FinQuest by Alpha Bank: An institution for innovation
The first FinQuest by Alpha Bank competition, successfully held last year, had a strong response from the ecosystem of start-ups, and was defined by the quality of the ideas, solutions and applications submitted. Important innovative ideas and solutions have emerged, while the Bank is already in advanced talks with some of the start-up companies that were distinguished, about the possibility of transforming their ideas into applications, which will then be integrated into its operation. Alpha Bank hopes this competition will become an institution for innovation in Greece, while at the same time maintaining its international profile. The winning participants have also confirmed how important FinQuest was to them, both as an experience and as a process of personal development.
The first FinQuest was a milestone for the Bank, because it concretely demonstrated that Alpha Bank is not only following developments in the domestic ecosystem, but is also actively supporting innovation, enabling start-ups to emerge. It has also enabled the Bank to establish direct contact with the most dynamic parts of this ecosystem, and as a result the prospect of further collaboration is already being explored in one case.
Developments are fast and the landscape keeps changing. The domestic Fintech ecosystem has been continuously on the rise in Greece during the past few years and Alpha Bank is firmly convinced that through dynamic initiatives that support and highlight innovation, such as FinQuest, this growth will continue unchanged at all levels. The competition’s international reach and the open invitation to Greek founders and executives of Fintech companies active abroad, as well as to foreign Fintechs, will benefit the domestic ecosystem in terms of know-how and experience, as well as in terms of the environment of fair play that the competition is promoting. What is important for all sides involved, is to move past the experimental stage of theoretical investigation and to focus on using technologies to develop innovative applications that meet customers’ real needs and thus provide an opportunity for banks to present high-value products and services. This year’s FinQuest will consistently work towards this goal.