Goldman Sachs Hosts FinTech Innovation Labs Event
Goldman Sachs' Technology Division in EMEA hosted an event for 10 start-ups participating in the FinTech Innovation Labs London.
On Thursday 11 February, our Technology Division in EMEA hosted an event for 10 start-ups participating in the FinTech Innovation Labs London.
Damian Sutcliffe kicked off the event by emphasising the importance of technology and how the division has been positioned to create the best in class platforms and services that give our developers higher productivity, faster time to market, and reduced operational risk.
Damian stated that "the industry has seen a tremendous paradigm shift in the use of open source, reducing the cost to build platforms significantly. Banks are under constant margin pressure and growing regulatory burdens. There is an ever increasing appetite to look at cutting edge solutions provided by FinTech start-ups."
Senior individuals from the Technology and Revenue divisions spent time talking to each company. The start-up founders demonstrated their products and offerings in an expo-style format. The companies were wide ranging and offered a variety of solutions; providing banks with end-to-end document authoring, a tool used to augment screening processes, provide skill-based learning and development and increase workforce diversity and a product that supports the real time orchestration of complex, high-risk events.
Goldman Sachs has had a long standing relationship with the FinTech Innovation Lab. Every year a select group of startups are handpicked to receive the exceptional support, advice and connections of the FinTech Lab in a unique 12-week mentorship programme. This year, we are one of 16 banks sponsoring the programme. The Lab is also supported by the Mayor of London, City of London Corporation and Innovate UK.
Our senior leaders in Technology were involved in the selection and screening process at Accenture to determine the shortlist for the Corporate/Investment Banking and Technology streams. Our senior executives will help these startups fine-tune and develop their technologies and business strategies. Six of the startups will eventually be selected to present at an Investor Day in April 2016 in front of venture capitalists and financial-industry executives.