Two of the largest multinational professional consultancy firms, Ernst & Young (EY) and Accenture, believe blockchain technology is at the forefront of innovation and mass adoption. Both EY and Accenture are hosting two separate accelerator-focused events on bolstering fintech and distributed ledger protocols.
Accenture Hosts 5th Annual London FinTech Innovation Lab
Applications are now being accepted for Accenture’s 12-week FinTech Innovation Lab in London. The event will be the company’s 5th annual financial tech accelerator, intended to help early stage startups with product and business development. Budding entrepreneurs and companies will receive mentorship and exposure from innovators and executives from well-known financial institutions.
Startups attending the lab will be focused on fintech applications such as blockchain technology, Internet of Things devices, security and risk management, and digital media. In regards to distributed ledgers, the multinational firm predicted the technology would have a significant impact on business. In a recent report, Accenture identified blockchains as “possibly the biggest opportunity from taking an open approach to innovation.”
This year’s event will also be expanded to also tackle Insurtech concepts as the firm believes insurance technology-based markets will continue to rise. Accenture said insurance technology investment has jumped from $250,000 in August of 2015 to $22 million in 2016.
This year’s Accenture event will have a well-known list of participants including Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs, HSBC, JP Morgan Chase, and more. Accenture said global insurers participating in the event would be revealed in January.
The application deadline ends October 9 and the 12-week course will begin in January 2017. Startups will collaborate with senior-level financial service executives to develop and best execute their business strategies. The end of the course will feature a graduation day in March in front of an audience of innovators and venture capitalists.
EY’s Blockchain Challenge
EY is also throwing a six-week challenge, except this event is dedicated to distributed ledger technology. Induction day will begin on September 7 with six chosen startups including BlockVerify, BTL Group, Tallysticks, Adjoint, JAAK and Bitfury. The EY blockchain challenge will begin on September 12.
The EY Blockchain Challenge will have startups focus primarily on two distinct industry services: digital management for the entertainment sector, and energy solutions. Entrants will have access to EY’s client mentors, educational workshops, press exposure, and networking with institutional executives.
The program will end on October 20 with a showcase day where startups will reveal their prototypes. EY is looking for companies that have already developed a beta solution and are “ready to tackle the challenge by taking on feedback from EY’s clients and mentors.” Startups will need to base themselves in the central London area and collaborate with EY and its clientele.
Financial Services Management Giants See Enormous Potential in Fintech & Blockchain
To many investors and entrepreneurs, it’s a big deal for EY and Accenture to support fintech and blockchain so publicly. Both of these two corporate entities are modern day powerhouses when it comes to the economy and markets. Accenture is the world’s largest consulting firm and a Fortune Global 500 company. EY is one of the “Big Four” audit firms and is the third largest, following PwC and Deloitte.
Both Accenture and EY have written multiple reports on how financial and distributed ledger tech will transform our society. The EY Blockchain Challenge and the Accenture FinTech Innovation Lab should help bolster this idea.
What do you think about Accenture and EY’s London Blockchain and Fintech Events? Let us know in the comments below.
Images courtesy of Accenture and EY Websites and Shutterstock