New York is rolling into its third year operating the FinTech Innovation Lab which brings together a small group of selected early stage financial technology vendors with leading city banks, Accenture and venture capital firms for three months of intensive collaboration.
“You are literally condensing three years of product and business development development in financial services into 90 days, and the program lives up to that,” said Adam Sodowick, founder and CEO of True Office , a company he set up to offer training and compliance education through games on PCs and mobile devices. True Office also tests students and tracks the test results for the bank and, if requested, regulators.
“It is incredible how much you are able to get, and the relationships that grow out of it, in such a compressed time,” he added.
Bob Gach, global managing director for capital markets at Accenture, said the program helps startups which are coming into global banks learn how to integrate their technology with the banks’ systems and how to sell to them.
Accenture, with more than 3,000 people in New York, saw the Lab as an opportunity to help the city create more high-end jobs in financial technology, and, not so incidentally, to deepen its own relationships with financial services clients while simultaneously getting a glimpse of rising new technology innovations. The consultancy helps with program management, provides some workspace and conducts sessions for the banks, VCs and entrepreneurs.