|[November 08, 2012]
The New York FinTech Innovation Lab Launches Search for Leading Financial Technology Innovators
NEW YORK --(Business Wire)--
The Partnership for New York City Fund and Accenture (News - Alert) (NYSE:ACN)
announced the search for top financial technology innovators who will
work with global financial institutions to bring their ideas to market
in the nation's financial capital. Winning companies will be part of the
FinTech Innovation Lab, a 12-week program that helps early- and
growth-stage financial technology innovators accelerate product
development and gain exposure to top-level financial industry
executives. Applications are available at www.fintechinnovationlab.com
and are due by December 19, 2012.
The FinTech Innovation Lab is entering its third year of
operation. Since 2010, it has provided a dozen technology entrepreneurs
with mentoring and access to more than 30 leading bank CEOs, CTOs, CIOs,
venture capitalists and technology luminaries. The six companies in last
year's program deployed 20 proofs-of-concept at participating financial
The Lab provides an opportunity for leading financial institutions to
help develop potentially game-changing technologies within their field.
It is supported by Ally Financial, American Express (NYSE: AXP), Bank of
America (NYSE: BAC), Barclays (LSE: BARC), Capital One (News - Alert) (NYSE: COF),
Citigroup (NYSE: C), Credit Suisse (VX: CSGN), Deutsche Bank (Xetra:
DBK), Goldman Sachs (NYSE: GS), JP Morgan Chase (NYSE: JPM), Morgan
Stanley (NYSE: MS), New York Life, State Street Corporation (NYSE: STT),
and UBS (VX: UBSN). Supporting venture firms include Bain Capital
Ventures, Contour Venture Partners, Rho Ventures, RRE Ventures, and
Warburg Pincus (News - Alert).
"In its first two years, the FinTech Innovation Lab has been uniquely
successful in providing early- and growth-stage fintech companies with
unprecedented access to some of New York City's most important financial
institutions," said Maria Gotsch, President and CEO of Partnership for
New York City Fund. "As a direct result of this engagement, the fintech
companies from past programs are expanding their NYC operations and
creating jobs. We look forward to reviewing the next round of applicants
for the third installment of the FinTech Innovation Lab."
"Technology innovation is one of the most important levers of change in
the financial industry: it can deepen customer relationships, reduce
risks and costs, and create new opportunity," said Bob Gach, global
managing director of Accenture's Capital Markets practice. "Accenture is
delighted to continue in its third year co-sponsoring and running this
important program. We are proud of the Lab's success in helping New York
City develop its financial technology ecosystem and of the strong value
it delivers to supporting institutions."
2013 FinTech Innovation Lab
The FinTech Innovation Lab is a program for entrepreneurs that are
developing cutting-edge technologies for the financial services sector -
particularly in the areas of big data and analytics, mobile and
wireless, payments, risk management, security, and social media and
The chief technology officers and senior technology executives from
the 14 participating financial institutions will select six
entrepreneurs to participate in the Lab through a competitive process.
Applicants must have at least a working beta version of their
technology that is ready to be tested for either the institutional or
The Lab egins in April 2013, and will partner the chosen
entrepreneurs with senior-level bank executives and leading technology
entrepreneurs who will help them fine-tune and develop their
technologies and business strategies through a series of workshops,
panel discussions, user-group sessions, networking opportunities,
one-on-one meetings and presentations. Selected companies will be
entitled to receive $25,000 and work space in New York City.
It culminates in July with a Demo Day presentation by all six
participants in front of an audience of venture capitalists and
financial industry executives.
In September, Accenture launched the affiliated FinTech Innovation Lab
London, which is modeled on the successful New York program. It is
supported by many of the same financial institutions - with the addition
of HSBC, Lloyds Banking Group, and others - and by the Mayor of London
and other civic bodies. Entrepreneurs that are chosen to participate in
either the New York or London Lab may gain access to supporting
financial institutions in both cities.
