Applications are now being accepted for the FinTech Innovation Lab New York, a 12-week program co-founded by Accenture (NYSE: ACN) and the Partnership Fund for New York City that helps early- and growth-stage financial technology companies accelerate product and business development through in-depth collaboration with top financial services and venture capital firms.
The FinTech Innovation Lab is designed for entrepreneurs developing enterprise technologies for the financial services industry, including the banking, insurance and asset management sectors.
Applications for the 2021 class are available at www.fintechinnovationlabnyc.com and due by Tuesday, Dec. 1. A virtual information session will be held for applicants on Tuesday, Nov. 10.
This year’s Lab is seeking companies leveraging innovative technologies in seven major areas:
- Cloud – cloud management and migration at speed, security, multi-cloud, and cloud user interface / user experience;
- Cyber-Tech – cyber resiliency, security, and fraud detection;
- Data – predictive analytics, synthetic data, and alternative sources to inform business decision making, governance, visualization, enhancements and automation;
- Digital Engagement – digital client and partner engagement including customer acquisition and experience, and product customization;
- Enterprise IT – solutions addressing information technology and engineering needs including DevOps, engineering efficiencies and automation, and application portfolio rationalization and management;
- Future of Work – collaboration among stakeholders in the remote work environment, including virtual deal management, talent development and organizational management; and
- Sustainability – environmental, social and corporate governance (ESG); financial health and inclusion; organizational culture; and diversity and inclusion programs.
Through a competitive process, chief technology officers and senior technology executives from the 43 participating financial and insurance institutions will select companies to participate in the 2021 Lab, which begins in April 2021.
Applicants must have at least a working beta version of their technology that is ready to be tested for either the institutional or retail market. The Lab will partner the selected fintech entrepreneurs with senior-level bank, insurance and wealth management executives, 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.
The Lab culminates in June 2021 with Demo Day, where participants will present to an audience of venture capitalists and financial industry executives. Due to the COVID-19 pandemic, the 2020 FinTech Innovation Lab was conducted virtually, with participating financial institutions and venture capitalist firms continuing to deliver the mentoring and feedback that has made the Lab unique. The 2021 Lab is expected to be conducted virtually again.
Since its founding in 2010, the lab has provided entrepreneurs from 79 technology companies with mentoring and access to CEOs, chief technology officers and chief information officers from more than 40 financial and insurance institutions, as well as venture capitalists and technology luminaries.
Previous participants include Digital Asset Holdings, a provider of distributed ledger technology-based solutions; Enigma, which transforms disparate data into applicable intelligence; and Pymetrics, which applies proven neuroscience games and artificial intelligence to reinvent the way companies attract and retain talent. Program graduates have created more than 1,200 jobs and raised more than US$1.3 billion in venture financing after participating in the program, and 14 participating companies have been acquired.
Among the 43 participating institutions providing mentoring and guidance for this year’s applicants are:
AIG; AllianceBernstein; Ally Financial; American Express; Aon; AQR Capital Management; AXA XL; Bank of America; Barclays; BlackRock; BNP Paribas; BNY Mellon; Capital One; CIT; Citi; Credit Suisse; Deutsche Bank; Fidelity Investments; Global Atlantic; Goldman Sachs; Guardian Life; JPMorgan Chase; KeyBank; Marsh & McLennan; Mastercard; Mizuho Americas; Morgan Stanley; New York Life; NFP; Rabobank; RBC Capital Markets; Société Générale; Synchrony; The D. E. Shaw group; The Hartford; The Travelers Companies, Inc.; TIAA; U.S. Bank; UBS; USAA; Wells Fargo; and Zurich North America. Supporting venture-capital firms include: Anthemis; Bain Capital Ventures; Canaan; Canapi Ventures; Contour Venture Partners; FinTech Collective; Nyca Partners; Oak HC/FT; Rho Ventures; RRE Ventures; and Warburg Pincus.