The graduates of this year's Fintech Innovation Lab New York, chosen by executives at 43 banks, are focusing on improving artificial intelligence, solving IT issues and providing a better customer experience.
In focus testing for its digital-only app, Finn, Chase learned users wanted a standalone brand that still offered some traditional features, such as paper checks.
The quest for fast payments is advancing on the consumer side, but most banks are said to be undecided about a host of issues tied to speeding up transactions between businesses.
Jonathan Walker of the Center for the New Middle Class and Mark Schwanhausser of Javelin kick around ideas for helping women caught in a subprime trap.
Banks are more established organizations that cannot afford to take the same shortcuts and risks as startups do in fintech development, executives said.
Big banks and wealth managers are unwilling to sacrifice fee income and make other changes to catch up with their customers' digital demands, fintech leaders said.
