What The Customer Wants: Tech Priorities for Financial Services and Insurance

Getting priority access to and feedback from senior executives at major financial and insurance companies are key benefits of our FinTech Innovation Lab. If your fintech or enterprise tech company is one of ten selected, you can expect to graduate after the three month program with a much better understanding of why and what this target market wants and needs to buy in order for them better engage their customers and run their regulated businesses. You will also join a strong network of 79 alumni and 43 financial institution partners.

Each fall we ask the senior executives at our financial institution partners about their priorities for the coming year and then publish that list (see below). If your company is focused on any of these areas, we strongly encourage you to apply to the 2021 FinTech Innovation Lab (applications are due December 1).

If your product is not on the list, but is a breakout innovation, we encourage you to apply as well. Our partners like to see what they haven’t thought of….

Banking and Money Management Priorities:

- Cloud: cloud management and migration at speed, security, multi-cloud, and cloud UI/UX

- Cyber-Tech: cyber resiliency, security, and fraud detection

- Data: predictive analytics, synthetic data, and alternative sources to inform business decision making, governance, visualization, enhancements and automation

- Digital Engagement: digital client and partner engagement including customer acquisition and experience, and product customization

- Enterprise IT: solutions addressing IT and engineering needs including DevOps, engineering efficiencies and automation, and application portfolio rationalization and management

- Future of Work: collaboration among stakeholders in the remote work environment including virtual deal management, talent development, and organizational management

- Sustainability: environmental, social, corporate governance (ESGs), financial health and inclusion, organizational culture, and diversity and inclusion programs

Solutions to these areas can incorporate AI/Machine Learning, Mobile and Robotic Process Automation across core banking, investment management, capital markets, payments and CFO/treasury.

Insurance Priorities:

- Automation: tech-enabled smart processing across underwriting, policy servicing and claims management

- Collaboration: enhanced connectivity between for carriers, agents, brokers, third-party administrators, re-insurers to create a more seamless front-end experience for the consumer between those areas

- Client experience: tools enabling differentiated experience based on segmentation, needs and customer journey, including value-added services, delivery, engagement and servicing platforms

- Data: sourcing, managing and utilizing data and analytics across marketing, underwriting, claims, and new product offerings

- Risk: identification, quantification and mitigation of risk including emerging (cyber, climate, new products) and longer-term horizon risk

The Lab also welcomes technologies not included on this list as well as non-fintech growth-stage companies interested in serving financial services and insurance clients.

Applications for the 2021 Lab are due by December 1.