BUSINESS: 381 PRACTICES
Alpha Bank Group
The Alpha Bank Group is one of the leading Groups of the financial sector in Greece. It offers a wide range of high-quality financial products and services in the domestic and international market and has one of the highest capital adequacy ratios in Europe.
Alpha Bank, wishing to contribute to the maturation of the start-up ecosystem, organizes the Annual FinQuest by Alpha Bank International Innovation Competition with the aim of:
Groups or Startup/Fintech companies.
FinQuest by Alpha Bank 2020 lasted a total of 4 months, with more than 70 entries from 13 different countries.
The Competition is based on a challenge (Quest), a thematic unit around which solutions are sought. The Quest is determined each year before the initial phase of the Competition, depending on the priorities of the Bank. Applications are accepted mainly from groups, but individual entries are not excluded. The concept of the team is particularly important, as the new Startups are based on groups of people who combine a range of different skills and experiences, a composition particularly important for dealing with the various business challenges and making strategic decisions. The challenge (Quest) of FinQuest 2020 concerned the creation of a new digital banking experience, with the innovative tools and means offered by digital technology, to create new, personalized services that put the Customer at the center and respond immediately and effectively to their evolving needs, in line with Alpha Bank's Digital Transformation priorities. The jury (whose members were Bank executives as well as partner-experts from the financial and technological sectors), selected 7 teams to join the program.
During the main phase of FinQuest by Alpha Bank, these 7 best proposals joined a 5-week intensive monitoring program (Accelerator) receiving mentoring and coaching from experienced Bank executives and technology and business professionals. The aim was to make their ideas more attractive to the real data of the banking sector, but also for the Bank to consider the possibility of collaborations with proposals and solutions that meet its modern needs.
FinQuest by Alpha Bank 2020 concluded with a pitching event, which was held in December of the same year and during which the teams had the opportunity to present their applications or ideas. These were evaluated by a jury and the 3 best were selected, which were awarded with cash prizes. The criteria for selecting the winners were the degree of innovation of the proposed applications, the "gap" of the market they are called upon to address, the ease of implementation as well as the coverage of the real needs of the bank and/or its customers.
The Evaluation Committee consisted of both Alpha Bank executives, as well as executives from investment or consulting companies with recognized experience in matters of innovation, technology and development of new business initiatives, representatives of academic institutions and distinguished professionals in the startup and fintech sectors.
During the interactive digital Pitch-Event polls were conducted with live questions to the audience, who actively participated in the process by formulating questions to the competing teams.
One of the most important parts of FinQuest by Alpha Bank's strategy is the framework for the support and development of participating start-ups, through a particularly careful Accelerator program and with the assistance of a team of highly trained, experienced and knowledgeable mentors made up of specialized Bank and market executives.
Another particularly important result of FinQuest by Alpha Bank is the possibility of networking between the contestants and the executives from the banking industry and from other large companies. For Alpha Bank itself, it is a great satisfaction to contribute to the further maturation of the start-up business ecosystem and highlight the possibilities arising from the use of new digital technologies. It is a fact that some of the distinguished groups are already in advanced discussions with Alpha Bank to enter into partnerships.
The elements that differentiate FinQuest by Alpha Bank from other similar competitions are the close cooperation of the contestants with executives of the Bank and Large market companies, the prospect of PoC or future cooperation with Alpha Bank, the monetary prizes and its international reach.
In 2020, FinQuest was organized entirely remotely, respecting health protocols due to the COVID-19 pandemic and to facilitate the participation of everyone involved (competitors, mentors, evaluators, etc.)
The FinQuest by Alpha Bank team includes highly prestigious institutions, such as academic institutions, distinguished professionals, investors and consulting companies with significant background in the field of startups and fintech, such as: Found.ation, Alpha Ventures, Athens University of Economics, Deloitte, IBM , Microsoft, MITEF, Uni.fund, Velocity Partners, Vodafone.
Representatives of important academic institutions, executives and employees of Alpha Bank, executives of investment and consulting companies and distinguished professionals in the startup and Fintech sectors participate in the competition.
Leveraging Alpha Bank's know-how and in collaboration with prestigious Partners, FinQuest by Alpha Bank has managed to become synonymous with a prestigious brand and attract talent, while at the same time claiming the role of a reference point in the research and promotion of innovative digital proposals, solutions and applications in the Banking sector.
Along with highlighting innovative proposals, Alpha Bank creates new partnerships utilizing solutions that meet its modern needs and accelerate the Bank's digital transformation, strengthening its competitiveness.
