Program participants include 51maps,
AlphaPoint, Cambridge Blockchain, ForwardLane, Quarule, Syndicated
Loan Direct, T-REX Group and untapt
A select group of leading-edge financial services technology
(fintech) companies demonstrated their products and services to
dozens of top bank, venture capital and technology executives today
at the sixth annual New York FinTech Innovation Lab Demo Day.
Created by Accenture (NYSE:ACN) and the Partnership Fund for New
York City in 2010, the FinTech Innovation Lab is a 12-week
mentoring program to enhance fintech innovation and drive high-tech
job growth in New York City by connecting startups with decision
makers at some of the world’s leading financial institutions. This
year’s Demo Day was held at Bank of America’s One Bryant Park in
Manhattan.
The eight companies in this year’s lab were selected by senior
technology executives from 16 participating financial institutions
and have spent the last 12 weeks receiving intensive mentoring,
product and business-development advice, and exposure to senior
financial industry, technology and venture capital executives. The
2016 FinTech Innovation Lab participants are:
- 51maps – provides a secure
platform that allows companies to integrate all of the applications
used by employees into one central, secure dashboard that can be
accessed on any device. This enables a seamless, intuitive user
experience with enhanced security and navigation, increasing
employee efficiency as well as the overall customer
experience.
- AlphaPoint – provides
blockchain-enabled solutions to issue, track, and trade digital
assets. Its secure, scalable, and customizable platform enables
customers to deploy blockchain technology today to reduce
operational costs and generate revenue from new products and
services. AlphaPoint has 3 live blockchain applications, with over
20 customers, and over $500 Million transacted on the
platform.
- Cambridge Blockchain – an
identity management platform for multinational banks that puts
control of personal identity data back in the hands of the end
user. This blockchain-enabled approach meets the strictest new data
privacy rules, eliminates redundant know-your-customer compliance
steps and improves the user experience.
- ForwardLane – uses artificial
intelligence to scale the quality and sophistication of ultra-high
net worth investment advice to everyone. The wealth management
solution empowers financial advisors to deliver high-quality,
personalized and differentiated service to clients.
- Quarule – automates risk
controls and compliance certification at scale by teaching
computers the meaning of regulations, policies and standards using
Artificial Intelligence and technology licensed from SRI
International.
- Syndicated Loan Direct –
extracts information from unstructured legal debt documents using
artificial intelligence to create financial metrics that
drastically reduce analysis time, improve capital management,
assist with quicker trading decisions, and increase liquidity.
- T-REX – a platform that provides
tools for sophisticated risk analysis and valuation of assets to
make the finance process more efficient and transparent, shortening
the transaction time from up to six months to less than one week.
The platform initially focuses on renewable energy assets, such as
solar, and plans to expand into additional asset classes.
- untapt – a data-driven hiring
platform that uses machine intelligence to better match quality
technologists with hiring managers. This allows companies to fill
their growing need for engineering talent, solving a critical
industry pain point. untapt can be used to bring new talent into a
company, or can be used within an organization as an internal
mobility tool.
The New York FinTech Innovation Lab’s 31 alumni companies have
raised a total of $296 million in financing after participating in
the program, and four have been acquired, two in 2015 alone,
including Standard Treasury and BillGuard. Financial services firms
supporting the Lab are: Ally Financial; American Express; American
International Group, Inc.; Bank of America; Barclays; BlackRock;
Capital One; Citi; Credit Suisse; Deutsche Bank; Goldman Sachs; The
Guardian Life Insurance Company of America; JPMorgan Chase &
Co; Morgan Stanley; New York Life; and Wells Fargo. Supporting
venture-capital firms include Bain Capital Ventures, Canaan
Partners, Contour Venture Partners, Nyca Partners, Rho Ventures,
RRE Ventures and Warburg Pincus.
“The FinTech Innovation Lab continues to be the premier program
enabling the next generation of successful financial technology
entrepreneurs to grow right here in New York,” said Maria Gotsch,
President and CEO of the Partnership Fund for New York City. “In
just six years, the Lab has grown from ten financial services
partners to 29, which is proof that the city’s financial
institutions understand that their growth depends on their ability
to harness innovation. The Lab has created a strong, well-connected
fintech sector in New York City, which has led to a significant
number of jobs being created and an impressive amount of financing
raised. This year’s participants are another clear example of the
incredible innovation taking place in the five boroughs.”
“An unprecedented amount of money has been poured into financial
technology start-ups in recent years, much more than anyone has
predicted,” said Bob Gach, managing director, Accenture Strategy,
Capital Markets and co-founder of the FinTech Innovation Lab. “With
banks continuing to face pressure to find new revenue streams and
fend off competitors while reorienting their business model around
digital, they increasingly recognize the collaborative role fintech
can play to help drive their own evolution. This year’s class is
opening the door to new uses for disruptive technologies like
blockchain and robo-advice, which will help banks develop their
innovation roadmaps.”
