In Washington, it took three years for entrepreneur Tim Estes to convince the government to take his digital data-mining program seriously.
In New York City’s financial industry, Estes needed just one meeting.
At the start of a 12-week entrepreneurship mentoring program called the New York FinTech Innovation Lab, Estes was invited to explain his software to executives from Bank of America, UBS AG, Morgan Stanley and other top banks.
Three of the companies that saw the pitch – Goldman Sachs, Credit Suisse and JPMorgan Chase & Co. – were assigned to give him advice to help him tailor his services to the needs of the industry.
As banks rush to improve their technology, they’re giving startups top-level access via the FinTech program, which last month wrapped its second year.