ICICI Bank sets up innovation lab for digital banking

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icici_bankFor boosting up the level of fintechs and bolster in its digital banking initiatives, private lender ICICI Bank has introduced an innovation lab.

This innovation lab will be headed by Rohan Angrish, former Chief Technology Officer (CTO) at online small business lender Fintech Capital Float.

In addition to this innovation lab, the lab will also be partnering fintech and offering support to them via a Rs 100-crore innovation fund.

Angrish has been given a mandate to build a new tech bank. This bank will be able to extend the business in untapped areas, starting with digital small-ticket personal loans.

 “There are no bankers in ICICI Innovation Labs. The only person involved who comes close to being a banker is me,” said Madhivanan Balakrishnan, Chief Technology Officer & head of digital, ICICI Bank.

This innovation lab is said to be a part of bank’s three-pronged strategy ‘Run, evolve and imagine’, said the bank.

The bank has also acquired a stake in Signzy, a startup that uses blockchain to enable online KYC.It also bought Fingapy that allows its customers to shop without cash or cards using biometrics.

Balakrishnan said that the bank also plans to invest in its own payment switch to control huge volumes of inter-bank transactions.

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