Bright and early on February 16, investors, fintech founders, and executives from top fintech corporations filed into the 1871 auditorium. The energy in the room was abuzz as attendees eagerly awaited the start of day three of the FinTech Innovation Summit

The money-themed melodies that pulsed through the speakers faded as 1871 CEO Betsy Ziegler, who began her career in financial services, took the stage to kick off the event. 

After her opening remarks, Ziegler passed the microphone to Xiaochen Zhang, CEO and founder of FinTech4Good, a global network dedicated to harnessing technology for positive change and the Summit execution partner. “If you are connected with 1871, you’re going to have a different life,” Zhang said. For weeks leading up to the summit, he worked with the 47 FinTech Innovation Lab cohort members, helping founders strengthen their solutions. 

Through the corporate lens

Representatives from Discover, United, and BMO sat before a crowded auditorium, eager to impart their fintech-innovation wisdom from the corporate perspective.

Standing out from the score of insightful advice were three recurring points: have a clear understanding of your pitch, translate how your solution will drive revenue or decrease costs, and articulate how your idea can be easily implemented.

Pitch finale

On day two, founders from the FinTech Innovation Lab pitched their solutions, ranging from estate planning to personalized financial guidance. From the 21 first-round pitches, six finalists advanced to the Pitch Finale where they had five minutes to sell their solutions to a lineup of judges from companies including TransUnion and Hyde Park Venture Partners

Spoiler alert! Unlike the finalists and attendees, you don’t have to wait until the end of the summit to find out who won. OKY, an app that allows you to send digital vouchers from your favorite stores to your loved ones, took home the Judges Choice Award. The People’s Choice Award went to Habits, an app that matches individuals with top-tier financial advisors. 

Including, investing, and innovating

With a refreshed appreciation for innovation, attendees headed off into morning breakout sessions. Michael Umlauf  and Tracie Anderson of TransUnion presented on the current barriers to financial inclusion and the strategies they are implementing to improve access for underserved customers. Attendees also had the chance to dive into the topics of investing in fintech and the future of payments.

Fintech in Chicago and beyond

An energizing lunch and brief networking intermission led attendees into the second half of the day. While Chicago is sometimes overlooked in the global technology community, it is home to an incredible body of entrepreneurs with world-changing solutions. The ‘FinTech in Chicago’ Panel highlighted the role that Chicago plays in the fintech industry in the Midwest and beyond. The final panel of the day, featuring speakers from Northern Trust, TransUnion, and Fitch Group, addressed the exciting prospects and potential concerns of artificial intelligence as it relates to fintech.

Keynote and cocktails

Last but not least, Bill Phelan sat down with Ziegler for his keynote conversation. He discussed his professional journey as a serial fintech entrepreneur, from mowing lawns as a kid, to his ‘aha!’ moment, to his first $36 check. When asked about his success, Phelan emphasized the importance of having a mentor throughout the process of pitching a company. “You think you’ve got this great idea and value prop, and you think it’s gonna sell,” he said. “It’s complicated, you’ve got to get everybody on board, so building that network within an organization is important to that sale.” After selling his startup, PayNet, to Equifax in 2019, Phelan joined the corporation as SVP and General Manager. He drew from his experiences as both a founder and a corporate leader to provide attendees with a well-rounded perspective of the industry. 

To close out the summit, everyone headed to the Startup Expo and happy hour. Founders set up booths that demonstrated their solutions and, in a more intimate setting than the pitch competition, presented their work and answered questions. 

The sounds of excited chatter and cheers filled the space, and guests left the event with a revitalized passion for progress.

Thank you to our Summit Sponsors and Community Partners for helping to bring the FinTech Innovation Summit to life: BMO, Decasonic, Discover, EX3, FinTech4Good, TransUnion, United, & World Business Chicago

Stay tuned for information on next year’s summit!

 

About the Lab

The FinTech Innovation Lab offers industry-focused programming designed to connect founders with corporates and investors to maximize the chance of high-impact collisions. Through the Lab, cohort members accelerate the growth of their solutions and sharpen their competitive edge with strategies and partnerships developed at 1871.

Stay notified about our next Lab and join a community of founders, corporates and investors moving the fintech industry forward. 

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