David K.A. Mordecai participated in the 2014 FinTech Innovation Lab (FTIL) Demo Day, as Scientist-in-Residence for FTIL. FinTech Innovation Lab is an accelerator platform for early and growth stage technology firms, organized by the Partnership Fund for New York CityThe Partnership Fund for New York City in conjunction with Accenture and a consortium of venture capital firms and global financial institutions. Since the Lab was founded in 2010, the 18 previous alumni companies have raised a total of more than $76 million in financing after participating in the program. One alumni company was recently acquired for $175 million. Financial services companies supporting the Lab include: Ally Financial, American Express, Bank of America, Barclays, Capital One, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Guardian Life, JPMorgan Chase, Morgan Stanley, New York Life, State Street Corporation and UBS. Supporting venture capital firms include Bain Capital Ventures, Contour Venture Partners, Rho Ventures, RRE Ventures and Warburg Pincus.
As Scientist-in-Residence for FinTech Innovation Lab, Dr. Mordecai is a member of the Mentors Network which is comprised of seasoned entrepreneurs that have successfully launched and scaled a financial technology company to acquisition or IPO. They act as mentors and informal advisors for companies accepted into the FinTech Innovation Lab, providing guidance on the broad range of issues faced by senior management of fintech companies. The other distinguished Executives-in-Residence are Andy Brown, former group chief technology officer at UBS and Cristobal Conde, former CEO of Sungard.
FinTech Innovation Lab 2014 Demo Day
Chief Technology Officers (CTOs) from 15 major firms that support FTIL selected the current set of six participants for the 2014 cycle:
- Enigma provides access to thousands of disparate sources of public data on companies, people, and locations. It pulls together tens of billions of records from sources as diverse as SEC filings, government spending contracts, and asset-ownership records – conveniently indexes the information so it can be used to support business decisions, such as underwriting, prospecting and trading. Financial institutions use Enigma as a supplement to proprietary databases to increase access to credit for small businesses, and assess real estate portfolio risk.
- Kasisto is a new spin off from SRI International, the creator of Siri. Kasisto provides a next generation, digital banking experience through a conversational user interface that lets consumers easily and quickly access financial information and perform complex transactions on their smartphones and tablet devices. The Kasisto Conversational AI Platform allows banks to rapidly and cost-effectively integrate branded intelligent virtual personal assistants into their mobile applications. From retail to private to commercial banking, the Kasisto platform can be used to provide breakthrough customer experience, reduce costs and drive better user engagement on mobile channel.
- LMRKTS’ platform enables market participants to report, reconcile and reduce counterparty credit risk across a variety of asset classes. As a neutral third party, LMRKTS helps financial institutions net their existing derivatives exposures by applying algorithms that recommend changes in counterparty exposures when institutions are both long and short. This can help significantly reduce counterparty risk and related capital charges for banks, and can be employed as a central platform for minimizing systemic risk.
- pymetrics is the next generation job marketplace. Using proven neuroscience and big data, they match candidates to jobs and companies where they’ll perform at the highest levels. pymetrics assesses career aptitude in candidates with neuroscience games, the latest scientific innovation in cognitive and personality assessment. They create proprietary, data-driven profiles from top employees’ performance on the games to find top-suited job candidates. Companies using pymetrics see massive efficiency gains in recruiting and overall performance management.
- RevolutionCredit is the first B2B credit data and decisioning platform to combine behavioral data and gamified financial education to benefit both consumers and financial institutions. Lenders, creditors, utilities, and subscription service providers partner with RevolutionCredit to assess consumer credit worthiness, improve customer acquisition and retention, and decrease loan losses. Through RevolutionCredit creditors identify consumers who will perform one to two credit score bands better than their credit score would otherwise indicate.
- Standard Treasury builds, maintains, and supports white-labeled and co-branded developer platforms for banks worldwide. Standard Treasury partner banks see material top-line growth through decreased costs to service their customers, decreased churn, and increased transaction volumes, while delivering tremendous value to their customers.
About Numerati® Partners LLC
Numerati® Partners LLC coordinates a data analytics and technology development ecosystem, with the mission of advancing and fostering the next generation of scalable data-intensive risk and liability management enterprises. The firm provides resources fundamental to advancing the development of nascent leading-edge inferential surveillance, monitoring, and predictive analytics technologies for deployment within the RiskTech domain: risk technologies associated with adaptive distributed, networked and embedded systems such as remote sensing, agent-oriented data analytics, computing and control systems. Numerati Partners curates integrated RiskTech solutions as well as forensic and use-case applications in RiskTech sub-domains such as LitTech, RegTech, FinTech and InsurTech (litigation technology, regulation technology, financial technology and insurance technology). For more information, visit https://numeratipartnersllc.com/.
About RiskEcon® Lab for Decision Metrics @ Courant Institute of Mathematical Sciences NYU
The mission of RiskEcon® Lab @ Courant Institute of Mathematical Sciences NYU is to enable, facilitate and coordinate academic research focusing on these patterns and trends, via the development of commercially-viable, analytic applications employing computational statistical tools in conjunction with innovative and non-traditional data structures. In addition, the lab’s activities involve the advancement of applied mathematical statistics and computational economics, through interdisciplinary post-doctoral, postgraduate, graduate research and education in data science and social computing.
RiskEcon® Lab for Decision Metrics was established in 2011 at Courant Institute of Mathematical Sciences, an independent division of New York University (NYU). Courant is considered to be one of the world’s leading mathematics educational and scientific research centers, and has been ranked first in research in applied mathematics. For more information, visit https://wp.nyu.edu/riskeconlab/.
About The Partnership Fund for New York City
The Partnership Fund for New York City (PFNYC) was founded by Henry R. Kravis and capitalized by leaders of global business and finance. The mission is to mobilize investors’ resources in order to create a more diversified local economy. PFNYC has established a network of leading experts from the investment and corporate spheres, in order to provide assistance in identifying and supporting New York City’s most promising entrepreneurs, in both the for-profit and not-for-profit sectors.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 289,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended August 31, 2013.
June 30, 2014 | New York, NY