Hyderabad: T-Hub, a global startup catalyst that powers entrepreneurship and deal flow, and HSBC, one of the world’s largest banking and financial services organizations, announce the selection of five startups in the first wave of the Accelerator 2030 programme.
Launched in April 2018, the programme provides support and mentoring for five startups for 10-weeks to help them develop innovative products and solutions that will drive world-class banking operations of the future. The cohort of startups had a unique opportunity to work with leaders from HSBC Operations and within the bank’s digital infrastructure to create a Proof of Concept (PoC) for their solutions.
The startups were asked to use Artificial Intelligence (AI) and Machine Learning in developing the PoCs which were presented to a judging panel of leaders from HSBC Operations and a T-Hub team of finance, marketing, and emerging technology experts.
Speaking on the occasion, Jay Krishnan, CEO, T-Hub said, “We are seeing continued growth in the Indian startup ecosystem, and we are delighted that this partnership with HSBC gives startups an opportunity to address real business challenges. We will continue to catalyze the growth of the startup ecosystem by bringing startups and corporates together through our open innovation accelerator platform. The startups have proved to be exceptionally talented, developing cutting-edge technologies that will play a role in help HSBC source innovative interventions within their banking value chain. It has been quite exciting to for us to play a pivotal role in supporting HSBC and in helping these startups scale.”
Tom Acton, Global Head of Strategy and Innovation, HSBC Operations commented: “The quality of ideas we saw from the startups was very impressive, making it a difficult task to shortlist these five solutions. We are excited about the possibilities of working with these startups to help improve our customer journeys, and look forward to continuing our collaboration with them.”
Accelerator 2030 has assisted the startups with relevant sessions on marketing, customer acquisition, raising funds, Go-To-Market etc. along with regular interactions with industry experts to fine-tune their products.
The five proof of concepts (PoCs) presented to HSBC by the startups were:
· Abda Digital Pvt. Ltd.
Abda Digital of Hola Enterprise is a SAAS based platform for creating and distributing lightweight and interactive animations called Hola Cards.
o For Accelerator 2030, Abda developed a PoC for a use case within HSBC’s Retail Banking and Wealth Management business, Global Publishing Services, Communications and Learning & Development functions.
· Tookitaki Technologies Pvt. Ltd.
Tookitaki’s Reconciliation management suite offers a new solution to exception handling.
o Tookitaki developed a PoC for manual reconciliations across products and geographies within Global Reconciliation utilities at HSBC, and reducing false alerts in Know Your Customer operations.
· Capital Quant Solutions Pvt Ltd.
Capital Quant Solutions (CQS) is a boutique firm focused on offering cognitive automation solutions to the financial services industry.
o CQS developed a PoC for “financial spreading in Credit Services,” with a potential reduction of up to 25%-30% in the monthly hours spent financial spreading. In the coming months, CQS will explore use cases for business, communication and analytics at HSBC.
· vPhrase Analytics Solutions Pvt. Ltd.
Vphrase’s PHRAZOR gathers data, structures facts and applies language processing to present the reader with humanized, targeted narratives. PHRAZOR is able to churn out thousands of articles tailored to suit each type of audience.
o Vphrase has developed a PoC for a use case with the Global Service Centres in India for Transportation reports. They are now exploring opportunities for many types of reporting across HSBC Operations.
Morph.ai is a chat-based marketing automation tool to help brands drive sales by leveraging the chat ecosystem.
o Morph developed Chatbot as a Landing Page resulting in a 500 per cent increase in conversions for the same marketing budget. Morph is now exploring opportunities for HSBC’s retail and commercial banking businesses to generate sales leads.