| An inside look at top banks' accelerator programs—how they work, what success looks like, and what it means for the future of financial services |
* This chart and data were pulled from The Fintech Accelerators Report by Insider Intelligence. Purchase the report here to get immediate access to the full analysis. |
In the past few years, banks have recognized the opportunity in launching their own accelerator programs — likely in response to the need to introduce new digital financial services.
For banks, accelerators provide a space to build relationships with fintechs and enhance their own operations. Amid the coronavirus pandemic, accelerators are taking on a new level of importance — though the crisis is also posing a threat to the programs. | | Banks must identify and implement new digital solutions to accommodate shifts in channel usage and maintain customer engagement amid widespread lockdown measures. People are staying home, and many banks have restricted branch access: JPMorgan Chase, for example, temporarily closed 20% of its branches. More customers are turning to digital channels as a result for payments, mortgages, and loans; banks must ensure that their channels can withstand the increased usage, and that they're providing high-quality services that customers need. |
| Additionally, fintech funding has taken a dip during the pandemic — and accelerator programs could offer startups a way to stand out to investors. In Q1 2020, fintechs globally are only expected to have raised $6 billion, down from $9.4 billion the previous quarter, per CB Insights. With less funding available, standing out to investors is becoming... |
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| Other report highlights you don’t want to miss… | | | | This is just a preview of the information and insights you'll find in The Fintech Accelerators Report by Insider Intelligence. Purchase the report today for $495 to access the full analysis. |
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