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SBI to set up innovation, incubation & acceleration centre
March 17, 2022
State Bank of India (SBI) plans to set up an Innovation, Incubation, and Acceleration Center (IIAC) at Hyderabad in a bid to work in-house capacity performance and drive higher top-line growth through innovation.
The centre will be functional in six to nine months of on-boarding a consultant.
“Over the last few years, the bank has carried out several efforts to work on the stability and resilience of its digital offerings and increase the flexibility of its infrastructure and technology delivery capacity. Notwithstanding, with steadily increasing demand for new and accelerated dynamics and technology-driven innovations in financial services, remaining competitive and relevant in the market has been a challenge,” as indicated by a bank document.
In the report looking for engagement of an advisor, the bank said that it has helped nurture start-ups and fintech focus on innovation through its Start-up/Fin-tech engagement initiative.
“It is important to isolate transformation projects from close term needs and pressures of operational compulsions. It is felt that innovation projects/drives need an alternate working model, risk appetite and ability that the bank needs to invest and develop over a period of time,” as indicated by the document.
The bank has already institutionalized a policy of partnering with fin-techs, which is distributed across the organization.
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