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With the start of the 2019 Accenture FinTech Innovation Lab Session only weeks away, DisruptionBanking sits down with the London team to learn more.
You are in your 7th edition, an impressively long run. Can you tell us a little bit of the lab’s evolution over the years?
We began in New York City in 2011 as a collaboration between Accenture and the Partnership Fund for NYC. We wanted to help FinTechs scale. Over the years, we have seen growth thanks to the support of many active executives from major banks and insurers around the world who recognised the role of the ecosystem in creating new business models.
We quickly branched out to London in 2012, and Hong Kong in 2014. As a firm, it’s great to see the growth of our global FinTech community, and learn how different flavours of culture, local regulation and talent, work to shape the respective startup propositions.
How is the Lab team feeling about 2019?
Very excited, especially as we’ve implemented a brand-new stream called ‘Open Banking 4 Good’, which addresses helping those who most need help managing their money. Our four other streams are: InsurTech, RegTech, Corporate & Investment Banking, and Tech4Tech.
This year we’re also putting special emphasis on startups that have been founded by women.
Where will the accelerator be run from?
We’ll have a Central London location that is easily accessible for everyone, and taps into the pulse of city life. The intensity of workshops is thus that face-to-face interaction is a key component.
Which industry sectors have you identified as sectors needing the most innovation?
We welcome any startup passionate to scale, and who is active in our five streams: InsurTech, RegTech, Open Banking4Good, Tech4Tech, Corporate & Investment Banking.
Which companies will be keeping an eye on Fintech Innovation Lab’s candidates?
Over the years, the interest in startups has increased dramatically. Practically all FS firms are engaged.
We typically have hundreds of applications, from which 80 are selected to attend the interview process. Startups pitch to our major banking and insurance partners. Once the pitches are completed, we whittle the number down to the lucky 20.
Can you give me a case example of a successful scaleable?
How about meeting them in person?
Great! Let’s move on to the candidates. What sort of startups are you’re hoping to see?
The best and brightest in RegTech, InsurTech, Tech4Tech, Corporate & Investment Banking, and Open Banking4Good.
We’re looking for startups with:
- Early-and growth-stage technology companies with innovative solutions for financial institutions and insurance companies
- Non-FinTech, growth-stage companies interested in serving financial services clients
- Companies with at least a beta version of their technology and proven track record of successfully integrating with customers
- If selected, at least two members of the company must relocate to London for the duration of the program
Essentially we’re after scalable problems solvers who can grow faster, supported by our global community network.
Any preparation tips for startups?
- Rehearse and practice;
- Rehearse and practice;
- Rehearse and practice!
We run the interviews over a 5-day period where startups have the opportunity to pitch their product as well as themselves to our panel of partners, mentors and Accenture leaders.