Accenture is taking part in a government-backed competition in a bid to find new financial technologies that could help it solve challenges around compliance and regulation.

The IC Tomorrow competition, being run by government-funded Innovate UK, is aiming to identify five startups that can help “leading financial industry players” to solve their technology challenges. 

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Rav Bains, a managing director at Accenture’s finance amd risk practice, told Techworld: “The area of compliance and regulation is a critical part of a financial services organisation. Digital innovation in this space will help many organisations deal with these requirements, improve the way their firms function and, if managed carefully, be achieved within acceptable levels of investment.

“Accenture chose to support this competition as it provides a way to promote some fresh thinking on this topic. It’s likely that an individual or organisation out there has an idea that could revolutionise how organisations deal with the compliance and regulation challenge. We would like these ideas to get to market quickly.”

Innovate UK said the money is being allocated to help companies develop their technologies, while retaining their intellectual property (IP).

The winning firms will receive £35,000 each and see their technology trialled by Accenture or another one of the competition’s partners. These include: Money Advice Service; Experian; Department for Business; Innovation and Skills; RBS Group; Lloyds Banking Group; and American Express. 

The other partners are understood to be looking for technologies that can help them address challenges in education, cyber security, transactions, personal financial management, compliance and regulation.

Innovate UK has also pledged to support the winning companies itself.

Applications will be accepted until 21 April. 

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