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Societe Generale, one of the leading European financial services firms, is seeking the help of Indian start-ups to accelerate its digitisation efforts.
Talking to BusinessLine , Rathnaprabha Manickavachagam, Director, Innovation & Digital Transformation, Societe Generale Global Solutions Centre, said 20 start-ups have participated in the company’s “Catalyst” accelerator programme. “Every start-up was made to identify a problem area within the bank’s process and come up with a solution,” she added.
The accelerator programme included start-ups working in areas such as artificial intelligence (AI), machine learning (ML) BOTS, augmented reality (AR), virtual reality (VR), compliance and automation. This initiative spans 16 countries. Once a solution is developed, the start-up can test it across Societe Generale.
Later, it has the option of entering into a contract with the financial services company. Any intellectual property (IP) developed in the process will remain with the start-up, stated Manickavachagam.
Expanding ties
Further, the partnership could lead to funding, investment in capital or acquisitions. This is in line with Societe Generale Group’s commitment to stay ahead of the fast-changing customer demands and focus on innovation by experimenting with disruptive technologies.
The initiative in India has already made a difference for many start-ups. For instance, Stride.ai, a start-up in the AI segment, has signed up Society Generale as a client. “With this, we see our business growing and expect more financial services companies to be our clients,” said Vijay Nadadur, Co-Founder and CEO of Stride.ai.
Srinivas, CEO of Assertion, another start-up operating in the compliance segment, said the accelerator programme helped the company explore new dimensions in compliance-related automation.
Industry watchers stated that compliance is a sensitive area and financial institutions providing access to real information are rare.
Agrees Ankit Bhardwaj, CEO, Senseprise. “Working with the business in real time and getting to understand the business processes is a huge learning experience for us,” he said.
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