When banks want to clear up an innovation problem, pace issues – however so does construction. Too usually, the method of discovering the correct fintech, operating due diligence, and proving an answer takes so lengthy that the unique downside has already modified by the point implementation begins. That is strictly the issue VerityX is attempting to deal with with its new Outcomes for Banks program.
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 become involved. The aim is straightforward: create a repeatable manner for banks and fintechs to work collectively in a sandbox surroundings, 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 trade is shifting rapidly, 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 might 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 attainable suppliers, then onboard them, then take a look at the answer in a managed surroundings. By the time all that’s completed, the necessity might have developed. That sluggish cycle is a significant challenge 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 a substitute 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(*90*)
At its core, this system connects banks with innovation challenges to fintechs that may clear up 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 manner to “connect the fintech community with the banks who have innovation challenges” and put them collectively in a setting the place they will “prove and solve those challenges” in a manner that’s strong and scalable. That construction issues.
In many innovation packages, the dialog stops at introductions or pilot concepts. Here, the goal is to transfer past dialog and into sensible outcomes. The program additionally has backing from the Emirates Institute of Finance, which provides it extra weight within the regional ecosystem. That assist alerts that this isn’t simply one other remoted innovation experiment – it’s supposed to develop into 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 listing.
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Identify appropriate fintechs
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(*12*)Fintechs from the UAE, the broader GCC, or globally could 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 surroundings.
(*12*)The aim is to show whether or not the answer can truly deal with 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 must be thought of 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(*90*)
The UAE isn’t just a handy location for this program – it’s a part of the rationale this system is sensible. According to Rothwell-Brooks, the Gulf area is seeing an unprecedented fee of digital and AI adoption. That creates a powerful 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 vital. 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 group. That issues for a number of causes:
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Banks want pace 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 also be a strategic profit for the area. If the UAE can set up a extra environment friendly bank-fintech collaboration mannequin, it might develop into a reference level for the way innovation packages ought to function in different markets. And the ambition doesn’t cease at banking. The first 12 months of this system is anticipated to deal with the banking group, however there are already plans to have a look at insurance coverage after which different monetary companies sectors.
Which Banks and Fintechs Can Take Part?(*90*)
One of essentially the most fascinating issues about Outcomes for Banks is how broad its audience 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 exterior assist
(*12*)Financial organizations wanting to shorten their supply cycle
That combine is vital as a result of this system just isn’t just for establishments that lack innovation capability. Even banks with robust inside groups can profit if they need to increase what they already do. What type of fintechs ought to listen? The reply is determined by the problem. If a financial institution defines an issue round cybersecurity, onboarding, funds, regulatory operations, or digital workflow, the “right” fintech might come from virtually wherever. The program is open to:
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(*12*)UAE fintechs
(*12*)GCC-based fintechs
(*12*)Global fintechs
That international openness is a significant benefit. Rothwell-Brooks gave the instance of options which 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 most effective 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 manner into the Middle East. Instead of attempting to promote chilly right into a financial institution, they will reply to a recognized problem and enter by way of a structured course of.
How Fintechs Can Register and What Happens Next(*90*)
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 suits. 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 desires to pursue, it will possibly choose it and undergo an additional evaluation to ensure 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 vital as a result of it makes the method extra sensible. Fintechs usually are not left guessing indefinitely, and banks usually are not requested to improvise on the day. Both sides know what the problem is, when it is going to occur, and the way they’re anticipated to contribute. This type of construction is usually what makes innovation packages profitable.
The finest concepts usually are 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 standard 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 convey that down to 90 days.
That is a daring goal, however it’s also a significant one. If banks can transfer from ideation to proof of idea in three months as a substitute of a 12 months, they will reply to market modifications sooner, take a look at extra concepts, and cut back the chance of investing within the incorrect answer for too lengthy. It additionally modifications the connection between banks and fintechs. Instead of ready for an extended procurement cycle to play out, each side can deal with 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 consistently, this system turns into a type of innovation engine:
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(*12*)New challenges are surfaced commonly
(*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 all the things. That is a practical view of how monetary companies innovation truly works. The level just isn’t excellent consensus. The level is sufficient shared precedence to get actual work completed.
Frequently Asked Questions(*90*)
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 clear up these challenges in a repeatable sandbox surroundings.
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 enroll?
Fintechs can register by way of verityxlabs.co. After a brief enrollment course of, they will view upcoming challenges and request to take part within the ones that match their capabilities.
Why is this system centered on 90 days?
The goal is to cut back the normal 9 to 12 month financial institution innovation cycle to a a lot sooner 90-day path from thought to proof of idea. That pace 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 broaden into insurance coverage and different components 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 manner to join with the correct 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, meaning pace and construction.
For fintechs, it means a clearer route to relevance and adoption. If the 90-day goal holds, this might develop into a powerful mannequin for the way bank-fintech collaboration ought to work within the UAE and past. Want to comply with this system or see the way it develops? Visit verityxlabs.co and keep watch over the upcoming problem calendar.
AI stage 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
