When banks want to resolve an innovation problem, velocity issues – however so does construction. Too usually, the method of discovering the precise fintech, working due diligence, and proving an answer takes so lengthy that the unique downside has already modified by the point implementation begins. That is precisely the issue VerityX is attempting to tackle with its new Outcomes for Banks program.
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In this put up, you’ll learn the way this system works, why it issues for the UAE banking ecosystem, and what fintechs want to do if they need to get entangled. The aim is straightforward: create a repeatable method for banks and fintechs to work collectively in a sandbox atmosphere, shorten the trail from thought to proof of idea, and make innovation extra scalable throughout the monetary companies sector.
Why Banks Need a Faster Way to Work With Fintechs
The banking business is shifting shortly, particularly in markets just like the UAE and wider Gulf area, the place digital transformation and AI adoption are accelerating. But the method banks sometimes use to consider and undertake fintech options has not stored up. Mark Rothwell-Brooks, who works at VerityX, defined that banks usually face a fragmented ecosystem. Each establishment could have its personal most well-liked fintech companions, its personal analysis strategies, and its personal procurement course of. That creates friction at each step. In apply, this implies a financial institution first has to outline the issue, then establish potential suppliers, then onboard them, then take a look at the answer in a managed atmosphere. By the time all that’s accomplished, the necessity could have developed. That gradual cycle is a serious problem for each side:
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Banks lose time and momentum
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Fintechs face an extended, unpredictable path to adoption
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Innovation will get caught in course of as an alternative of shifting into manufacturing
The Outcomes for Banks program is designed to cut back that friction. Instead of a 9 to 12 month cycle, the ambition is to compress the method into 90 days from ideation to proof of idea.
What the Outcomes for Banks Program Actually Does
At its core, this system connects banks with innovation challenges to fintechs that may resolve them. But this isn’t only a free networking initiative. It is constructed as a structured, repeatable course of with a sandbox mannequin, clear problem definitions, and a proper route from downside assertion to answer testing. Rothwell-Brooks described it as a method to “connect the fintech community with the banks who have innovation challenges” and put them collectively in a setting the place they’ll “prove and solve those challenges” in a method that’s sturdy and scalable. That construction issues.
In many innovation applications, the dialog stops at introductions or pilot concepts. Here, the intention is to transfer past dialog and into sensible outcomes. The program additionally has backing from the Emirates Institute of Finance, which supplies it further weight within the regional ecosystem. That assist indicators that this isn’t simply one other remoted innovation experiment – it’s supposed to turn out to be a part of a wider monetary companies functionality within the UAE. The four-step mannequin The course of is designed to be clear for each banks and fintechs:
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Define the problem themes
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(*12*)Banks and program leaders coalesce round recurring innovation themes.
(*12*)These themes change over time, so the problem set is designed to be a dwelling calendar slightly than a static record.
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Identify appropriate fintechs
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(*12*)Fintechs from the UAE, the broader GCC, or globally will be matched to the problem.
(*12*)The emphasis is on match, functionality, and relevance to the precise downside.
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Run the sandbox engagement
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(*12*)Banks and fintechs work collectively in a managed technical atmosphere.
(*12*)The aim is to show whether or not the answer can truly tackle the problem.
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Capture the learnings
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(*12*)The program produces artifacts that doc what labored, what didn’t, and what ought to be thought-about if the answer is replicated elsewhere.
(*12*)This consists of sensible do’s and don’ts, plus a regulatory view the place related.
Why the UAE Is a Strong Fit for This Model
The UAE isn’t just a handy location for this program – it’s a part of the explanation this system is smart. According to Rothwell-Brooks, the Gulf area is seeing an unprecedented price of digital and AI adoption. That creates a robust urge for food for instruments and processes that may assist banks innovate sooner with out sacrificing governance. This is the place this system’s repeatable design turns into essential. Rather than treating each financial institution problem as a one-off, the mannequin creates a repeatable mechanism that can be utilized at scale throughout the banking neighborhood. That issues for a number of causes:
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Banks want velocity with out dropping management
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Fintechs want entry to actual use instances and decision-makers
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Regulators want visibility into what’s being examined and why
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The market wants consistency so innovation can scale past particular person pilots
There can be a strategic profit for the area. If the UAE can set up a extra environment friendly bank-fintech collaboration mannequin, it might turn out to be a reference level for the way innovation applications ought to function in different markets. And the ambition doesn’t cease at banking. The first yr of this system is anticipated to give attention to the banking neighborhood, however there are already plans to take a look at insurance coverage after which different monetary companies sectors.
Which Banks and Fintechs Can Take Part?
