TrustChain has been selected for the OTP Startup Program
SME banking is supported with new elements by Trustchain.
370 startups from 56 countries submitted applications for the 2019-2020 OTP Startup Partner Program. The international appeal of the Program is also demonstrated by the list of the top 5 countries providing the largest number of applicants: Great Britain, Hungary, Germany, the United States and Russia. Twenty-seven of the companies having submitted applications were invited to the final selection event of the Program, where, after consulting with the respective organisations, they presented their pilot proposals to be implemented with the OTP Group.
As a result, 13 startup and scaleup companies are participating in the program period between 2 March and 20 May 2020, working together with their sponsoring business units in five markets of the banking group (Albania, Croatia, Russia and Serbia beyond the Hungarian headquarter) to test the fit of their solutions to the banking operations and improve their services based on feedback from their mentors. The companies once again were able to apply for the Program in 5+1 focus areas: Advanced data & analytics tools, Customer experience and customer servicing, Internal efficiency, Product innovations, SME banking, and entirely innovative and disruptive solutions, which do not fall under any of the listed categories but are related to the banking sector.
SME banking is supported with new elements by Trustchain, which runs an online platform for B2B partners to identify business partners and manage all related documents online.
“Our pilot launched together with OTP enables us to reach out to several ten thousands of entrepreneurs and develop solutions specifically to them providing such a new customer experience, with which we can make it so much easier for them to deal with the administration relating to everyday financial settlements” – said dr. Romhány Gergely, CEO of Trustchain Systems Ltd.
The 13 startups joined the Program from 7 countries (Austria, Czech Republic, Hungary, Ireland, Romania, Russia, Switzerland). During the three-month acceleration and pilot period, representatives of these companies will meet in person for three special onsite weeks with the mentors from their sponsoring business units in Budapest or at the headquarters of the subsidiaries implementing the pilot. In addition, trainings, workshops and individual mentoring sessions corresponding to the maturity levels of the startups will help the teams in business development.
“By elevating the Program to the banking group level this year, the opportunities for participating companies have multiplied: a solution tested in a particular market may be extended to other interested subsidiaries, and subsidiary mentors may provide valuable country-specific information to companies” – said András Fischer, Head of OTP Bank’s Retail Innovation Department.
The acceleration period ends on 20 May with the Demo Day event, where the startups will report on the lessons learned and the achievements of the pilot projects in front of the management of OTP Group and of the partner corporations supporting the Program. For more information on the Program: www.otpstartup.com.