The New York City Partnership Fund has graduates from its FinTech Innovation Lab • Good Assurance

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Maria Gotsch, president of the CEO of the New York Partnership Fund, is among venture capitalists in the list of the top 40 financial firms in the financial technology sector.

Maria Gotsch, President and CEO of the Partnership for New York.Courtesy of the partnership

Accenture and the Fund were the first to create a development lab for financial technology companies to work with financial firms in New York. For 12 weeks, tech executives wishing to work with financial companies traveled to New York to work with coaches and bank executives. Since the beginning of the lab, graduates have raised almost $ 800 million and created nearly 1,000 jobs. Five companies have been acquired and 90% of the remaining graduates are still in operation, said Gotsch. Accenture has developed similar programs in London, Hong Kong and Dublin.

"We were also one of the first to associate companies with accelerators," said Gotsch. The Lab started with 10 banks and now has 44 financial institutions, including 13 insurance companies, fund managers, payment specialists and hedge funds.

"The key change we made in the early days was when we set it up, we tackled most start-ups, and after one or two years we understood that it made more sense to target a company a little late, companies at the stage where the product is finished and they can have one or two clients, a driver or at least a robust beta. Another category of companies may be newer but new to financial services and understand the needs of banks or insurance companies. "

Last year, the lab added insurance companies that had begun to be interested in money management but have since expanded to insurtech.

John Cusano, general manager of the international insurance division at Accenture, said he was trying to get a track in insurtech added for several years.

"Last year, there was a ton of insurance business around, so the timing was good. We received a lot of applications and innovations from start-ups and we asked insurance companies to join us. "

John Cusano, AccentureCourtesy Accenture

Companies specializing in the security sector have been in financial consulting, AI to help agents, by exploiting the data for better underwriting, treatment both in life and in property and casualty insurance. They also work in cyber, developing both cyber security and cybercrime coverage.

Accenture's FinTech innovation lab in London has a make-up similar to that of New York, he added. APAC is a little different, with fewer start-ups and a greater importance to help businesses grow.

While the early years were dominated by entrepreneurs with limited financial experience, the Lab recently saw companies created by industry veterans who left large companies to develop solutions.

T-REX is a good example, she said. Benjamin Cohen had worked on Wall Street and saw how tedious it was to evaluate asset-backed esoteric securities, such as solar energy. He has developed a way to automate the process and reduce the payback period from two days to minutes.

"I predict that Insurtech will follow the same arc. As this becomes more accepted and there are more relationships, you will see more and more insurance executives leave the insurance companies and develop solutions for the company. . "

While regulators have taken note of the innovation in the financial technology sector, the Fund has added Jonah Crane, retired from the US Treasury as a regulator in residence.

"He was very helpful. He can answer specific questions and organize an annual trip to Washington where we meet four or five financial technology agencies. They lead to interesting discussions as the class learns what the different regulators do. If you have not been to the financial services sector, it can be difficult to know who is doing what to whom. It has also been very interesting for regulators to see technologies emerge from the industry. We have had a few cases where a regulator hears an argument and says that it could help resolve XYZ. In one case, a regulator gave the company arguments for discussion that it could use with the banks. "

Last year, the lab invited Phil Fasano, former director of AIG Information Technologies, to participate in the development of the Insurtech leadership.

The size of the program, 10 technology companies and about 40 financial companies, is about right, Gotsch said. The model implies that senior managers spend time in participating companies and "they are very generous with their time, but they also have day jobs".

The process is pretty much the same: helping emerging technology companies integrate large institutions, a process that remains difficult, she said.

"As part of the mentorship, bank leaders see an innovation they could use, but the company is not ready for prime time yet. Operations may be on the cloud and the bank may not be ready for the cloud. Technology companies need to understand what a large financial institution needs to buy its program. "

In recent years, the innovation lab has also begun to take advantage of its alumni.

"We call the alumni twice a year and also select four or five graduates who have started advancing the contracts at large clients and bringing them back for a chance to re-introduce what they're doing to that group of people." # 39; IF. It's a good way for large FIs to follow what's going on because their priorities may have changed or the company was not far enough the first time. "

It is important that the lab attracts decision-makers with a budget and enough relationships with senior executives to integrate new technologies into their business.

"Sponsors are senior executives on the corporate side; in these big, complex organizations, it's about doing things right. Most executives are CTOs or CIOs and they have been very effective because they have been able to bring the companies we work with to the right people in the organization. "

The laboratory takes a de minimis participation of 0.5% at a fair market price when technology companies deliberately enter at a price deliberately lower than the price requested by a consultant, and provides free office space for companies from outside the city.

"This pricing has helped us get the banks involved at the highest levels. When we told them it would go to a non-profit fund helping New York, they said they were good with that. Accenture does not benefit, everything goes to the Partnership Fund. We expect that the product of these mandates will cover over time the staff costs over the duration of the program. "

Accenture benefits from the program, said Cusano. "It helps us become familiar with new trends and puts us in the center of discussions where we can learn what our customers think is relevant. We are partnering with some of the startups and the investment group Accenture sometimes invests in a lab company.

