We are plagued by zoom and darkness due to the partial or complete blockade caused by the pandemic, but we are relieved to know that the promotion of financial innovation is moving forward at full speed.
Since October 19th, FinTech Innovation Lab New York supporters have been accepting applications for the 2021 Lab Program. Financial technology entrepreneurs who will be members of the 2021 class will participate in a 12-week intensive mentorship of banking, insurance and wealth management professionals. This collaboration aims to create disruptive technologies that have the potential to invigorate financial services.
Co-founded by consultancy Accenture and the New York City Partnership Fund, this special program targets early and growing financial technology companies that want to accelerate product and business development through in-depth collaboration and support in the 11th year. is. Venture capital company.
Participation in the lab is determined by a competitive process. The Chief Technology Officers (CTOs) and senior technical executives of 43 participating financial services and insurance companies will review and select companies in the 2021 Labs scheduled to launch in April 2021.
Applicants must have at least practical beta technology ready to be tested in either the institutional or retail market, according to FinTech Lab officials. Lab collaboration between FinTech entrepreneurs and senior management helps develop and improve technology and business strategies through a series of one-on-one meetings, panel discussions, user group sessions, and networking opportunities.
The highest point of the effort will take place on Demo Day in June 2021, where participants will give a presentation to an audience of venture capitalists and financial industry executives. The COVID-19 pandemic has effectively implemented the 2020 FinTech Innovation Lab, and participating financial institutions and venture capitalist companies continue to provide mentoring and feedback that makes the lab unique. The 2021 Lab will be virtually re-launched.
The Innovation Lab is recognized for having New York City on the FinTech map.
In fact, Maria Gotsch, president and CEO of New York City’s Partnership Fund, said in a recent FTF News Q & A that pioneering labs helped New York City become an influential hub for innovation.
Oh, absolutely, Gotsch says. We are the second largest technology sector in the world and FinTech is an important part of it. And, especially in companies, I think we can attract deep-area experts and combine them with technicians. (Q & A with her can be found at https://bit.ly/2GfA8ig.)
The Partnership Fund is a $ 170 million investment arm of the New York City Partnership. Gotsch oversees the FinTech Innovation Lab, which helped launch in 2010. In fact, she was named to the Editor’s Choice Awards, an important honor of the 2020 FTF News Technology Innovation Awards.
In the 2021 program, lab officials report that senior executives at participating financial institutions want innovation in seven key areas.
Cloud Computing: Cloud management and migration with speed, security, multi-cloud, and cloud user interfaces / user experiences. Cyber-Tech: Cyber resilience, security, and fraud detection. Data: Predictive analytics, synthetic data, and alternative sources that inform business decision-making, governance, visualization, enhancement, and automation. Digital Engagement: Engagement of digital clients and partners, including customer acquisition and experience, product customization, and more. Enterprise IT: Solutions that address the needs of information technology and engineering, including DevOps, engineering efficiency and automation, and application portfolio rationalization and management. The future of work: Collaboration between stakeholders in a remote work environment, such as virtual transaction management, human resource development, and organizational management. And sustainability: environmental, social and corporate governance (ESG). Financial soundness and inclusiveness; organizational culture; diversity and inclusion programs.
Information on the 2021 class application process can be found at https://bit.ly/3kHlEq8. The application deadline is Tuesday, December 1, 2020.
The current pandemic and its ongoing challenges advocate FinTech innovation.
COVID-19 reveals that financial institutions need to accelerate their innovation and digitization efforts. David Treat, managing director of Accenture’s financial services operations, said companies that have made progress in cloud, data, analytics and security will show a higher level of operational resilience and be faster to meet the evolving needs of their customers. He states that he was able to act. statement.
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