and support the development of technologies that they might adopt, whether as a competitive advantage or to fend off potential threats from industry newcomers. for banks with the budget to support them. The first fintech accelerators run by major banks cropped up in 2013 and 2014 . Since then, Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and PNC have all Investing in fintechs and accelerator programs gets FIs access to new technologies cheaply.
But by offering pitch events, access to investors and senior executives, and opportunities for startups to pilot their solutions, FIs are also advancing their knowledge of up-and-coming technologies, building a broader network of prospective business partners, and auditioning potential employees. Those intangible benefits are what drive FIs' returns on investment.
Clarification: In the September 18, 2020, edition of Banking Briefing, we inaccurately described the services that nCino provides. The item has been updated to reflect this change. Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day.
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