NEW YORK–(BUSINESS WIRE)–Applications are now being accepted for the FinTech Innovation Lab New York, a 12-week program founded by Accenture (NYSE: ACN) and the Partnership Fund for New York City that helps early- and growth-stage fintech companies accelerate product and business development through collaboration with top financial services and venture capital firms.
The FinTech Innovation Lab is designed for entrepreneurs developing disruptive technologies for the financial industry, including banking, capital markets and insurance. Now in its 13th year, the lab has helped establish New York City as a competitive fintech hub for enterprise technology innovation.
Applications for the 2023 class are available online here and must be submitted by December 1.
Following feedback from senior managers at participating financial institutions, this year’s Lab seeks companies that utilize innovative technologies in eight main areas:
- Data: Alternative and synthetic data, predictive analytics, artificial intelligence (AI) based insights, unstructured data, new data sources, fraud management in insurance and data protection;
- Digital client engagement: Customer acquisition and retention; product customization; and experience personalization;
- The future of work: Talent acquisition, onboarding, engagement and retention; virtual and hybrid experiences;
- Inclusion and diversity: Economic Wellbeing and Inclusion (U- and Under-Banking) and Diversity;
- Metaverse/Web 3.0: Distributed ledger technology, blockchain, digital assets, cryptocurrency solutions, decentralized finance and insurance; smart contracts, customer experience, digital twins and e-commerce enablement;
- Payments: Global trade, foreign exchange transactions and infrastructure modernization;
- Risk and compliance: Automation, risk assessment, regulatory compliance, digital identity and security solutions, and records management; and
- Sustainability: Environmental, social and corporate governance (ESG); carbon solutions; risk identification, reporting and mitigation; sustainable investments; and educational solutions.
Through a competitive process, chief technology officers and senior technology leaders from the more than 40 participating institutions will select the 2023 class. Applicants must have a working beta version of the technology that is ready to be tested for either the institutional or retail market.
The lab will then engage the selected companies with top-level executives from the participating financial institutions, who will help them develop and refine their technologies and business strategies through a series of one-on-one meetings, panel discussions, user group sessions and networking opportunities, including with senior technology fixtures. The program starts in April and culminates in June with a demo day, where the class will present to an audience of venture capitalists and financial industry executives.
“While fintechs are reimagining every corner of financial services, achieving scale is enormously difficult,” said David Treat, senior managing director at Accenture and co-chair of the FinTech Innovation Lab New York. “Through guidance from leaders at leading global financial services firms, the lab helps them rethink what’s possible, test new products and accelerate their innovations to unlock value for the industry and customers.”
Rick Barto, managing director of Accenture’s insurance industry group, said: “Insurance customers want the same personalized and seamless digital experiences they receive from other service providers, from insurance purchase to claim. Working with carriers, insurtechs are helping drive industry innovation, leveraging AI and other technologies to provide greater customization, faster claims response times and improved underwriting capabilities across all insurance categories.”
Maria Gotsch, co-founder of FinTech Innovation Lab New York and president and CEO of the Partnership Fund for New York City, said: “The FinTech Innovation Lab has established New York as one of the most attractive cities for fintechs to put down roots and grow. During of the past thirteen years, Lab participants have gained access to the world’s leading financial institutions, learning first-hand what matters most to the banking, insurance and venture capital sectors.We look forward to seeing what innovative solutions the Class of 2023 brings, especially as sustainability and digital currency will be major focus areas for the financial industry.”
Since its founding in 2010, FinTech Innovation Lab New York has assisted entrepreneurs from 99 technology companies. These program graduates have created more than 2,000 jobs and raised more than $2.2 billion in venture funding, 24 of which have been acquired.
The full list of participating financial institutions and venture capital partners can be found here.
About the Partnership Fund for New York City
The Partnership for New York City Fund is the $180 million investment arm of the Partnership for New York City, New York’s leading business organization. The fund’s mission is to engage the city’s business leaders to identify and support promising entrepreneurs – in both the for-profit and nonprofit sectors – to create jobs, stimulate new business and expand opportunities for New Yorkers to participate in the city’s economy. As an “evergreen” fund, realized gains are continuously reinvested. The partnership fund’s board is led by co-chairmen Tarek Sherif and Sanjay Swani. Maria Gotsch, President and CEO, leads the team. More information about the fund can be found at www.partnershipfundnyc.org.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer strategy and consulting services, technology and operations services and Accenture Song – all powered by the world’s largest network of advanced technology and intelligent operations centers. Our 721,000 people deliver on the promise of technology and human ingenuity every day, serving customers in more than 120 countries. We embrace the power of change to create value and shared success for our customers, people, shareholders, partners and communities. Visit us at www.accenture.com.
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