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Eastern Bank in Boston has established a new unit to develop technologies for itself and other banks and has tapped the former leaders of the tech startup PerkStreet to run it.
April 28 -
With the hiring of the former PerkStreet team, the Boston bank joins the likes of BBVA Compass in teaming with nonbank disruptors to help it better compete in the digital age.
April 29 -
Young companies showed well-thought-out, highly relevant products to a standing-room-only audience of bankers at the FinTech Innovation Lab this week in New York.
July 12 -
Bank Leumi will host tech entrepreneurs from its home country for a month-long mentoring program in New York, joining other banks in soliciting new digital ideas from outside their organizations.
August 16 -
Barclays announced Monday a partnership with Techstars to launch a three-month accelerator program in the UK next year.
December 9
Wells Fargo has joined a handful of banks running
The San Francisco bank said Wednesday that it aims to cultivate technology in the areas of analytics, Big Data, mobile devices, security and infrastructure.
"We're looking to engage with innovators beyond the edge of our own creative enterprise," said Steve Ellis, executive vice president and head of wholesale services at Wells Fargo, in a
Other banks trying their hand at nurturing startups through accelerators include Citigroup, Barclays, and Israel's
Venture capital units and innovation labs are among the other vehicles banks use to get closer to young tech talent.
Financial institutions are warming to the idea of hosting or sponsoring startup programs to get access to entrepreneurs ideas, shape their ideas for bank needs, and potentially buy the products once commercialized.
Wells Fargo said it is accepting applications from startups through Oct. 1. Participants will receive a direct equity investment of $50,000 to $500,000 for its upcoming six-month
The bank has already selected three startups for the accelerator: Zumigo, a mobile services developer; EyeVerify, an identity startup; and Kasisto, an artificial intelligence technology provider.
Wells said it will accept applications twice a year.
