OTP LAB among the world’s best innovation hubs for third time in a row

OTP LAB among the world’s best innovation hubs for third time in a row

After being awarded in 2019 and 2020, OTP Bank’s innovation hub, OTP LAB secured Global Finance Magazine’s Best Financial Innovation Labs award this year again.

With the award, the periodical recognised financial innovation hubs that are constantly exploring new avenues and employing novel solutions in the world of finance. It selected institutions that are the most innovative in developing banking services and products for the future. In a prestigious international field, the expert panel awarded OTP LAB alongside the innovation hubs of approximately 60 global corporations such as Barclays, Citibank, Commerzbank, Deloitte, PayPal, UBS and Wells Fargo. Global Finance Magazine regularly rewards the best performing banks and other financial service providers in various categories; its awards are recognised by the global financial community as a badge of excellence.

‘The award confirms to us that OTP LAB’s innovation performance, flexibility and ability to react quickly deserve merit even in the international arena. These traits are especially aptly illustrated in such unforeseeable, enormously challenging situations as the coronavirus pandemic, as evidenced, for example, by our ability to resolve the automated processing of loan payment moratorium applications. Robotisation is an important pillar of our digitalisation processes, and with the automated processes OTP LAB not only eased the work of our colleagues, but also reduced the time spent by our customers on banking’, pointed out the significance of the award Péter Csányi, Deputy CEO in charge of OTP Bank’s digital division.

‘I think it is an outstanding result that we won the award for the third time and that we have been able to maintain our position among the best financial innovation hubs in recent years. This inspires us to continue to offer top of the line contemporary digital solutions and present pioneering solutions to our customers. We will also continue to focus on providing our customers with even easier and faster access to our services relying on the latest technologies’', said András Fischer, head of OTP Bank’s innovation hub.

OTP Bank set up OTP LAB four years ago to support the process of putting its employees’ innovative ideas into practice and to work with startup firms, innovative technology companies and educational institutions in seeking out pioneering solutions and opportunities. With dynamic operations and stepping up the digitalisation efforts, OTP LAB gathers and deploys development ideas at the Bank and beyond, and in the 4 years since its foundation it has evolved into a leading innovation provider. This is clearly demonstrated by the fact that there is growing interest in the Banking Group’s international startup cooperation programme both among the members of our Group and across the global startup community. Within the framework of its OTP Startup Partner Programme, the Bank has established links with 1,400 startup companies so far, and launched pilot projects with more than 45 startups. With the involvement of OTP Bank’s experts, the Programme offers a platform, training courses and, where necessary, human and financial resources for the implementation of the ideas.

Further information is available at the website of OTP LAB.