18 January 2017: As Nationwide enters Accenture’s London FinTech Innovation Lab start-up accelerator programme as a mentor for the third year, our Head of Innovation and Insight Matt Cox looks back at previous years and reflects on what this year’s start-ups may bring to the Society.
Nationwide is proud to enter its third year of support for Accenture’s FinTech Innovation Lab, and it’s always exciting to see the cutting edge propositions from the start-ups involved. The FinTech Lab is a 12-week accelerator programme where FinTech entrepreneurs and financial services providers, such as Nationwide, collaborate to drive industry innovation and support the development and adoption of new technologies.
Each year, Nationwide runs a finalists’ event, where the start-ups who have reached the final round pitch demonstrate their propositions to over 50 of the Society’s top executives. Following the event, Nationwide mentors the selected start-ups as their ideas are developed. Through this process, Nationwide gains exposure to some of the latest trends and solutions emerging in FinTech, which can help inform our own strategy. Meanwhile, the start-ups benefit from the support and mentorship of a large, well-established business, as well as valuable first-hand insight into how financial services organisations work.
Over the last few years we have met over 40 start-ups and seen some fantastic propositions, from innovative payment solutions to new social media management tools.
Last year we worked closely with PayKey, who are exploring how to make life more convenient for customers by enabling them to make a P2P payment on their mobile phone without leaving whichever app they are using at that moment. PayKey has been working on a solution which would integrate with the bank’s mobile app, to allow customers to complete transfers within popular social networks and messaging apps. It’s great to see PayKey has successfully secured ongoing funding, and we look forward to seeing how this quick and easy payment method continues to evolve.
This year we have worked closely with technology start-up Cutover as part of the mentoring scheme, and have successfully tested their real-time release management software as part of our ongoing digital banking maintenance programme. We were impressed by the professionalism of the team and the prototype, which clearly demonstrated the potential to streamline the complex task of ongoing maintenance of digital banking platforms across the financial services industry. After successful live trials, we are now planning to use the software in future to continue to improve the customer experience during digital banking maintenance.
As millions of Nationwide members use the Society’s digital services every day, the FinTech Innovation Lab programme is a great way for us to support a culture of innovation and to back a new generation of entrepreneurs from across Europe. Supporting the programme is one of the ways we are investing in and implementing new technology to improve customer choice, convenience and service, as we continue to work closely with our members to test and develop new ideas and prototypes in the Society’s own Innovation Lab.”