India-based Axis Bank has unveiled an innovation lab in Bengaluru, the capital city of Indian state of Karnataka.

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The facility, known as Thought Factory, will enable the bank to partner with financial technology start-ups and speed up the development of innovative technology solutions for the banking sector.

The innovation hub with an in-house innovation team will organise a three-month accelerator programme where companies will gain insight on digital era. Soon, the bank will roll out an application for the first cohort of the ‘Axis Accelerator’.

The bank has partnered with Zone Startups, Nasscom, venture capitalist and some global banks, which will primarily focus on lending, digital, payments and artificial intelligence space.

Axis Bank executive director of retail banking Rajiv Anand said: “We are excited about the way financial industry is evolving and how millennials are reimagining the industry.

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“Thought Factory’, our innovation lab is an endeavor to build on the ideas of innovators that can radically change consumers’ life in Banking and beyond. With this initiative, we are creating a vibrant ecosystem of Global Banks, startups & tech innovators.”

The bank said that it is testing emerging technologies such as blockchain, artificial intelligence, mobility, and cloud to bring about disruptions across credits, deposits, wealth management, mobile payments, and security.

Axis Bank has also introduced ‘Hack for Hire’ programme for identifying talent from across the country through Hackathons for the in-house innovation team at Thought Factory.