November 17, 2016 by Canadian Underwriter
Capgemini has announced that it is launching a global fintech initiative “to fast track fintech engagements with its global financial services clients.”
Capgemini – a provider of consulting, technology and outsourcing services – announced the initiative on Wednesday, saying in a statement that it will “bring together its domain and integration expertise to scan, select, and evolve fintech innovation for its clients, through an intense curation and collaboration process, planned to be conducted at Capgemini’s global network of Applied Innovation Exchanges (AIEs), discovery centers and related assets.”
AIEs include a global network of nine “innovation spaces” where organizations are able to immerse themselves in the understanding, experimentation and application of all aspects of emerging technologies, as well as address the business disruptions confronting them and their industries, Capgemini explained.
“Be it generating exceptional customer experience or improving operational efficiencies, fintech innovation is a catalyst to the industry,” said Thierry Delaporte, head of Capgemini’s global financial services business unit and member of the group executive board, in the statement. “As the pace of innovation with financial services technology accelerates, Capgemini has developed this initiative to connect clients with fintech innovations and foster agility.”
Fintech is defined as financial services technology that drives in insurance, banking, payments, capital markets and regulation. Sector-specific fintechs are referred to as insurtechs, paytechs and regtechs, for example.
The Capgemini initiative is unique in that it’s intended to extend beyond the traditional incubator concept to encompass connection, curation, incubation and investment stages, the company reported. “Additionally, it will address one of the biggest challenges in integrating external innovation by bridging gaps in adoption,” the statement said. “These gaps could include tech integration, data management, process changes and compliance and regulatory requirements.”
Companies participating in the initiative will experience Capgemini’s curation process, which scans and selects the innovations that will help meet market needs being requested by clients. Once selected through the curation process, fintech innovations will then be “refined and evolved through an incubation designed to be in collaboration with clients.”
Capgemini’s global network of AIEs, discovery centers and related assets will be leveraged for not only the curation and incubation phases but also as channels for bootcamps, hackathons and joint innovation days with clients, the company said. Additionally, participating companies will gain access to a large community of Capgemini advisers, clients and alliance partners to co-create business models, “providing opportunities to gain competitive advantages.”
Adam Nanjee, head of financial technology at MaRS Discovery District, a Toronto-based global innovation hub that Capgemini has worked with and is home to Canada’s largest financial technology cluster, said that “this relationship is a strong recognition of the quality of fintech innovation in Canada. Capgemini’s curation process will provide new channels for Canadian fintech ventures to identify business and investment opportunities in emerging global markets.”