It’s a street in lower Manhattan that symbolizes the entire financial market...and as an industry steeped in tradition, Wall Street is ready for disruption. Startups working in fin tech are helping banks grapple with everything from Big Data and cybersecurity threats to the growing number of customers using mobile and social media.
We head to the Partnership Fund for New York City, which along with Accenture runs the FinTech Innovation Lab. The program pairs early-stage startups with mentors in the banking industry. Maria Gotsch of the Partnership Fund says technologies that banks are looking to incorporate aren't being developed by people from Wall Street -- the new innovations are coming from outside entrepreneurs. Laila Worrell, a managing director at Accenture, says the need for fin tech is greater than ever, as banks are under enormous pressure to improve profitability.