
SAS’s new fintech incubator found in London is now giving startups free access to the much needed data technology assets and industry expertise, claiming to reduce the time of gathering informations and test applications by up to 50%.
According to SAS, many fintech startups are designing projects based on open-source software in order to provide a proof-of-concept while saving money, which actually creates the later need of remaking the application altogether in order to provide the needed scalable growth in a commercial environment.
“While technology is rapidly transforming the financial services industry, many businesses in this sector are focusing on compliance rather than innovation,” says Vincent Kilcoyne, fintech innovation lead at SAS UK & Ireland. “As such, the majority of technology development is happening outside established banks and inside fintech start-up companies, leading to a growing need to validate the viability of these offerings for maximum success rate.”