Amazon Web Services (AWS) is launching its first Global Fintech Accelerator, giving fintech founders the support and mentorship they need to bring smarter financial services solutions to the market by leveraging the power of AI/ML and the cloud.

91 percent of financial services institutions are using artificial intelligence (AI) to drive business transformation and change, with 80 percent of fintechs leveraging machine learning (ML) in particular. As the market evolves, AI and ML are standing out as critical enablers of innovation, driving success across the customer journey from user onboarding and workflow automation, to risk management and customer experience.

This change is being driven first and foremost by consumers. Consumer expectations continue to increase, heightened by the hyper-personalized experience they receive from ecommerce companies, social media platforms, and myriad other industries. Financial services are no exception—consumers increasingly expect a faster, more customized, and more convenient way to manage their financial lives. Meeting these evolving expectations is critical to business success, and fintechs need to balance building innovative product experiences with continuing to manage risk and compliance effectively. Artificial intelligence and machine learning are key tools for accelerating success in this new space. We are already seeing successful applications in use cases such as consumer chatbots, digital identification (ID) verification, real-time fraud detection and prevention, and point of sale (POS) credit checks that enable new business models such as Buy Now Pay Later (BNPL).

The opportunity for innovation is vast: open finance, the “API-fication” of financial services, and the explosion of connected devices has made data more accessible than ever. Combined with the democratization of tooling provided by the cloud, AI/ML is no longer limited to a select few; it can be leveraged by anyone and across all stages of maturity. Add in the game-changing impact of generative AI and the potential for reinvention is both broad and deep.

said Howard Wright, Vice President (VP) and Global Head of Startups:

“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. In the long term, we expect generative AI to usher in the era of self-driving money, when every consumer with a smartphone can have access to an affordable, trusted financial advisor that will help them improve their financial health. These solutions will leverage what the cloud does best: it democratizes access for everyone.”

With a global infrastructure spanning 99 availability zones and 31 geographic regions, AWS provides the most extensive, secure, and reliable cloud infrastructure in the world. Through our global fintech and financial services teams we help fintech startups access data in a compliant, cost-effective, and scalable way. By launching the AWS Global Fintech Accelerator, we are taking a front seat in the next wave of innovation by accelerating the success of fintech builders from Paris to New York, Buenos Aires to Cape Town, and everywhere in between.

Tailored benefits

The AWS Global Fintech Accelerator will select 150 fintech startups harnessing the power of artificial intelligence and machine learning technology from across North America (NAMER), Europe, Middle East, Africa (EMEA), and Latin America (LATAM). Selected startups will join a six-week remote program between September 18 and October 23, where they will receive 1:1 business and technical mentorship covering funding, scaling, and go-to-market strategies, as well as AWS technical fundamentals, cloud and AI/ML adoption, and much more.

Cohort members will also receive a package of tailored benefits, including up to $25,000 in AWS Activate credits and a range of other benefits provided by accelerator partners across fintech, venture capital (VC), and financial services.

At the end of the six weeks, the top 15 companies in the program will be invited to participate in a Demo Day with a curated list of VCs, financial services institutions, potential customers, and other key market players. They will receive up to $75,000 in additional AWS Activate credits.

Partners

To offer tailored programming for what we expect will be a diverse and wide-ranging group of fintechs, AWS has partnered with key players in the industry, such as NVIDIA, a world leader in AI computing.

said Malcolm deMayo, Global Vice President of Financial Services at NVIDIA:

“Some of the world’s leading fintechs use the full-stack NVIDIA platform to harvest data intelligently and seamlessly through AWS. Through this collaboration, we can help many more startups, especially in our own startup program NVIDIA Inception, to jumpstart their AI and ML journey and bring new financial services to the market.”

Cohort members will also have access to fintech investors’ mentorship, including Bain Capital Ventures. “We’re excited to support AI machine learning within the fintech sector, where we invest,” said Sarah Hinkfuss, Partner at Bain Capital Ventures. “We’ve seen that fintech companies need a long runway from concept, to building, and go-to-market, and are excited to help the companies in this accelerator navigate a tight investment market.”

The accelerator is also supported by Vestbee, one of the largest European platforms for startups, VC funds, accelerators, and corporates.

How to apply

Applications for the AWS Global Fintech Accelerator are open June 27 – August 14, 2023, with limited space available. Startups are encouraged to review the terms and conditions and submit applications here.

The AWS Global Fintech Accelerator gives high-potential seed-stage fintech companies the specialized mentorship, resources, and partnership opportunities they need to better leverage AI, innovate financial services, and meet new customer demands—all while creating powerful solutions in the cloud. Apply online today.

Featured image credit: Edited from freepik.