Capgemini, a global leader in consulting, technology and outsourcing services, today announced that it is launching its global FinTech¹ initiative to fast track FinTech engagements with its global financial services clients. Capgemini’s FinTech initiative 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)², discovery centers and related assets.
“Be it generating exceptional customer experience or improving operational efficiencies, FinTech innovation is a catalyst to the industry. As the pace of innovation with financial services technology accelerates, Capgemini has developed this initiative to connect clients with FinTech innovations and foster agility,” said Thierry Delaporte, Head of Capgemini’s Global Financial Services Business Unit and Member of the Group Executive Board.
Capgemini’s FinTech initiative is unique in that it’s intended to extend beyond the traditional incubator concept to encompass connection, curation, incubation, and investment stages. The initiative will differentiate Capgemini as an active participant in the process of validating and evolving the core value propositions of participating companies in collaboration with clients. Additionally, it will address one of the biggest challenges in integrating external innovation by bridging gaps in adoption. 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. Provisions will be made for all categories of FinTechs as well as enterprise technology oriented startups to apply to participate in the initiative to leverage innovation in the financial services industry.
Once selected through the curation process, FinTech innovations will then be refined and evolved through an incubation designed to be in collaboration with clients. The global FinTech initiative will encompass all segments and process areas addressed by Capgemini’s financial services business. Capgemini’s global network of AIEs, discovery centers and related assets are leveraged for not only the curation and incubation phases but also as channels for bootcamps, hackathons, and joint innovation days with clients. 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.
Capgemini has worked with MaRS Discovery District, a global innovation hub based in Toronto that is home to Canada’s largest financial technology cluster. “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,”said Adam Nanjee, Head of Financial Technology at MaRS.
Bluechain, which was formed in 2015 to commercialize an innovative payment technology designed to enhance security across a broad array of payment situations, is participating in Capgemini’s FinTech initiative. According to Mike McAuley, CEO, Bluechain, “Bluechain Technology will transform the future of payments. As we operate in the niche payment technology space in Australia, we were very pleased to be working with Capgemini, as an advisor and global channel partner for the distribution of payments solutions based on our technology.”
With more than 180,000 people in over 40 countries, Capgemini is a global leader in consulting, technology and outsourcing services. The Group reported 2015 global revenues of EUR 11.9 billion. Together with its clients, Capgemini creates and delivers business, technology and digital solutions that fit their needs, enabling them to achieve innovation and competitiveness. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model.
Serving two-thirds of the world’s largest financial services institutions, Capgemini’s Financial Services Strategic Business Unit helps banks, capital markets firms, and insurers meet today’s industry disruptions with innovative business and IT solutions which create tangible value. A team of 45,000 financial services professionals around the world collaborates across geographies, domains, and technologies to deliver the best tailored solutions to its clients. Capgemini’s Financial Services Unit brings award-winning industry expertise, leading market insights and over 25 years of global delivery excellence to client engagements.
¹ FinTech is defined as financial services technology that is driving innovation including innovation found in insurance, banking, payments, capital markets, and regulation. Sector-specific FinTechs can be referred to as InsurTechs, PayTechs, RegTechs, etc.
² Capgemini’s Applied Innovation Exchange currently includes a global network of nine innovation spaces, known as ‘Exchanges’, 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.