Kotak Bank starts Innovation Lab,open to investing in startups - Artificial Intelligence Online

Private sector lender Kotak Mahindra Bank has started an'Innovation Lab' in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in startups, a senior company official has said. "We started an'Innovation Lab' recently which is right now a dedicated space from where we are partnering with startups in the fintech space to test concepts and launch them into commercial products," Kotak Bank's Chief Digital Officer Deepak Sharma told PTI. The fourth largest private sector bank has put together a seven-member core team, which is working with an equal number of startups in the artificial intelligence, analytics, biometric or iris scanning and machine learning space. A bulk of the startups are Bengaluru-based, while two are from the US and Australia, Sharma said. Domestic lenders, especially those in the private sector, have been increasing their engagement with the fledgling fintech startup community to tap into the technologies of the future which will help them stay relevant.