Here's what we learned from attending Accenture’s FinTech Innovation Lab Graduation Day 2019:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers. To receive the full story plus other insights each morning,Last week, consulting firm Accenture completed its latest 3-month long accelerator program, dubbed FinTech Innovation Lab, which presents startups to mentors, banks, and insurers to receive guidance on a range of business issues.
Startups gain access to the expertise of established brands, while also being able to form connections with banks. Especially when working on a business-to-business model, it's important for fintechs to know exactly which pain points banks are struggling with. By working closely with a variety of banks, startups can ensure that their products fix these problems, and they can potentially tailor their solutions for specific banking partners in the program.
Fintechs need to focus on differentiating from the competition, even within an accelerator.Getting the right contacts with established incumbents can be difficult for new startups; however, it's important for them to build out their network if they want to partner with incumbents in the field.
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