FinTech Innovation Lab New York Now Accepting Applicants for 2020 Class - Seite 2

Through a competitive process, a mix of fintech and insurtech chief technology officers and senior technology executives from the 43 participating financial institutions will select companies to participate in the 2020 Lab, which begins in April 2020. In recent years, financial institutions have favored more-mature companies, with average capital raised for the 2019 Lab companies exceeding $13 million.

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 2020 with Demo Day, where participants will present to an audience of venture capitalists and financial industry executives at an event hosted at the Bank of America Tower at Bryant Park.

“The evolution of artificial intelligence, blockchain and extended reality capabilities is bringing a new wave of enterprise transformation — helping financial institutions harness new data sources to improve the customer experience, digitize and refine their operations to create new efficiencies, and engage customers with more personalized and differentiated offerings,” said David Treat, a managing director in the Financial Services practice of Accenture, which co-founded the Lab. “It often takes a team approach to capitalize on these technologies, and we anticipate an exciting round of fintech and insurtech innovations for this year’s class as well as continued industry collaboration.”

“We have increasingly seen international companies participate in the Lab as a way to enter the U.S. market and build partnerships with New York financial institutions. In addition, post-Series A and B companies have found the Lab to be a helpful platform for collaborating with banks & insurance companies and receiving feedback on new use cases to accelerate business development efforts and ultimately product adoption,” said Sunny Parikh, director of the FinTech Innovation Lab New York.