Axis Bank to commercially deploy three solutions from Thought factory accelerator.

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Posted On : 22nd, July 2017


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Axis Bank to commercially deploy three solutions from Thought factory accelerator.

22nd, July 2017    -    News

 Axis Bank, Indian private sector bank selected three fintech startups from the frist batch of its acceleration program ‘Thought Factory’ whose solution will be commercially deployed at its business.


Six startups, namely S2Pay, Pally, Perpule, FintechLabs, Paymatrix and Gieom graduated from the first batch. Axis Bank will collaborate with Pally, FintechLabs and Gieom for their tech solutions. 


Pally is an artificial intelligence stack-based chatbot for investment advisory, FintechLabs offers lending management solutions, and Gieom provides a cloud-based tech for operations management.


The details of Six start-ups which is graduated from Thought Factory:

 Pally: Using AI, Pally enables businesses in the financial domain to deliver better customer experiences. It has created a chatbot that creates an investment portfolio for tax savings when it is fed an image of a salary slip.”


S2Pay: The startup fundamentally enables offline mobile payments. S2Pay’s solution forms a layer over any payments app and users can make secure payments from their mobile app, even when they are offline.


Perpule: A Kalaari Capital-funded startup, Perpule allows users to scan products from their mobile app and pay from within the app once the list is complete. 


FintechLabs: This is a lending management platform that offers different analytical models that can be used in the digital spending space. It offers a bunch of solutions including loan management software, peer-to-peer lending marketplace software, bank statement analyser, and ID proof verification software.


Paymatrix: This startup is a property rent management platform connecting tenants and landlords. It automates the rent collection process through different payment options, offers customised rental agreements and provides tenant screening services.


Gieom: This firm offers cloud-based solutions and analytics to help large firms manage their operations, employee productivity, change management, and risk and compliance.


The Thought Factory also runs an in-house incubator where it is working with three other startups to build innovative products. The bank is building a chatbot with Active AI to provide speedy redressal of customer queries via chat, an AI-based smart video-surveillance product with Uncanny Vision; and an innovation management platform with Worxogo that uses persuasive technology for aligning work behaviours with work processes.

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