BNP Paribas, SuperTech, and STEAMhouse Launch Innovation Lab to Tackle Data Challenges in Financial Services

Overview

In the United Kingdom’s rapidly evolving fintech landscape, BNP Paribas Personal Finance, SuperTech, and STEAMhouse have joined forces to unveil the Innovation Lab. This initiative aims to address data-led challenges within the financial services sector by fostering collaboration between BNP Paribas Personal Finance and digital tech companies from diverse industries. The Innovation Lab will provide a platform for innovators to showcase their solutions and contribute to the advancement of financial services.

Data-Led Innovation Challenge

The Innovation Lab’s primary focus is on harnessing external data and insights to enhance customer engagement in the financial services sector. The challenge is open to businesses with digital tech solutions that can promote mutual value and trust among customers, financial services providers, and third-party data providers.

Eligibility and Requirements

SME businesses with digital tech solutions are invited to apply for the Innovation Lab. Irrespective of their current market, applicants must demonstrate a willingness to be present in Birmingham, West Midlands, for key touchpoints in the program.

Benefits for Successful Applicants

Successful applicants will gain access to a range of benefits, including:

  • Collaboration with BNP Paribas Personal Finance to cultivate a culture of open innovation and co-creation.
  • Opportunity to showcase products and services to executives within BNP Paribas during the “Innovation Week in May 2024.”
  • Comprehensive business support services, including a flexible co-working space, mentorship from financial services experts, investment pitch opportunities, and personalized 1:1 support.

The Innovation Lab aims to accelerate the development of innovative ideas that can revolutionize the banking and financial sector, improve financial processes, and create economic opportunities for emerging fintech businesses.

Statements from Key Participants

Stephen Hunt, CEO of BNP Paribas Personal Finance UK:

“2023 was a remarkable year for innovation at BNP Paribas Personal Finance UK. We are thrilled to continue our partnership with SuperTech and collaborate with STEAMhouse. To remain a leader in personal finance, we must embrace new ideas to deliver better products, services, and solutions for our customers and partners. I look forward to exploring various ways to address data-led challenges in the financial services sector with digital tech companies.”

Hilary-Smyth-Allen, SuperTech Executive Lead:

“This year, we welcome SMEs with digital tech solutions from various sectors to join our incubator. The goal is to transform customer engagement through data insights. Successful applicants will gain valuable insights from a global financial services brand and benefit from exceptional support and mentorship opportunities.”

Patrick Bek, Head of Service Innovation and Experimentation at STEAMhouse:

“Collaborative innovation is fundamental to everything we do at STEAMhouse. We are excited to support BNP Paribas Personal Finance in accelerating FinTech innovation. By providing space, facilitation, and development expertise, we enable cross-sector collaboration between SMEs and large businesses, leading to transformative solutions in the financial services industry.”

Conclusion

The Innovation Lab is a significant initiative that brings together BNP Paribas Personal Finance, SuperTech, and STEAMhouse to address data-led challenges in the financial services sector. Through this collaboration, the program aims to foster innovation, drive digital transformation, and create a more vibrant and competitive fintech ecosystem in the United Kingdom.