In the rapidly evolving fintech landscape that delivers financial services in the UK, not all the best innovation starts from traditional fintech businesses or applications. Acknowledging this, 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.
Open for applications now, this year's challenge focuses on harnessing external data and insights to enhance engagement with financial services customers, fostering mutual value and trust for the customer, the financial services provider (BNP Paribas Personal Finance), and any third-party data providers involved.
The Innovation Lab is actively seeking SME businesses with a digital tech solution to this challenge, irrespective of their current market. Applicants must be willing to be present in Birmingham, West Midlands, for key touchpoints in the programme.
Successful applicants stand to gain a multitude of benefits, including the opportunity to collaborate with BNP Paribas Personal Finance in cultivating a culture of open innovation and co-creation. The programme will culminate in the chance to showcase products and services to executives within the organisation as part of BNP Paribas' “Innovation Week in May 2024.”
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 is designed to expedite 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 (pictured), 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.”
Hilary-Smyth-Allen, SuperTech executive lead, 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."
Patrick Bek, head of Service Innovation and Experimentation at STEAMhouse, added: “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.”
The application window for the Innovation Lab is now open and will run until 23 February 2024. To learn more and apply, visit HERE.
