According to its creators, the FinTech Innovation Lab is designed for entrepreneurs developing disruptive enterprise technologies for the financial services industry, including the banking, insurance, and asset management sectors. This year’s Lab is seeking companies leveraging innovative technologies and building end-to-end solutions around five major areas:
- Cloud: Including cloud management, migration, and security
- Data: Alternative data sources to improve underwriting analytics, as well as tools for data management, governance, privacy and visualization
- Digitization: Automating and scaling internal processes to drive operational and engineering efficiencies
- Engagement: Tools focused on clients, employees or agents, including for customer acquisition and experience, product customization, predictive analytics, and talent development
- Security: Solutions focused on cyber, risk and identity management, and fraud.
Maria Gotsch, Co-Founder of the FinTech Innovation Lab and President and CEO of the Partnership Fund for New York City, stated:
“When we established the FinTech Innovation Lab 10 years ago, few financial institutions were sourcing technology in New York. Now there is a rich ecosystem of fintech entrepreneurs, venture dollars and corporate engagement here that has enabled fintechs to scale and create jobs locally. New York is now a leading center of fintech — particularly for enterprise solutions.”
The program’s organizers went on to add that applicants must have at least a working beta version of their technology that is ready to be tested for either the institutional or retail market. The Lab will partner the selected fintech entrepreneurs with senior-level bank, insurance and wealth management executives, who will help them develop and refine their technologies and business strategies through a series of one-on-one meetings, panel discussions, user-group sessions, and networking opportunities.