Fintech
Promoting the future of fintech | FIS
Promoting the future of fintech.
In this interview by Fintech meetups we talk to Tatyana Kratunova, who directs the FIS accelerator TO FISto get an overview of what the accelerator does and what applicant companies can expect.
This year’s cohort will be announced on July 4, so ahead, find out what sets this accelerator apart from others and why FIS is investing in the future of fintech.
This isn’t the first time we’ve talked about this and we actually talked to Kratunova for the latest issue of our magazine. In that interview, we looked at the accelerator landscape and found out more about their offerings. This video covers some of them in short form.
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 startups a unique opportunity to gain valuable mentorship, connect with potential customers, and test their ideas in a real-world context.
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 targeted guidance and helps customize the program to meet each company’s specific needs.
The twelve week intensive phase is where the group gets tons of value. This period is full of workshops and ideation sessions where business leaders, customers and participating startups come together to brainstorm and develop concrete use cases for new technologies. During these sessions, the goal is to refine these use cases and bring them to the proof of concept (POC) stages. By the end of the program, the goal is to have startups ready to confidently run these POCs.
The program culminates in a “demonstration day” where the group of graduates present their solutions to the larger FIS ecosystem in Jacksonville. This event serves as a launching pad for startups and allows them to connect with potential investors and partners.
According to Kratunova, a key figure at FIS and clearly passionate about fostering the next generation of fintech, there are three main things the program looks for in participating startups. First there is a clearly defined use case. Vague ideas or generic buzzwords are not enough. Startups must demonstrate a specific problem they are solving and the tangible benefits their solution delivers 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 appreciated. The program promotes 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 group will be announced by July 4 and that the program will begin in August with a virtual incubation period before moving to the on-site program in September. Be sure to apply next year if it sounds interesting and watch the video to find out more.