T-Hub startup partnership accelerates innovation for HSBC Operations2 years ago Saritha Keshamoni
T-Hub Accelerator 2030 programme identifies five innovative startups to develop solutions with HSBC
T-Hub, a global startup catalyst that powers entrepreneurship and deals 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 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’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 (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’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.
T-Hub is a global startup catalyst that powers entrepreneurship and deal flow. Incorporated in Hyderabad, India, in 2015, it has provided more than 350 national and international startups with access to mentors, corporates, venture capitalists and global investors. T-Hub is on a mission to scale startups globally, offering entrepreneurs a world-class scaling platform to help them generate revenue and get access to new customers, capital and markets. T-Hub supercharges corporate innovation by enabling an out-of-the-box approach and fosters entrepreneurship by accelerating startup initiatives by governments. T-Hub also advises investors on deal flow.
About HSBC India
The Hongkong and Shanghai Banking Corporation Limited in India offers a full range of banking and financial services through 26 branches across 14 cities. With roots in India dating back to 1853, HSBC is one of India’s leading financial services groups, with more than 37,000 employees in its banking, technology and service operations in the country. HSBC is at the forefront of arranging deals for Indian companies investing overseas and foreign investments into the country. In 2017, more than 33,000 HSBC employees in India volunteered over 160,000 hours to support sustainability initiatives.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 3,800 offices in 66 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,607bn at 30 June 2018, HSBC is one of the world’s largest banking and financial services organisations. For more information, please visit www.hsbc.com.