Future Proofing Financial Services: The Top 8 Areas Financial Services Firms are Looking to Innovate
Innovation is driving financial services to new heights. The first decade of disruption in financial services dramatically changed the face of banking and insurance. Now, the future of fintech is taking on a different shape — offering added opportunities to make financial services more equitable, sustainable and resilient. To tap into the next generation of technology in this space, the New York FinTech Innovation Lab is now accepting applications for its 2023 cohort.
Each year our call for applications offers entrepreneurs an inside look at the technology priorities of decision makers from top financial services institutions, from banking to insurance, to seek out best-in-class solutions to the most pressing challenges in financial services. For those selected, the 12-week program offers enterprise tech companies an unparalleled seat at the table to collaborate with senior executives to bring the future of fintech to market.
We surveyed leaders from over 40 participating financial institutions to find out their picks for 2023 fintech trends. Following their feedback, this year’s Lab is seeking companies leveraging technologies in eight key areas:
- Data: Alternative and synthetic data, predictive analytics, artificial intelligence (AI) based insights, unstructured data, new data sources, fraud management in insurance, and data privacy;
- Digital Client Engagement: Client acquisition and retention; product customization; and experience personalization;
- Future of Work: Talent sourcing, onboarding, engagement and retention; virtual and hybrid experiences;
- Inclusion & Diversity: Financial wellness and inclusion (un- and under-banked), and diversity;
- Metaverse/Web 3.0: Distributed ledger technology, blockchain, digital assets, cryptocurrency solutions, decentralized finance and insurance; smart contracts, customer experience, digital twins, and e-commerce enablement;
- Payments: Global commerce, foreign exchange transactions, and infrastructure modernization;
- Risk and Compliance: Automation, risk assessment, regulatory compliance, digital identity and security solutions, and records management; and
- Sustainability: Environmental, social, and corporate governance (ESG); carbon solutions; risk identification, reporting and mitigation; sustainable investment; and education solutions.
As banking and insurance firms alike prepare for new iterations of the way consumers engage with technology, we invite companies with relevant solutions to apply and show us what you’re working on. Applications are due December 1.
To find out if the FinTech Lab is a good fit for your company, we invite you to join us for a virtual info session to learn more about the program.
