Banking sector to support start ups
Tech services and outsourcing firm Accenture has launched a project to improve technology being used in the financial sector, alongside a number of prominent banks.
The FinTech Innovation lab, which has already been launched in New York, aims to develop ‘cutting-edge’ technology for commercial application in the financial services industry. The Innovations Lab will focus particularly on systems dealing with trends in “mobile, data management, analytics, security, and social media”.
CTOs from a number of banking organisations including Bank of America Merrill Lynch, Barclays, HSBC, Goldman Sachs and other will select six entrepreneurs to develop software systems as part of the project. Tech start ups with beta systems developed are invited to apply for a place in the project, benefiting from guidance from leading financial institutions.
The project is backed by the Technology Strategy Board, and has received praise from London Mayor Boris Johnson.
“London is the world’s number one financial centre and a global leader in technology innovation, which is why the FinTech quest for entrepreneurs is such an exciting proposition,” Johnson said.
“The project has huge potential to help spur jobs and growth and I’m sure will attract some very bright minds whose inventions could help to revolutionise the financial services of this great city.”
Richard Lumb, Group Chief Executive-Financial Services at Accenture, commented: “This programme can make a big difference to the commercial success of new technologies by bringing innovators and entrepreneurs together with their potential customers.