Accenture: New York’s 2012 FinTech Innovation Lab Demo Day Focuses On Digital

By Rob Starr, Content Manager, Big4.com

A select group of entrepreneurs supported by Wall Street leaders and venture capitalists provided a glimpse into the financial industry’s technology innovation and investment priorities recently. The six entrepreneurs demonstrated their solutions to dozens of financial industry, venture capital and technology executives, following a 12-week mentorship program with executives from the world’s leading banks and venture firms.

The 2012 FinTech Innovation Lab class was selected in March from a large field of early and growth stage companies that applied to participate. The firms were evaluated and advised by chief technology officers from the world’s leading financial services firms, including American Express, Bank of America, Barclays, Capital One, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and UBS.

The graduates from this year’s FinTech Innovation Lab who presented included BillGuard, Centrifuge Systems, Digital Reasoning, EidoSearch, True Office and Visible Market.

The demos in New York reflect the financial industry’s growing emphasis on ‘big data’ solutions – managing and deriving value from the terabytes and petabytes of raw, unstructured data that proliferates on social and mobile networks and the vast IT infrastructures of financial institutions.

The innovations developed by this year’s class include advanced analytic technologies designed to help banks identify risks and fight financial fraud. Lab participants also developed analytic search tools and mobile applications designed to reduce market ‘information overload’ and help investors better visualize market trends. One participant developed mobile gaming tools for regulatory compliance training to better address the modern needs of the workforce.