What makes Eastern Labs unique?

These days it seems like there is a new innovation lab or tech incubator popping up on every corner. Banks have hopped on the bandwagon and embraced the model, bringing in teams to help them battle the incoming waves of disruption from fintech start-ups.

So why is Eastern Labs different than any other innovation team on the block? Let us tell you.

Taking charge

Unlike other “innovation” labs, the main objective of Labs is to create technology, not react to every new gadget or trend in fintech. Our team has its finger on the pulse and can identify work with promising start-ups or innovators, but their primary purpose is to innovate.

Utilizing the digital assets and data at Eastern Bank, the team at Labs is able to develop technologies that can improve the banking experience of Eastern customers. The platforms built within Labs and Eastern are developed with the intent to be spun into their own companies and integrated into other banks.

Instead of integrating products built by other start-ups or financial companies, Eastern Labs makes their own.

The whole picture

A lot of the innovation in financial services is dedicated to improving the customer experience. This is obviously an incredibly important avenue for improvement, but it’s not the only one.

Labs is rethinking the approach to identifying services and platforms that can be improved. The customer service side has always been a part of the digital revolution in financial services, but Labs is developing technology that can improve every facet from decision making to account opening.

The customer’s experience should always be improving, but we think the bank’s should too.

Partnership

Recognizing the need to adapt to the ever-changing banking landscape and the wave of disruptors coming for their customers, Eastern Bank established Labs to develop new technology. Labs is truly a partnership with Eastern Bank. In order to be successful, innovators must be integrated with bankers.

Bankers are as much a part of the team as a developer or data scientist. While the innovators and developers in Labs have room to innovate and test ideas, bankers are involved with every step of the process.

The partnership allows for the development of technology that is best suited to fit the needs of banks, because it’s built by bankers. There’s the notion that bankers and innovators can’t cohabitate, but we believe you can’t revolutionize the banking industry without the relationship. Though their wardrobes may be different, their goals are the same.