SYS-CON MEDIA Authors: Greg Ness, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

News Feed Item

Six Entrepreneurs Showcase Cutting-Edge Financial Services Solutions at 2014 FinTech Innovation Lab Demo Day in New York

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.

About Accenture

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, focused on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud platfo...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to th...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...