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Jonathan Camhi
Jonathan Camhi
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5 FinTech Startups To Watch

A look at five diverse startups joining the New York City-based FinTech Innovation Lab that are looking to change the way banks do business.
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Since 2010 new companies and entrepreneurs in the financial services technology space have been competing to join to the FinTech Innovation Lab, a New York City-based startup incubator. The winning companies move to New York City for 12 weeks to accelerate their growth and product delivery at the lab, which is a joint program of the Partnership Fund for New York City, Accenture and a number of financial institutions operating in New York.

The program grants the startups access to meetings with senior financial services executives and fintech entrepreneurs, who help with mentoring, product feedback and networking.

“There is so much potential for today’s explosion in digital technology, and our program offers ways to build deeper customer relationships and find ways to grow. This way we can turn great ideas into viable innovations at a low cost,” Robert Gach, a global managing director at Accenture, said yesterday at a presentation introducing this year’s winners for the FinTech Innovation Lab.

[For More on Innovation in Banking: How to Self-Assess Your Bank's Innovation Capabilities]

The program had its first acquisition of one of its startups this year when InkTank, a 2013 winner, was acquired by open-source giant Red Hat for $175 million. This year the program received applications from 84 different companies. Six winners were selected from the applicants, including LMRKTS LLC, a portfolio compression tool for reducing counter-party risk. Here’s a look at the five other winners.

All photos are courtesy of Accenture.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Lucky1Jaguar
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Lucky1Jaguar,
User Rank: Apprentice
7/2/2014 | 8:02:05 PM
re: 5 FinTech Startups To Watch
I think that is a smart move to provide a true, and more accurate challenge for encouraging both the financier and the borrower.
Kelly22
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Kelly22,
User Rank: Author
6/30/2014 | 4:50:18 PM
re: 5 FinTech Startups To Watch
There are some really cool ideas here and I agree that banks should keep an eye on the new technologies these startups are using. Gamification is one, and I noticed a couple of these are using neuroscience/behavioral data as well - interesting use of data and could be traced back to the underlying importance of fully understanding the customer.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
6/30/2014 | 3:12:40 PM
re: 5 FinTech Startups To Watch
Gamification was an interesting trend. Especially in the use of judging credit-worthiness. The current customer experience with the credit bureaus is kind of awful. If one had the choice of going through that or playing a simple online game, I think the game would win every time.
KBurger
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KBurger,
User Rank: Strategist
6/29/2014 | 12:58:21 AM
re: 5 FinTech Startups To Watch
Obviously not all of these firms will have long-term success in the financial services industry, but banks definitely need to pay attention to the technologies firms such as these are deploying, and how they are deploying. For example, two of these firms are incorporating gamification/gaming techniques in their offerings to address a few different banking challenges. They are adopting a "think different" approach to long-standing banking challenges. Very interesting.
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