle ecosystem. FinTech startups are invited to be a part of this process to showcase their innovations at Bangalore and Mumbai. If selected by the judging panel, the startups will get an opportunity to:
- Co-innovate and integrate the product offering with Finacle solutions - Present the solution at the global client conference, Infosys Confluence, in San Francisco in May 2017 - Leverage joint go-to-market with Finacle
Additionally, as the judging panel consists of leading banks, the winning FinTechs also stand a chance to win a commercial opportunity with the evaluating banks.
How to Apply? Finacle FinTech Connect is inviting applications from the following seven areas:
- Big data analytics
- Applied artificial intelligence
- Digital sales and marketing
- New digital engagement channels
- Solutions which enable bank-led financial networks
- Retail payments
All entries should have a working demo and at least one live banking client. LTP, along with its MEDICI platform, is a partner for this program and is acting as a bridge between EdgeVerve and FinTech companies. The winners will also be given coverage in LTP.
You can APPLY for the program here. If selected, based on your submitted collaterals, you will be invited to attend the first round of evaluation and briefing. The first round will be conducted at Infosys’ Bangalore campus. The shortlisted FinTechs will have an opportunity to present at the final evaluation in Mumbai in mid-April.
For any queries, you can reach out to firstname.lastname@example.org.