To encourage the further improvement of the innovation environment and form a simple framework for the growth and networking of the startups and technology community, and the financial sector, OTP banka in Serbia launched OTP Connect – a program for cooperation, development, and encouragement of innovations.
OTP Connect is a comprehensive program that enables innovators to communicate directly, connect and collaborate with OTP banka, and test and implement their solutions within the Bank’s system. Part of this ecosystem can become technological and other types of startups or IT companies that want to offer a finished product to OTP banka, submit their solution as a response to specific challenges, or become part of an exclusive R&D zone where they can work on the development of their software solutions.
“Innovations are one of the strategic pillars of the Bank`s business, not only in Serbia but the entire OTP Group. OTP Connect is not our start, but a reflection of our ambition to expand and increase the scope of cooperation with the startups and fintechs and to do it structured so that this cooperation is as efficient as possible for both parties. We intend to build a bridge between traditional banking and modern technological solutions through the innovation ecosystem, whereby we and the members of the innovation community take the best of both worlds and together create new values,” – said Predrag Mihajlović, President of the Executive Board and OTP banka Srbija.
“The cooperation with the technological sector that we nurture and the innovative way of thinking that we encourage have helped us to base the further development of OTP banka on innovation and agility. It was this shared vision of a modern and technological future that motivated us to launch this program. We are proud to make such a step not only in our banking industry but also in the wider community because we are sure that the solutions we will have the opportunity to meet and develop together through our OTP Connect will make life and work easier for all of us,” – pointed out Nataša Rađenović-Živanović, Chief Innovation Officer at OTP Bank.
By creating the OTP Connect innovation ecosystem, which has a completely open platform for inclusion, the Bank strives to offer all innovators the opportunity to increase their profitability and achieve growth through cooperation.
What each program offers within the framework of the OTP Connect ecosystem
The “More than banking” program opens a channel for submitting ready-made startup products or solutions in response to a specific challenge.
Everyone who submits their product through “Submit your startup product” should have an innovative product with a B2B, B2C, or B2B2C business model, a technological product that has a validated MVP, and a product that has real, not test, users.
“Apply solutions for our challenge” gives everyone who applies the opportunity to participate in the solution of one of the financial challenges and should meet the following criteria: that they are a technological startup or an innovative IT company; that they have a validated MVP and real users behind them; to have experience in developing scalable Saas, B2B or B2B2C solutions.
“Become part of our R&D pool” is a program in which all applicants become qualified IT vendors of OTP banka and gain access to internal competitions for engagement in the Bank’s development projects; they get the opportunity to develop new functionalities of digital products and new software solutions adapted to financial technologies in co-creation with OTP banka; they get the opportunity to use the elements of the solution they develop as a vendor of OTP banka to develop their product.
The “Our Support” program provides access to a unique financial accelerator in our market dedicated to mastering financial knowledge. As part of the program, the Bank will also provide access to a tool for evaluating the strengths and weaknesses of founders interested in receiving this insight to ensure the best possible chance for startup success. All interested parties should be registered within the last four years, develop personalized and innovative solutions in the domain of data, digital transformation, and operational efficiency (automation and efficiency, process mining, digitization), and have a developed MVP/prototype and B2B, B2C or B2B2C business model.
Source: the Bank`s press release dated October 31, 2023
