(Detail from the Palais Garnier opera house in Paris, co-headquarters of Capgemini. Photo credit: Kirua.)
Capgemini (Paris/New York) has launched the global FinTech initiative to fast track FinTech engagements with its global financial services clients. Capgemini’s reports that its FinTech initiative will bring together the global consulting firm’s domain and integration expertise to scan, select, and evolve FinTech innovation for its clients, through what it calls 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,” comments Thierry Delaporte, Head of Capgemini’s Global Financial Services Business Unit and Member of the Group Executive Board. “As the pace of innovation with financial services technology accelerates, Capgemini has developed this initiative to connect clients with FinTech innovations and foster agility.”
Connection, Curation, Incubation & Investment
Capgemini asserts that its FinTech initiative is unique in as much as it’s intended to extend beyond the traditional incubator concept to encompass connection, curation, incubation, and investment stages. The initiative is calculated to differentiate Capgemini as an active participant in the process of validating and evolving the core value propositions of participating companies in collaboration with clients. Capgemini positions the initiative as also addressing one of the biggest challenges in integrating external innovation by bridging gaps in adoption—including potentially gaps of 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, the company says. The initiative will make provisions 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, according to Capgemini.
Capgemini describes the husbanding process as follows: 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.
Advisor and Global Channel Partner
Capgemini reports that it has worked with MaRS Discovery District (Toronto), a global innovation hub 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,” comments Adam Nanjee, Head of Financial Technology, MaRS.
One startup participating in the initiative is Bluechain, which was formed in 2015 to commercialize an innovative payment technology designed to enhance security across a broad array of payment situations. “Bluechain Technology will transform the future of payments,” asserts Mike McAuley, CEO, Bluechain. “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.”