OTP Bank’s innovation hub among the world’s best innovation hubs for the second time

After its success in 2019, OTP Bank’s innovation hub, OTP LAB has again earned the “Best Financial Innovation Labs” award from Global Finance Magazine in 2020.

With this award, the periodical recognized those financial innovation hubs that are constantly exploring new avenues and employing novel approaches in the world of finance, and named the institutions that are the most innovative in developing banking services and products of the future. In a prestigious international field, the expert panel awarded OTP LAB alongside the innovation labs of 34 global corporations such as Barclays, Boston Consulting Group, Citibank, Commerzbank, 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 recognized by the global financial community as a badge of excellence.

“This success story conveys an excellent message and serves as a good example of how OTP Bank supports the cultivation and implementation of good ideas with the aim of providing the clients of the banking group timely access to the latest innovations that improve the convenience of their day-to-day banking. Such an achievement in an international field confirms that the Bank made a good decision when it established OTP LAB three years ago”, OTP Bank Managing Director Péter Csányi said, commenting on the significance of the award.

“I believe that winning this award has been an outstanding achievement, which will also give a new impetus to, and inspiration for, our continued efforts; it is especially important in the current situation to enable our clients to access our services even more conveniently and securely, and to introduce them to the latest technologies. A good example is the automated solution developed by the Robotic Process Automation team of OTP LAB in a matter of three weeks; without any manual intervention, it manages the declarations of tens of thousands of clients who have opted out from the loan repayment moratorium”, said András Fischer, Head of Innovation at OTP Bank.

OTP Bank set up OTP LAB three years ago to support the process of putting its employees’ innovative ideas into practice and to work with startups, innovative technology companies and educational institutions in the search for pioneering solutions and opportunities. With dynamic operations and accelerating the process of digitalization, OTP LAB gathers and deploys development ideas at the bank and beyond, and in the 3 years since its foundation it has evolved into a leading innovation provider. This is clearly demonstrated by the fact that interest for the banking group’s international startup collaboration program is rising both among the members of our banking group and throughout the global startup community. Within the framework of the OTP Startup Partner Program, the bank has so far established links with 850+ startup companies and launched pilot projects with more than 30 of these. The program offers a platform, a physical location and, where necessary, human and financial resources and the involvement of OTP Bank’s experts to implement the ideas.

Further information: OTP LAB