Monday, June 17, 2024

Fostering the Future of Fintech | FIS | FF News at Fintech Meetup 2024

Fostering the future of fintech.

In this interview from Fintech Meetup we speak to Tatyana Kratunova, who heads up the FIS Accelerator at FIS, to get an overview of what the accelerator does and what applicant companies can expect.

This year’s cohort is set to be announced on 4th July, so in anticipation, find out what sets this accelerator apart from the rest, and why FIS are investing in the future of fintech.

It’s not the first time we’ve covered this and actually we spoke to Kratunova for the last edition of our magazine. In that interview, we looked at the landscape of accelerators and found out more about their offering. This video covers some of that in bitesize format.

What is the Fintech Accelerator and what can applicants expect?

The FIS Fintech Accelerator is a flagship program designed to support innovative technology companies in the financial sector. This twelve-week program offers a unique opportunity for startups to gain valuable mentorship, connect with potential customers, and test their ideas in a real-world setting.

In the video above, Kratunova explains the structure of the program: a two-week incubation period followed by a twelve-week intensive program. During the incubation period, FIS gets to know the participating startups and understands their strengths and weaknesses. This initial phase allows for focused guidance and helps tailor the program to fit the specific needs of each company.

The twelve-week intensive phase is where the cohort gets tons of value. This period is packed with workshops and ideation sessions where business leaders, customers, and the participating startups come together to brainstorm and develop concrete use cases for the new technologies. Throughout these sessions, the focus is on refining these use cases and taking them to proof-of-concept (POC) stages. By the program’s end, the goal is to have the startups ready to confidently execute these POCs.

The program culminates in a “demo day” where the graduating cohort presents their solutions to the wider FIS ecosystem in Jacksonville. This event serves as a launchpad for the startups and allows them to connect with potential investors and partners.

According to Kratunova, a key figure at FIS and someone who is clearly passionate about fostering the next generation of fintech, there are three main things the program looks for in participating startups. First and foremost is a clearly defined use case. Vague ideas or generic buzzwords are not enough. Startups need to demonstrate a specific problem they are solving and the tangible benefits their solution offers to customers.

Secondly, the program emphasizes the importance of open-mindedness. Participating startups should be receptive to feedback and willing to adapt their solutions based on insights from different customer perspectives.

Finally, a strong community spirit is valued. The program fosters collaboration and encourages startups to actively engage with the network of mentors, peers, and experts for support and guidance.

As for the timeline, Kratunova says the selected cohort is announced by the Fourth of July, and the program kicks off in August with a virtual incubation period before transitioning to the on-site program in September. Be sure to apply next year if this sounds of interest, and watch the video to find out more.

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