Banks seek big data, analytics and security start-ups for tech accelerator

London 'innovation lab' aims to accelerate development of software for the financial services industry.

A 12-week programme which aims to help young financial technology companies accelerate their product development, while giving them access to top banking executives, is looking for applicants.

The FinTech Innovation Lab is run by Accenture with support from banks including Bank of America, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan Chase, and others.

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The lab is looking for cutting-edge technologies for the financial services sector with mobile , payments, big data and analytics, security, and social media being of particular interest.

CTOs from the banks will select six entrepreneurs to participate in the Lab; applicants must have a beta version of their technology available, and demonstrate how access to senior-level executives at financial services firms would have a meaningful impact on the company's growth prospects.

Lab participants from outside London are required to relocate to the city during the programme and are provided workspace. Entrepreneurs are teamed with senior bank executives to help them develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations, and the programme culminates with an investor day presentation by all six participants in front of an audience of venture capitalists.

Barclays Chief Operations and Technology Officer Shaygan Kheradpir said in a statement: "The increasing role of technology in financial services is accelerating the pace and breadth of innovation and driving the kind of cutting-edge services which our customers and clients demand."

"Last year's programme introduced HSBC to a diverse, innovative group of companies that we were able to work with, support and mentor," Paul Tierney, Global Head of Strategy for HSBC Technology and Services, said in a statement. "Programmes like FinTech are essential for a healthy, thriving and developing financial services market."

Last year's participants in the FinTech Innovation Lab London included Digital Shadows, a cyber-security firm that helps identify and monitor companies' digital footprints, and Waratek, whose technology is designed to help companies reduce IT infrastructure costs by using Java to move to the cloud. Interested entrepreneurs can enter from now until 8 September 2013.

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