One of probably the most fascinating issues about Outcomes for Banks is how broad its target market is. VerityX says it’s focusing on round 50 banks and monetary organisations throughout the UAE, from tier 1 to tier 4 . That consists of:
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(*12*)Large banks with in-house innovation functionality
(*12*)Mid-sized and smaller establishments that want outdoors assist
(*12*)Financial organizations wanting to shorten their supply cycle
That combine is essential as a result of this system isn’t just for establishments that lack innovation capability. Even banks with robust inner groups can profit if they need to increase what they already do. What sort of fintechs ought to concentrate? The reply will depend on the problem. If a financial institution defines an issue round cybersecurity, onboarding, funds, regulatory operations, or digital workflow, the “right” fintech might come from nearly anyplace. The program is open to:
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(*12*)UAE fintechs
(*12*)GCC-based fintechs
(*12*)Global fintechs
That world openness is a serious benefit. Rothwell-Brooks gave the instance of options that will already be working in markets like Singapore and will now be tailored for the UAE. In different phrases, this isn’t about forcing local-only innovation. It is about bringing the perfect accessible answer to the issue, wherever that answer was developed. That additionally makes this system particularly helpful for fintechs which have already confirmed their mannequin in one other market however want a method into the Middle East. Instead of attempting to promote chilly right into a financial institution, they’ll reply to a identified problem and enter by a structured course of.
How Fintechs Can Register and What Happens Next
For fintechs watching from the sidelines, the entry level is straight ahead. They register their curiosity on the VerityX Labs web site: verityxlabs.co. The enrollment course of is brief and designed to seize what the fintech does and the place it matches. From there, the platform will present a calendar of upcoming challenges. These are anticipated to be moderately locked in three to six months forward , giving fintechs visibility into what’s coming earlier than they commit.
Once a fintech sees a problem it needs to pursue, it could choose it and undergo an extra overview to be certain that it’s the proper match. If it’s, the fintech is enrolled into the problem round six weeks earlier than it begins , permitting time to put together for the session with the financial institution. That timeline is essential as a result of it makes the method extra sensible. Fintechs should not left guessing indefinitely, and banks should not requested to improvise on the day. Both sides know what the problem is, when it would occur, and the way they’re anticipated to contribute. This sort of construction is usually what makes innovation applications profitable.
The greatest concepts should not sufficient on their very own – they want a transparent working mannequin. What Success Looks Like for the Program The clearest success metric is time. Today, the everyday financial institution innovation course of can take 9 to 12 months from downside definition to implementation. That delay is usually brought on by fragmented decision-making, layered procurement, and inconsistent analysis requirements throughout establishments. The program’s aim is to carry that down to 90 days.
That is a daring goal, however it is usually a significant one. If banks can transfer from ideation to proof of idea in three months as an alternative of a yr, they’ll reply to market adjustments sooner, take a look at extra concepts, and cut back the danger of investing within the unsuitable answer for too lengthy. It additionally adjustments the connection between banks and fintechs. Instead of ready for an extended procurement cycle to play out, each side can give attention to whether or not the answer works. The longer-term imaginative and prescient is much more fascinating. Because the engagement with banks is supposed to proceed continuously, this system turns into a sort of innovation engine:
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(*12*)New challenges are surfaced often
(*12*)Banks and regulators assist form the agenda
(*12*)Fintechs are matched as these challenges emerge
(*12*)Outcomes are documented and reused
That creates a dwelling system slightly than a one-time occasion. Rothwell-Brooks described the problem as “herding the cats” – discovering sufficient alignment throughout banks and regulators to act on shared themes with out anticipating everybody to agree on every little thing. That is a sensible view of how monetary companies innovation truly works. The level isn’t good consensus. The level is sufficient shared precedence to get actual work accomplished.
Frequently Asked Questions
What is the Outcomes for Banks program?
It is a VerityX initiative that connects fintechs with banks which have innovation challenges. The aim is to take a look at and resolve these challenges in a repeatable sandbox atmosphere.
Who can be a part of this system?
Banks, monetary organisations, and fintechs can participate. The program targets banks within the UAE throughout a number of tiers and is open to fintechs from the UAE, the GCC, and globally.
How do fintechs join?
Fintechs can register by verityxlabs.co. After a brief enrollment course of, they’ll view upcoming challenges and request to take part within the ones that match their capabilities.
Why is this system targeted on 90 days?
The goal is to cut back the standard 9 to 12 month financial institution innovation cycle to a a lot sooner 90-day path from thought to proof of idea. That velocity is meant to assist banks reply extra successfully to change.
Does this system solely apply to banking?
No. The preliminary focus is banking, however the longer-term plan is to increase into insurance coverage and different elements of economic companies.
Conclusion
Outcomes for Banks is constructed round a easy however highly effective thought: if banks need to innovate sooner, they want a greater method to join with the precise fintechs and take a look at options with out getting caught in an extended procurement cycle. By combining problem definition, fintech matching, sandbox testing, and reusable outputs, this system goals to make innovation extra repeatable and extra helpful for the actual world. For banks, which means velocity and construction.
For fintechs, it means a clearer route to relevance and adoption. If the 90-day goal holds, this might turn out to be a robust mannequin for the way bank-fintech collaboration ought to work within the UAE and past. Want to observe this system or see the way it develops? Visit verityxlabs.co and regulate the upcoming problem calendar.
AI degree 1 of 5: written by Abeer Yehia; AI helped with tone, construction or wording; edited and signed off by Mark Walker, Editorial Director. What the levels mean
