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Fintech Cos bank on accelerators, Technology News, ETtech


Fintech Cos bank on acceleratorsNine startups are in the process of graduating from the third edition of fintech accelerator Catalyst 2.0 organised by Societe Generale Global Solution Centre (SG GSC), a subsidiary of European financial services group Societe Generale. The accelerator programme was launched last year to provide a co-creation platform for startups.

These startups have developed minimum viable products in the fields of augmented reality , virtual reality , mixed reality , machine learning, ewallet, among others, which focusses on the needs of investment banking, international banking and retail customers of the financial services group across the globe.

“We have discovered opportunities to introduce new experiences and business models for our customers in our car-leasing and international banking areas,” Ratnaprabha Manickavachagam, head of innovations, SG GSC, told ET. “The financial services business needs to protect its client data and interact efficiently with regulators, where we have found good use-cases to apply deep technology.” Catalyst 2.0 aids startups on areas of deep technology that can disrupt, simplify and automate complex banking processes and help financial institutions engage better with target clients.

Earlier this year, ET had reported that global investment bank Nomura had launched its accelerator programme to focus on areas like artificial intelligence, machine learning, anomaly detection, pattern recognition, among others to develop solutions for capital markets and investment banking.

While there are fintech accelerators launched by corporates like Yes Bank and Axis Bank to adopt technology solutions in the areas of lending, tax-planning, among others, global financial companies like Societe Generale and Nomura are looking to incorporate deep technology for financial solutions.

Yes Bank intends to reach first-time borrowers who need short-duration loans through startups such as peerto-peer lending startup AnyTimeLoan and student microlending startup RedCarpet; and bring down labour costs connected with relationship managers by employing Rupeeseed’s chatbot technology in its broking and securities business.

Similarly , Axis Bank plans to incorporate solutions around lending, operational efficiency and tax-planning developed by startups FintechLabs, Gieom and Pally, which were part of its first cohort.



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