HomeUSAFinTech Innovation Lab New York Opens Applications for 2024 Class

FinTech Innovation Lab New York Opens Applications for 2024 Class

FinTech Innovation Lab New York

FinTech Innovation Lab New York, a 12-week program co-founded by Accenture and the Partnership Fund for New York City, opened applications.

The program helps early- and growth-stage fintech companies accelerate product and business development through in-depth collaboration with top financial services and venture capital firms.

The FinTech Innovation Lab is designed for entrepreneurs developing disruptive enterprise technologies for the financial services industry, including the banking, insurance, and capital markets sectors.

Based on feedback from senior executives at participating financial institutions, this year’s Lab is searching for promising early- and growth-stage companies developing solutions in seven major areas:

  • Generative AI: Advice/advisory services, underwriting and claims, call centers, content creation, cybersecurity, enterprise process support, code generation and governance tools;
  • Cybersecurity: Biometrics, quantum computing, insurance fraud management, regulatory compliance, risk management, security, third-party risk and vulnerabilities;
  • Data: Alternative and synthetic data, AI-based insights, extraction, new data sources, open banking, predictive analytics, transfer and data privacy, and unstructured data;
  • Digital Client Engagement: Digital identity, digital wallet, customer experience, financial literacy tools, product customization, retention, and spatial computing (internet of things, augmented and virtual reality, digital twins);
  • Enterprise Operations: Dev-ops, digitalization, engineering solutions, IT operations tech, and process automation;
  • Insurtech: Claims and underwriting, cyber solutions, emerging risk, life insurance, new insurance products, and property and casualty;
  • Payments: Embedded finance, infrastructure modernization, new payment rails, and real-time/instant payments.

Applications for the 2024 class are open and available here. Companies are encouraged to apply early, with limited space available, and a virtual information session will be held for interested applicants today from 12-1 p.m. EDT.

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.

Through a competitive process, chief technology officers and senior technology executives from the more than 40 participating financial institutions will select the 2024 class.

The Lab will then partner the selected fintechs with senior-level executives from the participating institutions, who will help them develop and enhance 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 and corporate luminaries. The program will begin in April and culminate in June 2024 with a Demo Day, where the class will present to an audience of venture capitalists and financial industry executives.

Since its founding in 2010, the FinTech Innovation Lab New York has assisted entrepreneurs from 109 technology companies. These program graduates have created more than 3,000 jobs and raised more than $2.6 billion in venture financing, and 26 of them have been acquired.

The full list of participating financial institutions and venture capital partners can be found here.

VCWire

20/10/2023