Accenture announced on Monday that 20 startups were chosen for the 2017 Fintech Innovation Lab London’s 12-week program. This class is considered the largest class in the London Lab’s five-year history and this year’s program reported received the greatest number of applicants, with an increased interest from startups in the Middle East, Turkey, Russia, the Nordica, and North America.
According to Accenture, as part of the 12-week program, participating startups will partner with senior bank and insurance executives that will help them fine-tune and develop their technologies and business models. Eight of the 20 startups will be selected to present to a group of venture capitalists and financial industry executives at the program’s graduation on March 30th. The startups are the following:
- Corporate and Investment Banking: Neuroprofiler, Traderiser, SamurAI, Origin, and TheMarketsTrust Ratings
- Retail Banking: Enforcd, Big Data Scoring, Bud, Akoni, and Lifescale
- Insurance: Digital Fineprint, Kabzy, SPIXII, InsureStreet, and Kasko
- Tech4Tech: RELAYTO/INTERACTIVE DOCUMENTS, CountOpen, Secure Code Warrior, Harmony, and Chronicle Software
Accenture also reported that fintech companies that offer artificial intelligence (AI), blockchain, and gasification technology for banks and insurers are among the selected startups of the program’s latest class. The class participants are set to address some societal issues, which includes:
- Financial literacy and money management challenges among UK consumers.
- The affordability crisis of the UK rental market.
- The cost of insurance via improved identification of fraudulent claims.
Mentors in the programme come from 28 financial institutions, which are Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, Lloyds Banking Group, Morgan Stanley, Nationwide, RBS, Intesa Sanpaolo, Santander, Société Générale, UBS, Rabobank, Standard Chartered, OP Financial Group, IF, MS Amlin, AIB, AXA, RSA, AIG, TowerGate, Ageas, Liverpool Victoria and XL Catlin.
Tom Graham, program director of Fintech Innovation Lab London, stated:
“The transformation requirements that the financial services industry must undertake to remain relevant arguably pose a bigger challenge than the immediate geo-political uncertainty casting a shadow over the industry. Innovation must continue. The FinTech Innovation Lab London is helping startups forge ties to thrive at home and abroad. This opportunity offers light-bulb moments to banks and insurers with exciting innovations that can help make financial services work better for consumers and the broader economy.”
The FinTech Innovation Lab London will be held in the Trampery Republic, an innovation facility at East India in London’s Docklands.