FinTech Innovation Lab New York Now Accepting Applicants for 2023 Class
October 26 2022 - 6:59AM
Business Wire
Program founded by Accenture and Partnership
Fund for New York City seeks companies with tech solutions in areas
such as the metaverse, digital assets, payments and
sustainability
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 collaboration with top financial
services and venture capital firms.
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The FinTech Innovation Lab is designed for entrepreneurs
developing disruptive technologies for the financial services
industry, including in 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
due by Dec. 1.
Following feedback from senior executives at participating
financial institutions, this year’s Lab is seeking companies
leveraging innovative technologies in eight major areas:
- Data: Alternative and synthetic data, predictive
analytics, artificial intelligence (AI) based insights,
unstructured data, new data sources, fraud management in insurance,
and data privacy;
- Digital Client Engagement: Client acquisition and
retention; product customization; and experience
personalization;
- Future of Work: Talent sourcing, onboarding, engagement
and retention; virtual and hybrid experiences;
- Inclusion & Diversity: Financial wellness and
inclusion (un- and under-banked), 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 commerce, 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 investment; and education
solutions.
Through a competitive process, chief technology officers and
senior technology executives from the more than 40 participating
institutions will select the 2023 class. Applicants must have a
working beta version of their technology that is ready to be tested
for either the institutional or retail market.
The Lab will then partner the selected companies with
senior-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 leading technology luminaries. The
program will begin in April and culminate 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 tremendously difficult,” said David
Treat, a senior managing director at Accenture and co-chair of the
FinTech Innovation Lab New York. “Through guidance from executives
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, a managing director in Accenture’s Insurance
industry group, said, “Insurance customers want the same
personalized and seamless digital experiences that they receive
from other service providers, from policy purchase through to
claims. In collaboration with carriers, insurtechs are helping to
drive industry reinvention, 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 the 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 set down roots and
grow. Over the last thirteen years, lab participants have gained
access to the world’s leading financial institutions, learning
first-hand what’s top of mind for the banking, insurance and
venture capital sectors. We look forward to seeing what innovative
solutions the 2023 class brings, particularly as sustainability and
digital currency become major focus areas for the financial
industry.”
Since its founding in 2010, the 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 US$2.2 billion in venture financing, and 24 of them 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 Fund for New York City 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, spur 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 Board is led by co-chairs 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, 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 clients in more than 120 countries. We
embrace the power of change to create value and shared success for
our clients, people, shareholders, partners and communities. Visit
us at www.accenture.com.
Copyright © 2022 Accenture. All rights reserved. Accenture and
its logo are trademarks of Accenture.
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version on businesswire.com: https://www.businesswire.com/news/home/20221026005185/en/
Michael McGinn Accenture +1 312 693 5707 m.mcginn@accenture.com
Natasha Avanessians Partnership for New York City +1 917 553 3026
navanessians@pfnyc.org
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