Risk and AI Are Common Themes in Fintech Lab Innovations

08.14.2020 - New York


Reflecting trend in industry demand, five of the 10 companies selected in New York accelerator program have risk or compliance focus

Technology pilots are underway at major financial firms this summer that are monitoring model risk in real time, providing “explainability” on artificial intelligence deployments, weeding out unintentional bias and applying new datasets to corporate-governance analytics.

These are some of the 40-plus projects that grew out of the annual New York FinTech Innovation Lab, a 10-year-old acceleration and mentoring program run by the Partnership Fund for New York City and Accenture. Other such labs or incubators have sprouted up around the world, including Accenture-initiated London and Asia-Pacific programs. This one boasts participation of 43 companies active in and around the financial capital of New York, including Bank of America, BlackRock, Goldman Sachs, JPMorgan Chase and UBS, as well as a dozen venture capital firms.

Since 2010, the pioneering New York lab has graduated 79 emerging financial technology companies, including 10 this year from an applicant pool of 200. The selectees establish relationships with established firms, gaining valuable market exposure and helping to overcome hurdles to adoption of their innovations.

Read more