“Large financial services firms
don’t want to enter into commercial agreements with smaller
companies. It can take time and be
quite complicated – but we work
with those Fin Tech companies to
validate the products with security
assessments and evaluations before
we sell them,” he says.
“Fin Tech firms get the scale and
reach by working with BT,” Key
BT’s innovation lab is not just
about validating Fin Tech products
or hosting hackathons. Key and
Pryke inform me of a specific concept known as ‘hot housing’, which
is when large financial services
firms visit the lab to solve a technological problem.
It’s an interesting concept – a
team from the company are
co-located in one room at BT’s lab
for three consecutive days. While
there, the team are tasked with
cracking the technological problem
“The teams collaborate to im-
prove the solution with an early
draft of the code,” Pryke describes.
“It’s an intense event, but the
teams produce results in just three
Large European banks have flown
entire teams, including directors
and senior management members,
into London to carry out the hot-
housing process at BT’s lab.
I honestly didn’t expect to get
through my visit at the innovation
lab without hearing about block-chain…alas, it didn’t take too long.
Both Key and Pryke have spent
- and continue to spend - a lot
of their time on the research,
development and applications of
blockchain in various industries.
“Five years ago banks used to talk about
innovation; but now they are all involved and
actually doing it.”
MATTHEW KEY, HEAD OF INNOVATION FOR FINANCIAL
SERVICES CLIEN TS AT THE INNOVATION, BT