|By Business Wire||
|June 26, 2014 09:03 AM EDT||
Leading-edge mobility, data analytics and credit risk solutions were among the six technology innovations demonstrated for top financial services, venture capital and technology executives at the fourth annual FinTech Innovation Lab Demo Day in New York today. The Lab is a 12-week mentoring program created by Accenture (NYSE:ACN) and the Partnership Fund for New York City and supported by more than a dozen of the world’s leading financial institutions to promote financial services technology (“fintech”) innovation and high tech job growth in New York City.
This year’s entrepreneurs were chosen by chief technology officers from 15 participating financial institutions. The companies included Enigma, Kasisto, LMRKTS, pymetrics, RevolutionCredit and Standard Treasury. The group has spent the last 12 weeks receiving high level mentoring, product and business development advice and exposure to senior financial industry, technology and venture capital executives.
Since the Lab was founded in 2010, the 18 previous alumni companies have raised a total of more than $76 million in financing after participating in the program. One alumni company was recently acquired for $175 million. Financial services companies supporting the Lab include: Ally Financial, American Express, Bank of America, Barclays, Capital One, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Guardian Life, JPMorgan Chase, Morgan Stanley, New York Life, State Street Corporation and UBS. Supporting venture capital firms include Bain Capital Ventures, Contour Venture Partners, Rho Ventures, RRE Ventures and Warburg Pincus.
The 2014 FinTech Innovation Lab participants are:
- Enigma provides access to thousands of disparate sources of public data on companies, people, and locations. It pulls together tens of billions of records from sources as diverse as SEC filings, government spending contracts, and asset-ownership records – conveniently indexes the information so it can be used to support business decisions, such as underwriting, prospecting and trading. Financial institutions use Enigma as a supplement to proprietary databases to increase access to credit for small businesses, and assess real estate portfolio risk.
- Kasisto is a new spin off from SRI International, the creator of Siri. Kasisto provides a next generation, digital banking experience through a conversational user interface that lets consumers easily and quickly access financial information and perform complex transactions on their smartphones and tablet devices. The Kasisto Conversational AI Platform allows banks to rapidly and cost-effectively integrate branded intelligent virtual personal assistants into their mobile applications. From retail to private to commercial banking, the Kasisto platform can be used to provide breakthrough customer experience, reduce costs and drive better user engagement on mobile channel.
- LMRKTS’ platform enables market participants to report, reconcile and reduce counterparty credit risk across a variety of asset classes. As a neutral third party, LMRKTS helps financial institutions net their existing derivatives exposures by applying algorithms that recommend changes in counterparty exposures when institutions are both long and short. This can help significantly reduce counterparty risk and related capital charges for banks, and can be employed as a central platform for minimizing systemic risk.
- pymetrics is the next generation job marketplace. Using proven neuroscience and big data, they match candidates to jobs and companies where they'll perform at the highest levels. pymetrics assesses career aptitude in candidates with neuroscience games, the latest scientific innovation in cognitive and personality assessment. They create proprietary, data-driven profiles from top employees’ performance on the games to find top-suited job candidates. Companies using pymetrics see massive efficiency gains in recruiting and overall performance management.
- RevolutionCredit is the first B2B credit data and decisioning platform to combine behavioral data and gamified financial education to benefit both consumers and financial institutions. Lenders, creditors, utilities, and subscription service providers partner with RevolutionCredit to assess consumer credit worthiness, improve customer acquisition and retention, and decrease loan losses. Through RevolutionCredit creditors identify consumers who will perform one to two credit score bands better than their credit score would otherwise indicate.
- Standard Treasury builds, maintains, and supports white-labeled and co-branded developer platforms for banks worldwide. Standard Treasury partner banks see material top-line growth through decreased costs to service their customers, decreased churn, and increased transaction volumes, while delivering tremendous value to their customers.
“The FinTech Innovation Lab leverages New York City’s position as the largest market in the country for enterprise-grade financial technology,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “Because of this regional advantage, the city’s core banks and other financial institutions are able to commit their time and resources to building the local tech sector. Their involvement adds expertise and insight to help accelerate new product development for the six participating companies at a speed that would otherwise not be possible. The result is faster product launches, local job creation and the establishment of New York City as a hub for innovative financial tech.”
