OREANDA-NEWS. On Monday afternoon, 20 June, ABN AMRO will open the Econic innovation hub in Eindhoven. Fintechs and the bank’s employees will meet each other here in an independent environment to develop and test their ideas together. Day-to-day management of the hub will be carried out by external innovation experts. Econic will start out by developing seven innovations and four participating companies.

Proven process

Econic will work with a proven innovation process, which the experts leading the hub have used previously for High Tech XL and various Dutch top 100 companies. The process, which will now be applied to fintechs for the first time, involves continuous monitoring of the innovation teams, workshops and master classes to achieve a ready-to-market proposition in six months. Besides fintechs, other companies with new ideas for business banking are also welcome at Econic.

Bringing together the worlds of fintechs and the bank

Joop Wijn, member of the ABN AMRO Managing Board: ‘Econic brings together the worlds of fintechs and the bank. Promising ideas will be tested continuously against the bank’s day-to-day reality. This makes the innovation process swift and robust.’ Participating companies will be housed in a separate space in the ABN AMRO regional office on Vestdijk in Eindhoven.