The Polish bank is turning to fintech with its latest strategy.
Alior Bank plans to launch a start up accelerator, an in-house fintech department and an Open API marketplace with its latest Digital Disruptor strategy.
The bank has earmarked a total of €23.7m for innovation projects as it axes its branch network, with €5m specifically allocated for investment in fintech start ups and projects.
“It is our goal to have 20 partners by 2020, which is the time horizon of the Digital Disruptor strategy,” says Michał Chyczewski, Alior Bank VP and acting CEO. “It is our aspiration to be the bank of first choice for fintechs in Europe.”
The accelerator, based in Warsaw, will focus on identifying innovative start ups and giving them a sandbox environment to test products, as well as mentorship and funding, in anticipation of upcoming PSD2 regulations.
Mariusz Ożga, Alior Bank’s fintech director, says: “We believe that the project can build a bridge between the world of fintechs and Alior Bank which is open to ideas of others”.
The Open API framework of the sandbox is set to be based on IBM’s API Connect technology, which will also be used for the bank’s own fintech marketplace.
“We want to be a bank for every day which assists clients in their everyday needs. The bank will not only provide financial services but also work with third partners to offer a broad range of services to clients,” added Ożga.