NYC corporate partnership seeks fresh financial tech
Winners of the annual contest will be able to get their technologies in front of finance executives
IDG News Service - A partnership of New York City businesses has put out a call for innovative financial technologies.
Sponsored by The Partnership for New York City Fund and Accenture, the FinTech Innovation Lab seeks novel technologies that would benefit the financial services sector. The six winners of the annual contest will have the opportunity to present their technologies to top executives at some of the city's most powerful financial firms.
The goal is to spark "a new financial technology sector in New York," as well as to "find interesting technologies for the financial institutions," said Maria Gotsch, president and CEO of The Partnership for New York City Fund, an organization funded by New York businesses to bring more jobs to the city.
Gotsch said that New York financial firms often have to seek expertise in Silicon Valley or other locales outside New York to find competitive new technologies. So the partnership wants to bring more financial technology firms to the city. "The program is explicitly set up with a New York-centric focus for that reason. It would put the banks closer to innovation. We're a center of financial services so we should be the center of financial technology," Gotsch said.
The 2013 contest, the third annual iteration, will focus on finding new capabilities in data and analytics, mobile and wireless, payments, risk management, security, social media, and collaboration. Companies with innovative financial technologies in other realms are encouraged to apply as well.
Winning companies will participate in a 12-week program that provides access to venture capitalists and top-level financial industry executives. "It really is a mentoring relationship. The banks bring in the right people for the product and give [the winners] feedback," Gotsch said.
"It is difficult to find the right person to talk to, and get their attention. This program tries to solve that problem," Gotsch said.
Businesses applying do not need to be headquartered in New York City. Should a business win, however, its senior staff should be prepared to spend 12 weeks in New York. The partnership is hoping that the winners will eventually set up offices in the Big Apple, where they can continue to enjoy close proximity to their customer base.
There is no size restriction on the companies that can apply. Companies can either be in the early stage with a prototype or already have a product on the market. Even established software companies can enter the contest if they wish to expand the use of an established technology into the financial sector.
Financial firms participating in the lab include American Express, Bank of America, Barclays, Capital One, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan Chase and Morgan Stanley. Participating venture capital firms include Bain Capital Ventures, Contour Venture Partners, Rho Ventures and Warburg Pincus.
Applications must be submitted by Dec. 19. Winners will be announced in April.
- IT Certification Study Tips
- Register for this Computerworld Insider Study Tip guide and gain access to hundreds of premium content articles, cheat sheets, product reviews and more.
- Jyske Bank extends brand message to more than one million visitors a month
- IBM WebSphere Portal software helps bank offer a clearly differentiated digital experience
- The Big Data Opportunity for HR and Finance
- If CEOs, CFOs, CIOs, and CHROs want to drive their businesses forward, they will need to quickly recognize the enormous value of big...
- SANS: Next-Generation Datacenters = Next-Generation Security
- This whitepaper takes a look at some new technology that may allow security teams to implement more flexible and capable protection models in...
- SANS: Protecting Virtual Endpoints with McAfee Server Security Suite Essentials
- SANS review of McAfees Server Security Suite Essentials that address some of the emerging challenges of securing virtual platforms and cloud environments.
- Safeguarding the Next-Generation Data Center
- Use of virtual and cloud servers has exploded. Unfortunately, security often lags behind. McAfee recommends looking at innovative solutions in order to erect... All Financial IT White Papers
- Is SQL Server AlwaysOn really as powerful? Tips and Tricks from the field With the introduction of AlwaysOn, Windows Clustering Services is now more critical than ever.
- What Does it Take to Deliver a Superior Customer Experience? The Two Top-Rated Online Retailers, B&H Photo and Crutchfield Electronics, Share Their Secrets Discuss practical CX tools and service methods such as contact center agents and the use of realtime speech analytics to help contact center...
- Keep Servers Up and Running and Attackers in the Dark An SSL/TLS handshake requires at least 10 times more processing power on a server than on the client. SSL renegotiation attacks can readily...
- On Demand: Mastering the Art of Mobile Content Management Mobile device usage in the enterprise has skyrocketed, and it continues to escalate. IT must answer to users who demand access to their...
- DevOps with PureApplication System: Reduce cost and speed delivery with an integrated IBM Cloud solution Join this webcast to hear what ING Netherlands has been able to achieve while deploying DevOps tools from IBM Rational. An ING executive...
- All Financial IT Webcasts