Multinational professional services firm EY has announced the launching of its New York-based Financial Services Innovation Center. According to the release, The Financial Services Innovation Center is a part of the firm's global innovation network wavespace, but the key focus is in helping financial services organizations achieve breakthroughs. Further, the lab will function as a core for the Suits+Jeans initiative, which seeks to combine business experience with emerging technologies such as FinTech, artificial intelligence, robotics, data analytics, and blockchain. Roger Park, innovation and strategy lead for EY’s Financial Services Agency, states that the project could push businesses to the next level.
"When suits and jeans functions come together, they can unlock an institution's ability to innovate and fundamentally change the way organizations do business." Park continues, "We are excited to serve as a nexus for these encounters. Our Union Square Innovation Center is a place for experimenting with new ideas, pushing boundaries and truly industrializing innovation."
The firm plans to infuse the wavespace network with ingenuity by working alongside government organizations, startups, academic institutions, and local clients. The initiative is intended to instigate disruption and evolution in New York City’s revered financial services industry. Anthony Caterino, vice chair and regional partner for the organization, says the center’s launch will provide EY with a strategic advantage.
"Our ability to collaborate closely with clients on their most complex innovation challenges, marshaling resources from across our organization, is what will allow us to continue to win and maintain our position of leadership in an era of digital enterprise-driven transformation."
Over the past year, EY has been a leading advocate for the exploration of blockchain use across the industry. Most recently, the firm partnered with Australian fractional mortgage startup BlochExchange to introduce an Ethereum-based identity management platform. The firm has also released a report outlining how wealth and asset management companies can utilize the power of blockchain technology in their business practices.
Correction on June 22, 2017: An earlier version of this article attributed EY’s announcement of a Blockchain Innovation Center rather than a Financial Service Innovation Center.