While the ever improving processing power and always-on broadband connectivity of the smartphone are the core assets, it has been interesting to see such widespread capabilities as the camera, GPS, and even audio jack used as hooks for new FinTech solutions.

FORBES: Why The Financial Technology Revolution Is Only Just Getting Started

Accenture and many of the banks participating in the New York FinTech Innovation Lab are launching a similar effort in London.

FORBES: New York's FinTech Innovation Lab Links Startups To Big Banks

Ellis, who participated in the New York FinTech Lab last year, said the programs were similar in the mix of participating companies.

FORBES: Hot Tech Teams Pursuing Finance Solutions In London's FinTech Lab