“We worry a lot about how do we make sure we are listening when we should be listening,” said David Reilly, technology infrastructure executive at Bank of America. “It’s all too easy for a large enterprise to focus on the very effective partners we already have, the very large and effective partners who give us great service. But that can make you sometimes tune out a little bit and not go out of your way to listen to a company with a great solution they they haven’t learned how to pitch.”
The FinTech Innovation Lab, which has completed its third year, is sponsored by the Partnership Fund for New York and run by Accenture. It brings together promising technology providers who want to work with leading banks for 12 weeks of intensive meetings and collaboration to help the vendors learn how to sell to banks and find the appropriate people within the organizations to talk with.
The Lab ended with a Demo Day last week where participating technology vendors presented to the participating banks including American Express, Bank of America, Barclays, Capital One, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street Corporation, UBS, Ally Financial and New York Life. Investment firms in the program include Bain Capital Ventures, Contour Venture Partners, Rho Ventures, RRE Ventures and Warburg Pincus.
The goal is to increase the number of financial technology companies operating in New York and expand the resources available to banks. Accenture launched a similar program this year in London with many of the same banks participating.