Hyderabad-based startup catalyst T-Hub and HSBC have announced the selection of all five startups in the first wave of their Accelerator 2030 programme.
In May, T-Hub and HSBC selected five fintech startups out of 95 for an eight-week accelerator program where they would potentially have the opportunity to have their solutions applied to HSBC’s operations globally.
After eight weeks of training, mentorship, and workshops by senior HSBC leadership, the company has decided to go ahead with the solutions developed by all 5 startups.
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.
Abda Digital, Tookitaki Technologies, Capital Quant Solutions, vPhrase Analytics Solutions and Morph.ai are the five selected startups.
“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,” Jay Krishnan, CEO, T-Hub said.
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 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) 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 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 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.
“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,” Tom Acton, Global Head of Strategy and Innovation, HSBC Operations said.