When banks want to remedy an innovation problem, velocity issues – however so does construction. Too typically, 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 precisely the issue VerityX is making an attempt to handle 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 objective is easy: 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 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 typically 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 observe, this implies a financial institution first has to outline the issue, then determine doable suppliers, then onboard them, then take a look at the answer in a managed surroundings. By the time all that’s carried out, the necessity might have developed. That sluggish cycle is a serious problem for either side:
-
Banks lose time and momentum
-
Fintechs face a protracted, unpredictable path to adoption
-
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 remedy 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 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 extra weight within the regional ecosystem. That help indicators 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:
-
Define the problem themes
- Banks and program leaders coalesce round recurring innovation themes.
- These themes change over time, so the problem set is designed to be a residing calendar somewhat than a static record.
-
Identify appropriate fintechs
- Fintechs from the UAE, the broader GCC, or globally might be matched to the problem.
- The emphasis is on match, functionality, and relevance to the particular downside.
-
Run the sandbox engagement
- Banks and fintechs work collectively in a managed technical surroundings.
- The objective is to show whether or not the answer can truly handle the problem.
-
Capture the learnings
- The program produces artifacts that doc what labored, what didn’t, and what ought to be thought-about if the answer is replicated elsewhere.
- This contains 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 charge of digital and AI adoption. That creates a powerful urge for food for instruments and processes that may assist banks innovate quicker with out sacrificing governance. This is the place this system’s repeatable design turns into necessary. 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:
-
Banks want velocity with out shedding management
-
Fintechs want entry to actual use instances and decision-makers
-
Regulators want visibility into what’s being examined and why
-
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 develop into a reference level for the way innovation applications ought to function in different markets. And the ambition doesn’t cease at banking. The first 12 months of this system is predicted to give attention to the banking group, however there are already plans to take a look at insurance coverage after which different monetary companies sectors.
(*90*)Which Banks and Fintechs Can Take Part?
One of essentially the most fascinating issues about Outcomes for Banks is how broad its target market is. VerityX says it’s concentrating on round 50 banks and monetary organisations throughout the UAE, from tier 1 to tier 4 . That contains:
- Large banks with in-house innovation functionality
- Mid-sized and smaller establishments that want outdoors help
- Financial organizations wanting to shorten their supply cycle
That combine is necessary as a result of this system 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 sort of fintechs ought to listen? 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 virtually wherever. The program is open to:
- UAE fintechs
- GCC-based fintechs
- 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 manner into the Middle East. Instead of making an attempt to promote chilly right into a financial institution, they will reply to a identified problem and enter via 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 suits. From there, the platform will present a calendar of upcoming challenges. These are anticipated to be fairly 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 may possibly choose it and undergo an extra evaluation to be sure 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 necessary 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 should occur, and the way they’re anticipated to contribute. This sort of construction is usually what makes innovation applications profitable.
The finest 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 attributable to fragmented decision-making, layered procurement, and inconsistent analysis requirements throughout establishments. The program’s objective is to carry that down to 90 days.
That is a daring goal, however additionally it is a significant one. If banks can transfer from ideation to proof of idea in three months as an alternative of a 12 months, they will reply to market modifications quicker, take a look at extra concepts, and cut back the danger of investing within the fallacious answer for too lengthy. It additionally modifications the connection between banks and fintechs. Instead of ready for a protracted procurement cycle to play out, either 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:
- New challenges are surfaced frequently
- Banks and regulators assist form the agenda
- Fintechs are matched as these challenges emerge
- Outcomes are documented and reused
That creates a residing system somewhat 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 carried out.
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 objective is to take a look at and remedy these challenges in a repeatable sandbox surroundings.
Who can be 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 via 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 standard 9 to 12 month financial institution innovation cycle to a a lot quicker 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 components of economic companies.
(*12*)
Conclusion
Outcomes for Banks is constructed round a easy however highly effective thought: if banks need to innovate quicker, they want a greater manner to join with the correct fintechs and take a look at options with out getting caught in a protracted 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 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 control 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 degrees imply
