Accentures FinTech launched the London Labs in 2012, and this year’s programme will be the largest in its 5-year history. Out of a pool of hundreds of
Accentures FinTech launched the London Labs in 2012, and this year’s programme will be the largest in its 5-year history. Out of a pool of hundreds of promising startups from FinTech firms worldwide, the Accentures FinTech Innovation Lab London selected 20 startups to participate. As is expected, this major, unprecedented launch will not go without serious corporate implications – both short-term and long-term. The program received increased interest emanating from startups in Turkey, Russia, North America, the Middle East and Nordic countries, which were likely incentivized by the collective $386 million the Labs received in funding.
In anticipation of the program, Tom Graham, director of AccenturesFinTech Innovation-Lab London said that innovation must continue. He went on to add that the Fin-ech Innovation-Lab London is instrumental in helping startups all over the world in their quest to forge ties, both in their respective regions and on a global front. In his own words, this was a one-time opportunity that banking institutions as well as insurance companies needed to tap for their own personal growth as it presented exciting financial innovations that would help make all financial services improve in efficiency, to the effect that the customers are satisfied and the general economy improves.
The London Labs program lasts 12-weeks in total. During this time, startups will work alongside 28 esteemed executives from banks and insurance companies. These companies include: JPMorgan, OP Financial Group, Barclays, Towergate, Goldman Sachs, and Bank of America. Being the big names they are, stakeholders can look up to this launch to improve efficiency in all the sectors concerned.
Ashok Vaswani, who serves as the CEO of Personal & Corporate Banking with Barclays says, that the FinTech Innovation-Lab London shall bring together corporates, disruptive innovators, resources as well as support networks aimed at accelerating the pace of innovation and will therefore be an important initiative meant to help shape the industry future.
In order to accelerate their proposed ventures, startups will receive mentorship from executives for challenges such as pitching, showing proof of concept, and legal matters.
In 2016, Accenture received heat after an announcement that it had started the patent process for a prototype which would allow changes to the blockchain. Richard Lumb, the global head of financial services at Accenturestated that the permanence of the blockchain has been a crucial featurein establishing longstanding trust among those who utilize it, but the blockchain’s overall usefulness is narrow in financial services.The 2017London Labs will help smooth prickly feelings and re-establish Accenture as a global force that strives to refine cutting-edge technology for the good of consumers and the overall economy.