“FinTech entrepreneurial innovations are becoming a valuable strategic lever for the financial services industry,” said Bob Gach, global industry managing director of Accenture’s Capital Markets practice. “New technologies have made it possible for small ventures to research and develop powerful solutions for industry ‘pain points’ and create growth opportunities. By opening their doors to these ideas, banks can accelerate their own innovation agendas and drive growth and efficiency. We are proud of the impact that the FinTech Innovation Lab is having on the FinTech ecosystem and of the work that has been done by the entrepreneurs and financial institutions in this year’s program.”
The FinTech Innovation Lab has developed an extensive network of experienced entrepreneurs to provide advice to participants. Pro bono advice was provided to the 2014 class by members of the network, including three distinguished executives-in-residence: Andy Brown, former group chief technology officer at UBS; Cristóbal Conde, former CEO of SunGard; and Dr. David Mordecai, Visiting Scholar at New York University’s Courant Institute of Mathematical Sciences.
“Ally Financial is committed to providing its customers with advanced technology solutions. We’re proud to work with the FinTech Innovation Lab to identify emerging technologies and help shape their products for the financial services market,” said Michael Baresich, Chief Information Officer at Ally Financial Inc.
“It is important we continue to work with and support start-ups,” said David Reilly, Bank of America Technology Infrastructure executive. “Not only are these companies’ ideas and solutions addressing real customer needs and issues, they also are providing the opportunity for financial institutions to think in a non-traditional way about approaching change as a form of innovation across their organizations.”
“We continually explore and invest in emerging technologies to keep pace with the rapid rate of change,” said Skip Potter, Vice President, Engineering at Capital One. “The impact and digital disruption of cloud and social technologies, widespread mobility and data analytics is on display every day, and supporting the FinTech Innovation Lab is one way we stay connected and engaged with some of the latest thinking in banking technology.”
“Each year, the pool of applicants and entrepreneurs selected improves,” said Nigel Faulkner, Credit Suisse’s CIO of Investment Banking. “And I am impressed with both the innovation they bring to the table and the value this program generates for the startup firms, financial institutions, and New York City overall. We’re proud to be global sponsors and look forward to next year’s entries.”
“JPMorgan Chase is excited to partner with the FinTech Innovation Lab to mentor this year’s class of innovative startups in NYC,” said Larry Feinsmith, Managing Director, Global Technology Strategy and Partnerships, JPMorgan Chase. “We are in a unique position to work closely with these emerging companies on disruptive solutions for our critical business challenges.”
Based on the success of the FinTech Innovation Lab in New York, Accenture launched the FinTech Innovation Lab London in 2012 and recently launched the FinTech Innovation Lab Asia-Pacific in Hong Kong.
About the Partnership Fund for New York City
The Partnership Fund for New York City is the $110 million investment arm of the Partnership for New York City (www.pfnyc.org). The Fund’s mission is to engage the City’s business leaders to identify and support promising NYC-based entrepreneurs in both the for-profit and non-profit sectors to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. 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. Maria Gotsch serves as President and CEO of the Fund.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 289,000 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$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is www.accenture.com.
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 27, 2016 04:00 PM EDT Reads: 2,449
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 27, 2016 03:30 PM EDT Reads: 2,174
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 27, 2016 03:30 PM EDT Reads: 1,095
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
May. 27, 2016 03:00 PM EDT Reads: 377
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 27, 2016 03:00 PM EDT Reads: 2,452
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 27, 2016 03:00 PM EDT Reads: 2,141
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
May. 27, 2016 03:00 PM EDT Reads: 1,920
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 27, 2016 02:12 PM EDT Reads: 255
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 27, 2016 02:00 PM EDT Reads: 1,992
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 01:45 PM EDT Reads: 2,156
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 12:30 PM EDT Reads: 2,820
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
May. 27, 2016 12:00 PM EDT Reads: 506
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
May. 27, 2016 12:00 PM EDT Reads: 1,630
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 27, 2016 12:00 PM EDT Reads: 2,219
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 27, 2016 12:00 PM EDT Reads: 1,947