“AIG has found both the NYC FinTech members and startups to be
truly thoughtful innovators, and we enjoy participating in this
important program,” says Philip Fasano, Executive Vice President
& Chief Information Officer, AIG.
“Ally is pleased to support the FinTech Innovation Lab and play
an active role in mentoring these young companies,” said Ally
Financial Chief Information Officer Michael Baresich. “As a
relentless ally for our customers, we want to ensure technological
innovation moves quickly from the laboratory into our leading
products and services.”
“Every year we come away energized and more informed from our
relationship with the New York FinTech Innovation Lab and the
participating companies,” said David Reilly, Bank of America Chief
Technology Officer. “As technology becomes more and more critical
to the financial services business, our participation helps keep us
close to the cutting edge – which ultimately benefits how we
service and interact with our customers and clients.”
"BlackRock is focused on partnering with fintech firms that
share our vision of delivering fiduciary client outcomes through
and with technology innovation. The development and delivery of
Aladdin over the last two decades evidences our technology DNA. We
are proud to support the FinTech Innovation Lab in the important
work of mentoring startups, many of whom are addressing the most
interesting challenges in the fintech world,” said Scott Condron,
Managing Director, BlackRock.
“The FinTech Innovation Lab gives New York tech startups a
unique opportunity to build connections, accelerate growth, and
learn alongside a team of experienced mentors and partners,” said
Jaidev Shergill, managing partner at Capital One Growth Ventures.
“The same commitment to collaboration and experimentation that
drives innovation at Capital One is also helping this group of
leading-edge startups take their big ideas and breakthrough
technologies to the next level. We are excited to be part of this
incredible network of entrepreneurs, financial institutions, and
venture capitalists.”
“Citi is proud to participate in the New York FinTech Innovation
Lab to drive innovation for our customers and clients,” said Motti
Finkelstein, CTO-Americas and Global Strategy Planning-Managing
Director. “FinTech is changing the way traditional financial
services are delivered, and we are proud to be a part of this
initiative to help develop state-of-the-art leading capabilities
and opportunities.”
“We need new and innovative ways to deal with the plethora and
pace of change in our industry,” said Steve Hook, Global Markets
CIO at Credit Suisse. "As founding sponsors of the Fintech
Innovation Lab, Credit Suisse mentors startups that bring new and
fresh perspectives to help make us more efficient and deliver more
for our clients. This year, we saw another standout set of
applicants which reaffirmed the value that this program delivers to
the Financial Services sector in NYC."
“JPMorgan Chase is excited to once again serve as a mentor to
startups in the Fintech Innovation Lab,” said Larry Feinsmith,
Managing Director, Global Technology Strategy & Partnerships,
JPMorgan Chase & Co. “The innovation ecosystem built by larger
financial services companies like ours and fintech startups working
together is invaluable – it creates opportunities for all parties
involved.”
Shawn Melamed, Head of Technology Business Development at Morgan
Stanley, said: “The financial services industry is driven by
technology, and we recognize the crucial role forums like the
FinTech Innovation Lab play in connecting us with emerging
technologies that can help us better serve our clients. While the
entrepreneurs benefit from exposure and mentoring by our senior
leadership, we also come away with both insights and inspiration to
use technology in fresh and inventive ways.”
Ravi Radhakrishnan, CIO for Wholesale Banking Technology at
Wells Fargo, added: “This mentorship program gives Wells Fargo one
more way to engage with New York FinTech startups. We help them
understand our specific business needs in their focus area and they
help us explore new ways of meeting those needs.”
Based on the success of the FinTech Innovation Lab in New York,
Accenture launched the FinTech Innovation Lab London in 2012 and
the FinTech Innovation Lab Asia-Pacific in Hong Kong in 2014.
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $115 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 NYC-based
entrepreneurs in both the for-profit and non-profit sectors to
create jobs, spur new business and expand opportunities for New
Yorkers to participate in the City’s economy. The Fund is governed
by a Board of Directors co-chaired by Charles “Chip” Kaye, co-chief
executive officer of Warburg Pincus, and Tarek Sherif, Chairman and
CEO of Medidata. Maria Gotsch serves as President and CEO of the
Fund. More information about the Fund can be found at
www.pfnyc.org.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
373,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160623005301/en/
AccentureMelissa Volin, +
1-215-990-4647melissa.volin@accenture.comorPartnership Fund for NYC
/ Rubenstein CommunicationsFarrell Sklerov, +
1-212-843-8289fsklerov@rubenstein.com
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