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Maria Gotsch, president of the CEO of the New York Partnership Fund, is among venture capitalists in the list of the top 40 financial firms in the financial technology sector.

Maria Gotsch, President and CEO of the Partnership for New York.Courtesy The Partnership

Accenture and the Fund were the first to create a development lab for financial technology companies to work with financial firms in New York. For 12 weeks, tech executives wishing to work with financial companies traveled to New York to work with coaches and bank executives. Since the beginning of the lab, graduates have raised almost $ 800 million and created nearly 1,000 jobs. Five companies have been acquired and 90% of the remaining graduates are still in operation, said Gotsch. Accenture has developed similar programs in London, Hong Kong and Dublin.

"We were also one of the first to associate companies with accelerators," said Gotsch. The Lab started with 10 banks and now has 44 financial institutions, including 13 insurance companies, fund managers, payment specialists and hedge funds.

"The key change we made in the early days was when we set it up, we tackled most start-ups, and after one or two years we understood that it made more sense to target a company a little late, companies at the stage where the product is finished and they can have one or two clients, a driver or at least a robust beta. Another category of companies may be newer but new to financial services and understand the needs of banks or insurance companies. "

Last year, the lab added insurance companies that had begun to be interested in money management but have since expanded to insurtech.

John Cusano, general manager of the international insurance division at Accenture, said he was trying to get a track in insurtech added for several years.

"Last year, there was a ton of insurance business around, so the timing was good. We received a lot of applications and innovations from start-ups and we asked insurance companies to join us. "

John Cusano, AccentureCourtesy Accenture

Companies specializing in the security sector have been in financial consulting, AI to help agents, by exploiting the data for better underwriting, treatment both in life and in property and casualty insurance. They also work in cyber, developing both cyber security and cybercrime coverage.

Accenture's FinTech innovation lab in London has a make-up similar to that of New York, he added. APAC is a little different, with fewer start-ups and a greater importance to help businesses grow.

While the early years were dominated by entrepreneurs with limited financial experience, the Lab recently saw companies created by industry veterans who left large companies to develop solutions.

T-REX is a good example, she said. Benjamin Cohen had worked on Wall Street and saw how tedious it was to evaluate asset-backed esoteric securities, such as solar energy. He has developed a way to automate the process and reduce the payback period from two days to minutes.

"I predict that Insurtech will follow the same arc. As this becomes more accepted and there are more relationships, you will see more and more insurance executives leave the insurance companies and develop solutions for the company. . "

While regulators have taken note of the innovation in the financial technology sector, the Fund has added Jonah Crane, retired from the US Treasury as a regulator in residence.

"He was very helpful. He can answer specific questions and organize an annual trip to Washington where we meet four or five financial technology agencies. They lead to interesting discussions as the class learns what the different regulators do. If you have not been to the financial services sector, it can be difficult to know who is doing what to whom. It has also been very interesting for regulators to see technologies emerge from the industry. We have had a few cases where a regulator hears an argument and says that it could help resolve XYZ. In one case, a regulator gave the company arguments for discussion that it could use with the banks. "

Last year, the lab invited Phil Fasano, former director of AIG Information Technologies, to participate in the development of the Insurtech leadership.

The size of the program, 10 technology companies and about 40 financial companies, is about right, Gotsch said. The model implies that senior managers spend time in participating companies and "they are very generous with their time, but they also have day jobs".

The process is pretty much the same: helping emerging technology companies integrate large institutions, a process that remains difficult, she said.

"As part of the mentorship, bank leaders see an innovation they could use, but the company is not ready for prime time yet. Operations may be on the cloud and the bank may not be ready for the cloud. Technology companies need to understand what a large financial institution needs to buy its program. "

In recent years, the innovation lab has also begun to take advantage of its alumni.

"We call the alumni twice a year and also select four or five graduates who have started advancing the contracts at large clients and bringing them back for a chance to re-introduce what they're doing to that group of people." # 39; IF. It's a good way for large FIs to follow what's going on because their priorities may have changed or the company was not far enough the first time. "

It is important that the lab attracts decision-makers with a budget and enough relationships with senior executives to integrate new technologies into their business.

"Sponsors are senior executives on the corporate side; in these big, complex organizations, it's about doing things right. Most executives are CTOs or CIOs and they have been very effective because they have been able to bring the companies we work with to the right people in the organization. "

The laboratory takes a de minimis participation of 0.5% at a fair market price when technology companies deliberately enter at a price deliberately lower than the price requested by a consultant, and provides free office space for companies from outside the city.

"This pricing has helped us get the banks involved at the highest levels. When we told them it would go to a non-profit fund helping New York, they said they were good with that. Accenture does not benefit, everything goes to the Partnership Fund. We expect that the product of these mandates will cover over time the staff costs over the duration of the program. "

Accenture benefits from the program, said Cusano. "It helps us become familiar with new trends and puts us in the center of discussions where we can learn what our customers think is relevant. We are partnering with some of the startups and the investment group Accenture sometimes invests in a lab company.