Investors, academia and start-ups. The Canadian bank Scotiabank brought together the necessary allies to consolidate an innovation strategy that leads it to improve its products and its customer’s experience in Latin America. The plan includes digital factories, alliances with venture capital funds and the creation of Factory A, the accelerator with which it seeks to support 10 emerging companies in the region.
About Factory A
“Factory A combines the entrepreneurial approach and innovation of Tecnológico de Monterrey with Scotiabank’s digital and banking experience,” says Ignacio Deschamps, Group Director, International Banking and Digital Transformation at Scotiabank. The bank partnered with the educational institution to launch the accelerator last February. Through this will give support for up to 380,000 pesos in advisory services and offices.
Scotiabank + the world
The accelerator is the first that Scotiabank creates in Latin America, although its goal is to open incubation centers in Chile, Peru, Colombia and Argentina. And the financial institution has also ventured into the world of venture capital. In December 2016, the bank partnered with venture capital firm QED Investor, with which it invested in the Colombian fintech of Zinobe online credit products.
“We will continue investing in technologies and projects -like Factory A- that provide a better service to our customers and guarantee their satisfaction”, adds Deschamps.
The advantages
This path is the right one because it allows him to detect start-ups in which he can invest. “He wants to see what good companies there are to ally with them, it can be two months after the acceleration”, he adds.
Also published on Medium.