7 Technologies Driving Digital Transformation in Financial Services
Announcing the FinTech Innovation Lab’s 2024 Tech Priorities. Applications are now open.
As technology continues to evolve and permeate all corners of industry, banks and other financial services institutions are among those that are doubling down on innovation. According to a report by Accenture, 94% of C-suite executives globally plan to increase 2024 technology spending. That trend holds true in the financial services sector, for which the ability to innovate quickly, securely and at scale is integral to helping companies maintain their competitive edge.
But while innovation continues to drive the industry to new heights — powering both the front and back ends of financial tools — there is also a growing need to understand emerging technologies and leverage them in productive ways while guarding against misuse.
To understand changing tech priorities, each year, the FinTech Innovation Lab New York, a 12-week program co-founded by the Partnership Fund for New York City and Accenture to foster collaboration between emerging tech companies and top financial services and venture capital firms, surveys nearly 40 of the foremost leaders in financial services to identify their most pressing IT challenges and where they’re looking to innovate in the coming year. Based on feedback from senior innovation executives at participating financial institutions, this year’s FinTech Lab will seek early- and growth-stage enterprise tech companies with cutting-edge products and solutions in the following areas:
- Generative AI: Advice/advisory services, underwriting and claims, call centers, content creation, cybersecurity, enterprise process support, code generation and governance tools;
- Cybersecurity: Biometrics, quantum computing, insurance fraud management, regulatory compliance, risk management, security, third-party risk and vulnerabilities;
- Data: Alternative and synthetic data, AI-based insights, extraction, new data sources, open banking, predictive analytics, transfer and data privacy, and unstructured data;
- Digital Client Engagement: Digital identity, digital wallet, customer experience, financial literacy tools, product customization, retention, and spatial computing (internet of things, augmented and virtual reality, digital twins);
- Enterprise Operations: Dev-ops, digitalization, engineering solutions, IT operations tech, and process automation;
- Insurtech: Claims and underwriting, climate risk, cyber solutions, emerging risk, life insurance, new insurance products, and property and casualty;
- Payments: Embedded finance, infrastructure modernization, new payment rails, and real-time/instant payments.
The Lab’s three-month program creates opportunities for emerging tech companies to leverage mentorship and feedback from their target customers to refine their offering and find product-market fit. Our alumni say it’s one of the best things you can do to accelerate your go-to-market strategy for enterprise technology focused on financial services.
If your company is working on a relevant solution in one of these areas, we encourage you to apply to the 2024 FinTech Innovation Lab New York. Applications for the 2024 class are open today and available here. Interested companies are also invited to attend a virtual information session Thursday, November 9.
Watch to Learn More about the Lab
What our Alumni Say
- Watch: What do our Alumni have to say about the FinTech Innovation Lab?
- Alumni Perspective: FinTech Innovation Lab Alumni Q&A with Knoema
- Alumni Perspective: How Alloy Secured that first, all important client and fast-tracked to success
- Alumni Perspective: How OpenFin Built Long-term Relationships as Part of the Lab
