Fintech Innovation Lab fosters team spirit
Societe Generale-sponsored project supports Fintech entrepreneurs.
A risk-profiling tool and a platform using artificial intelligence to spot market anomalies and patterns were among innovations showcased at Accenture’s 2017 Fintech Innovation Lab, co-sponsored by Societe Generale.
The event saw five entrepreneurs present value propositions in capital markets and investment banking to senior managers and Fintech stakeholders at Societe Generale’s Exchange House office last week.
Supported by Societe Generale since 2015, in partnership with 17 other leading financial institutions, the Accenture London Lab is now in its fifth year. The 12-week mentorship programme helps participating European Fintech entrepreneurs fine-tune and develop their business models, with guidance from senior staff at Societe Generale. They also benefit from coaching around a variety of challenges that they are likely to encounter as early-stage ventures including legal and pitching.
Taking a ‘speed-dating’ format, the session involved each start-up pitching their product in just 20 minutes to groups of staff. While staff had the chance to be exposed to some of the best early stage Fintech ventures and innovative, inspirational ideas, and to identify potential opportunities for collaboration, the entrepreneurs were able to gain valuable, high-level feedback in return.
Espousing the team spirit and innovation on display in the project, Anthony Woolley, Societe Generale’s UK Chief Information Officer emphasised the ongoing value of collaboration with new Fintech talent. “When you combine new business ideas with our deep industry skills and experience, it can result in powerful and unexpected outcomes. Open innovation is not just about doing what we do better and faster, it is about discovering new markets and new ways of doing business. Our engagements with past alumni of the Lab have resulted in active projects across a number of our business lines,” he said.
As part of Societe Generale’s commitment to innovation which dates back more than 150 years, the bank welcomes opportunities to interact with Fintech ventures to continuously develop its services through the use of technology.
At his recent keynote speech at the Paris Fintech Forum on 26 January, during a panel discussion, CEO Frédéric Oudéa discussed the Group's collaborative work with Fintech enterprises, emphasising that agility would play a key role in the bank’s business model going forward. “It’s about sharing culture and ambitions. In a world that is uncertain, the key is to be able to adapt,” he said.