OTP LAB Recognised Among the World’s Best Financial Innovation Labs

OTP LAB Recognised Among the World’s Best Financial Innovation Labs

The innovation hub of OTP Group, OTP LAB, has been named among the World’s Best Financial Innovation Labs by Global Finance’s for the 6th consecutive year. This prestigious recognition underscores OTP LAB's role as a pioneer in financial technology & business model innovation, consistently exploring new avenues and employing novel solutions in the world of finance and beyond.

Budapest, Hungary – April 14, 2025 – OTP LAB plays a pivotal role in driving digital transformation and implementing cutting-edge technologies within OTP Group. By collaborating with startups, technology companies, and educational institutions, the innovation hub focuses on developing future banking solutions that enhance customer experience and improve internal processes.

OTP Group aims to become a leading and efficient provider of banking services in the digital world. According to András Fischer, Innovation Tribe lead at OTP Bank Hungary, the Group prioritizes a customer-focused approach and the development of intuitive, engaging digital solutions. ‘This requires openness, curiosity, imagination, creativity, as well as a collaborative ecosystem. OTP LAB is part of this ecosystem, where we’re not just imagining the future of finance - we’re building it in close internal and external collaborations. This recognitions we just received reflects the passion, collaborativeness, and dedication of our amazing team’.

Focus on Automation and AI

In response to the global IT workforce shortage, OTP proactively chose to digitize its workforce by integrating human and robotic efforts. Consequently, OTP Lab emphasizes automation, AI, low code/no code, and robotic solutions. The goal is to lead the digitization revolution by creating own automation methodology, expert team, and infrastructure within the bank.

By early 2020, OTP created the first digital workers. This initiative aims to transform OTP into an organization with fast, flexible, error-free, and customer-centric processes. ‘We realized the importance of embracing human expertise while extending our colleagues with virtual "digital arms" to free them from repetitive tasks, making both employees and customers happier.’ – highlighted Mr. Fischer. By now, OTP robotized more than 50 processes and established our services on a group level.

OTP LAB leads numerous AI projects aimed at automating banking processes and increasing efficiency. The application of AI technologies enables the development of personalized customer services, improvement of risk management, and enhancement of customer experience.

Ecosystem Building: Emphasis on Beyond Banking Initiatives

OTP LAB is deeply engaged in the banking group’s beyond banking initiatives also, which go beyond traditional banking products to provide additional value to customers. These services include innovative solutions in areas such as digital payments, exemplified by the versatile Simple mobile app, and online healthcare appointment booking services like 'Book a Doctor' in Hungary. The latest beyond banking solution from OTP is Fizz.hu, an online marketplace that not only offers a wide range of products and services but also several financial products designed to enhance the shopping experience for customers.