The FinTech Innovation Lab offered us a space to connect with leading banks, experts and other like-minded start-ups. We shared common goals and common ideas in a non-aggressive environment. It led to a contract with a Tier-1 bank. Not just that, but we built partnerships with other startups, so it was about sowing the seeds for long-term development. The Lab is a route to a successful and high-quality network that can accelerate progress. We urge other fintechs to apply, because it grants access to a wealth of knowledge and contacts so vital for growth. For us, it was not about teaming up with an organisation who thought start-ups helped them with a young and funky image. The Lab was an opportunity for meaningful relationships backed up by seasoned advice.
We have seen huge growth since taking part in the Lab. It gave us access to the decision makers we were struggling to reach in the banks, and we evaluated our software with the very people we wanted to target. In doing so, we could deeply understand the problems we were trying to solve. Our collaboration partners became our eventual clients. Our sights are set on more. We will triple our revenues this year and aim to hire more staff by the end of the year. We are ready for rapid growth with more to come in 2017.
"The FinTech Innovation Lab helped to guide FinGenius through the phenomenal complexity of the financial services industry and to get our Artificial Intelligence proposition in front of the decision makers in major banks. We met more than 600 people from 12 banks during the three-month programme, and began working with eight of these banks after the programme ended. It would have probably taken us two years to build a similar pipeline without FinTech’s assistance. Along with incredibly useful product and commercial advice from high-profile mentors, the programme gave us a fantastic competitive advantage and has exponentially accelerated the growth of our company."
Dmitry Aksenov, CEO,
To be honest - we were skeptical about the value of the Fintech Lab program to Erudine going in - but it proved to be the best possible help to us at the best possible time; by rightly forcing us to explain what we are selling over and over during an exhausting schedule of meetings with the spectrum of senior people in 12 global banks and mentors. It also allowed us to road-test propositions and get immediate and honest feedback. We have come away with hunting licences across many of the organisations and it has been a priceless launch-pad for us to grow Erudine.
Instead of spending years trying to establish good contacts with the biggest banks in Europe and the world, FinTech Innovation Lab program made it happen in just several months. We were impressed with high level of support we were getting from our mentor institutions and their willingness to help our small startup. The whole experience was very intensive but we have actually enjoyed it and have really learned a lot.
The FinTech program selection process gave us the confidence to push through the innovative ideas we had. Our interaction with the banks senior management as well as operation teams helped us validate and evolve our value proposition in a short span of 3 months. We got invaluable inputs from the Accenture team and built great mentor / peer relationships through the program.
The Fintech Innovation Lab proved to be a key ingredient in the acceleration of the development of Squirro. Thanks to the support of the Accenture team, of the participating banks and of the mentors, we have been able to validate our proposition and explore finance specific use cases in record time. We developed lasting industry relationships, which have yielded great returns. Without Fintech Innovation Lab, Squirro would not be where it is today.
Constant exposure to decision-makers at your potential clients eventually forces you to build the one thing they all want. The Fintech Programme gives you a crash-course in product-market fit. After three months, you'll know what you're building, and why.
For us, the difference between a traditional incubator and the FinTech Innovation lab, was the feedback loop with the Banks facilitated by the Chaperone. Instead of the usual 'yes/no, thank you very much’ after a customer engagement and leaving it up to us to understand how our technology was received, we got extremely valuable feedback from our ideal customers in how to best fit our technology to their requirements. The frank & open feedback helped us optimise our subsequent pitches and product roadmap to ensure a better competitive and real work fit.
The Fintech program turbocharged the evolution of our Finserv proposition and deal-making. The velocity of meetings with high level problem-solvers and decision-makers at the world’s leading banks accelerated our understanding of the sector and the value which we brought to it. The results are concrete; We established partnerships and clients.