Consumer finance firm BNP Paribas Personal Finance is continuing its collaboration with the West Midlands-based professional services technology supercluster SuperTech to unveil a new ‘Innovation Lab’, with an aim to address data-led challenges in the financial services sector.
BNP Paribas Personal Finance and SuperTech have renewed their partnership for a second year to establish an incubator programme dedicated to discovering digital solutions from a range of sectors to apply to challenges within the financial services industry. The firms are also collaborating with STEAMhouse, which is operating as the delivery partner for the venture.
Applications are now open for the Innovation Lab, which is actively seeking SME businesses with a digital tech solution helping to harness external data and insights to enhance engagement with financial services customers – irrespective of their current market.
All applicants must be willing and able to be present in Birmingham, West Midlands, for key touchpoints in the programme. Those successful applicants stand to gain a range of benefits, including the opportunity to collaborate with BNP Paribas Personal Finance in cultivating a culture of open innovation and co-creation.
Hilary-Smyth-Allen, executive lead at SuperTech, commented: “This year, we invite SMEs with digital tech solutions from various sectors to participate in the incubator programme, aimed at transforming customer engagement through data insights.
“Successful applicants will not only gain incredible insights with a global financial services brand but also benefit from valuable support and mentorship opportunities.”
The programme will also conclude with the chance to showcase products and services to executives within the organisation as part of BNP Paribas‘ ‘Innovation Week’ in May 2024.
Embracing new and innovative ideas
This fully funded programme offers comprehensive business support services, including a flexible co-working space from STEAMhouse, mentorship from senior financial services experts, investment pitch opportunities, and personalised 1:1 support.
The Innovation Lab will look to accelerate the development of innovative ideas poised to revolutionise the banking and financial sector, enhance financial processes, and provide economic opportunities for emerging fintech businesses.
Stephen Hunt, CEO of BNP Paribas Personal Finance UK, added: “2023 was an incredible year for accelerating innovation at BNP Paribas Personal Finance UK so we’re excited to be continuing our partnership with SuperTech and joining forces with STEAMhouse.
“For us to remain a leader in personal finance, it’s important we open our minds and embrace new ideas to help us deliver better products, services and solutions for our customers and partners which is what this partnership is all about.
“I look forward to working with digital tech companies to explore various ways we can address data-led challenges in the financial services sector.”
Patrick Bek, head of service innovation and experimentation at STEAMhouse, also said: “Collaborative innovation is at the heart of everything we do at STEAMhouse.
“That’s why we’re so excited to be able to support BNP Paribas Personal Finance in accelerating FinTech innovation by providing the space, facilitation and development expertise that makes this cross-sector collaboration between SMEs and large businesses possible.”