"Barclays is pleased to support the FinTech Innovation Lab, which is
uniquely positioned to foster economic growth and technical innovation
for both New York City and the financial services industry," said Joe
Squeri, Chief Information Officer for Barclays Corporate and Investment
Banking, and Wealth and Investment Management. "The Lab's work to
connect technology innovators with financial institutions is helping
develop jobs and opportunities in New York City, so that entrepreneurs
can turn their next great idea into business reality."
"Capital One was built around a single innovative concept, and we know
from our own experience that some of the best new ideas are created in
dynamic and creative environments," said Monique Shivanandan, senior
vice president and chief technology officer. "The FinTech Innovation Lab
is a place that allows new ideas to surface and provides us with
exposure to the latest thinking in banking technology."
"The pace of change in our industry is accelerating, and staying a step
ahead is critical to all of us at Citi," said Steve Randich, Citi's
Co-Chief Information Officer. "Participating in the FinTech Innovation
Lab is one of the ways we're keeping up to speed on - and helping to
foster - emerging technologies."
"I'm happy that we at Credit Suisse can continue to support the FinTech
program, now in multiple continents, as we try to discover and help
technically innovative initiatives be successful in our industry," said
Nigel Faulkner, Chief Information Officer, Investment Banking at Credit
"JPMorgan Chase is proud to once again participate in and support the
FinTech Innovation Lab," said Guy
Chiarello, Chief Information Officer for JPMorgan Chase. "Cloud,
Mobile, Big Data Analytics, Social Media and Security are five key
disruptive trends currently transforming much of the financial services
industry. As technology continues to provide strategic leverage for our
businesses, we will continue to turn to the innovators and fresh
thinkers for ideas and solutions in these industry changing areas."
"As a member of the New York City community for more than 167 years, New
York Life is committed to helping drive growth within our community,"
said Don Desiderato, CTO of Investment Information Technology at New
York Life Insurance Company. "Our new partnership with the FinTech
Innovation Lab is a perfect way to continue with this commitment while
also supporting New York Life's strategy of advancing innovation
throughout our firm."
"UBS is proud to partner with and support those firms that are leading
the technology revolution in key areas such as Big Data, Mobile, Social
and Cloud," said UBS Group CTO Andy Brown. "The FinTech Innovation Lab
allows large enterprises like ours to explain our needs and helps the
participants deliver solutions that meet them."
"Warburg Pincus is proud to be a sponsor of the FinTech Innovation Lab,"
said Cary J. Davis, managing director responsible for FinTech
Investments at Warburg Pincus. "The Lab, which connects emerging FinTech
companies with executives at top financial firms in New York City, is
critical to the growth of these new businesses and leverages the City's
role as a global center for financial services."
About the Partnership for New York City Fund
The Partnership for New York City Fund (www.pfnyc.org)
- formerly the New York City Investment Fund - is the vision of Henry R.
Kravis, founding partner of Kohlberg Kravis Roberts & Co., who serves as
its Founding Chairman. The Partnership Fund has raised over $110 million
to mobilize the city's world financial and business leaders to help
build a stronger and more diversified local economy. It has built a
network of top experts from the investment and corporate communities who
help identify and support New York City's most promising entrepreneurs
in both the for-profit and not-for-profit sectors. The Fund is governed
by a Board of Directors co-chaired by Richard M. Cashin, Managing
Partner of One Equity Partners, and Charles "Chip" Kaye, co-president of
Warburg Pincus LLC. The Partnership Fund is an affiliate of the
Partnership for New York City (www.pfnyc.org),
an organization of the leaders of New York City's top corporate,
investment, and entrepreneurial firms. They work in partnership with
city and state government officials, labor groups, and the nonprofit
sector to promote the interest of the city and its neighborhoods. The
Partnership carries out research, policy formulation, and issue advocacy
at the city, state, and federal levels, leveraging the resources and
expertise of its CEO and Corporate partners.
Accenture is a global management consulting, technology services and
outsourcing company, with 257,000 people serving clients in more than
120 countries. Combining unparalleled experience, comprehensive
capabilities across all industries and business functions, and extensive
research on the world's most successful companies, Accenture
collaborates with clients to help them become high-performance
businesses and governments. The company generated net revenues of
US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page
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