The FINANCIAL — Artificial Intelligence Big Data systems and a much easier way of paying bills by smartphone are among the new innovations from seven financial technology entrepreneurs selected to participate in this year’s FinTech Innovation Lab London, according to Accenture.
The Lab, which was launched by Accenture in 2012, is a collaboration between Accenture and leading financial institutions in London, supported by the Mayor of London, the City of London Corporation and the Technology Strategy Board. It is designed to nurture early-stage companies from the UK, Europe and elsewhere that are developing new technologies for the financial services sector. Annual venture investment in such technologies nearly tripled globally between 2008 and 2012, according to CB Insights.
The seven startups were chosen by leading industry executives from a wide range of applicants and will receive senior level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions. Those taking part in the program include: Erudine, FinGenius, Logical Glue, PhotoPay, PixelPin, Squirro and uTrade. Their innovations include advanced analytics systems, collaborative, open source trading systems, and financial control systems.
The chosen entrepreneurs will be mentored for 12 weeks by leading executives from financial services, venture capital and angel investment firms through a series of panel discussions, workshops, leadership coaching and networking opportunities. At the end of the program, the entrepreneurs are given an opportunity to present their concepts to potential investors and participating industry executives, according to Accenture.
Supporting financial institutions include Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, RBS, UBS and VocaLink, the UK and international payments systems provider. Other participating organizations include Euclid Opportunities, the Greater London Authority and UK Business Angels Association.
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