Amazon Web Services (AWS) is set to make a significant impact in the fintech industry with the launch of its first Global Fintech Accelerator. This program aims to provide fintech founders with the necessary support and mentorship to bring intelligent financial services solutions to the market by harnessing the power of artificial intelligence/machine learning (AI/ML) and the cloud.
The growing influence of AI and ML in the financial services sector is undeniable. According to recent data, 91% of financial institutions are leveraging AI to drive business transformation, with 80% of fintechs specifically utilizing machine learning technologies. These cutting-edge technologies are increasingly recognized as crucial enablers of innovation, fueling success across various customer touchpoints—from user onboarding and workflow automation to risk management and customer experience enhancement.
Consumer expectations are one of the primary driving forces behind this transformation. As consumers experience hyper-personalization in sectors like e-commerce and social media, their demands for faster, more personalized, and convenient financial management solutions are also on the rise. In this landscape, striking a balance between building innovative product experiences and effectively managing risk and compliance becomes crucial for fintech companies. AI and ML emerge as indispensable tools for accelerating success in this rapidly evolving space. Several successful applications of AI/ML in the financial sector have already been witnessed, including consumer chatbots, digital identification verification, real-time fraud detection and prevention, and point of sale credit checks facilitating new business models such as Buy Now Pay Later (BNPL).
The potential for innovation in the fintech sector is immense, thanks to trends like open finance, the “API-fication” of financial services, and the proliferation of connected devices, which have made data more accessible than ever. When combined with the democratization of cloud-based tools, AI/ML is no longer limited to a select few but can be harnessed by anyone, regardless of their stage of maturity. The groundbreaking impact of generative AI further expands the scope for reinvention across the industry.
Howard Wright, Vice President (VP) and Global Head of Startups at AWS, expressed confidence in generative AI’s potential to revolutionize customer experiences in the financial sector. He stated, “We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services.” Wright envisions a future where generative AI paves the way for self-driving money, granting every smartphone user access to an affordable and trustworthy financial advisor that will enhance their financial well-being. He emphasizes that the cloud’s democratizing nature plays a pivotal role in enabling such solutions to be accessible to all.
With a global infrastructure comprising 99 availability zones and 31 geographic regions, AWS boasts the most extensive, secure, and reliable cloud infrastructure worldwide. Leveraging this infrastructure, along with the expertise of its global fintech and financial services teams, AWS helps fintech startups access data in a compliant, cost-effective, and scalable manner. By launching the AWS Global Fintech Accelerator, the company aims to take a leading role in the next wave of innovation by accelerating the success of fintech builders around the world—from Paris to New York, Buenos Aires to Cape Town, and everywhere in between.
The AWS Global Fintech Accelerator will select 150 fintech startups leveraging AI/ML technology from North America, Europe, the Middle East, Africa, and Latin America. These selected startups will participate in a six-week remote program between September 18 and October 23, receiving valuable 1:1 business and technical mentorship covering funding, scaling, go-to-market strategies, as well as AWS technical fundamentals, cloud and AI/ML adoption, and more.
Moreover, cohort members will receive a comprehensive package of tailored benefits, including up to $25,000 in AWS
Activate credits, along with other benefits provided by accelerator partners spanning fintech, venture capital, and financial services. At the end of the six-week program, the top 15 companies will have the opportunity to participate in a Demo Day, where they can showcase their innovations to a curated list of venture capitalists, financial services institutions, potential customers, and other key market players. These top companies will also receive up to $75,000 in additional AWS Activate credits.
To ensure a diverse and comprehensive program for participating fintechs, AWS has partnered with industry leaders such as NVIDIA, a prominent player in AI computing. NVIDIA’s Global Vice President of Financial Services, Malcolm deMayo, highlighted the benefits of using the NVIDIA platform in conjunction with AWS to extract intelligent and seamless data for fintechs. This collaboration aims to assist more startups, including those in NVIDIA’s startup program NVIDIA Inception, in embarking on their AI/ML journey and bringing new financial services to the market.
In addition, fintech investors such as Bain Capital Ventures will provide mentorship to cohort members. Sarah Hinkfuss, Partner at Bain Capital Ventures, expressed excitement about supporting AI and machine learning within the fintech sector. She acknowledged the challenges faced by fintech companies during their journey from concept to building and go-to-market stages and expressed enthusiasm for helping the accelerator’s participants navigate the competitive investment market.
Vestbee, one of the largest European platforms for startups, venture capital funds, accelerators, and corporates, is also supporting the AWS Global Fintech Accelerator, further enriching the resources available to the participating startups.
The application process for the AWS Global Fintech Accelerator is open from June 27 to August 14, 2023. However, due to limited space, interested startups are encouraged to review the terms and conditions and submit their applications promptly.
