Accenture has launched the FinTech Innovation Lab in London to help speed up the development of new technologies for the financial services industry. This initiative is supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board.
The FinTech Innovation Lab London is designed to help create and develop technology for commercial applications in the financial services sector.
The program will search for technology entrepreneurs through competition and give them the chance to create, fine-tune their innovations.
The technology entrepreneurs will be under the tutelage of top executives from leading financial institutions around the world, including:
- Bank of America Merrill Lynch
- Business Growth Fund
- Credit Suisse
- Deutsche Bank
- Euclid Opportunities
- Goldman Sachs
- JPMorgan Chase
- Morgan Stanley
- UK Business Angels Association
The FinTech Innovation Lab London seeks to promote technology innovation and spur economic development and job growth in London. The lab is based on a similar programme in New York which has already helped financial start-ups.
The FinTech Innovation Lab London is open to technology companies that are in their early stages with specialities in mobile, data management, analytics, security and social media. Applicants can apply to participate in the Lab until November 1.
Chief technology officers and senior technology executives from different institutions will select six entrepreneurs to join in the Lab via a competition. Those qualified will join a twelve-week programme where participants are partnered with senior-level bank executives and other successful entrepreneurs to fine tune technologies and business strategies through a series of workshops, panel discussions, meetings and presentations. Finally, the programme ends with an Investor Day preparation where the six participants will present in front of venture capitalists and financial industry executives.
Richard Lumb, Group Chief Executive-Financial Services at Accenture: “This programme can make a big difference to the commercial success of new technologies by bringing innovators and entrepreneurs together with their potential customers.”
Boris Johnson, The Mayor of London: “The project has huge potential to help spur jobs and growth and I’m sure will attract some very bright minds whose inventions could help to revolutionise the financial services of this great city.”
Antony Jenkins, Barclays Group Chief Executive: “The FinTech Innovation Lab London is a great step forward that will enable entrepreneurs to develop new ideas and cement London’s position as a global leader in financial services and technology innovation.”
I love London. It is always great to see our Mayor building on the immense exposure of London’s ‘silicon roundabout’ -up to the roof since TweetDeck’s high profile acquisition by Twitter for close to £25M back in May 2011- and further establishing London as one of the most innovative cities in the world and a place of choice for tech startups.
What do you think of the FinTech Innovation Lab London? Do you plan to participate? Bankers and investment managers, do you think the Lab will help fast track digital innovation in the overall conservative UK financial services industry?
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