BNP Paribas Personal Finance has renewed its partnership with SuperTech to address perceived data-led challenges in financial services.
The personal finance division of French multinational universal bank BNP Paribas and the London-based tech firm have outlined plans to establish an ‘incubator programme’ as the key goal of the partnership, which now enters its second year.
In particular, BNP Paribas and SuperTech, alongside Birmingham-based collaborative working space STEAMhouse, hope to discover digital solutions ‘from a range of sectors’ that can be utilised in the financial services sector.
Stephen Hunt, CEO of BNP Paribas Personal Finance UK, said: “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.”
As noted above, BNP Paribas and SuperTech have identified a ‘data-led innovation challenge’ as the key area the partnership seeks to address. This concerns the harnessing of external data and insights for enhanced engagement with financial services customers, the duo explained.
Additionally, the incubator hopes to foster greater trust and mutual value for customers, financial services providers – namely BNP Paribas Financial Services – and any third-party data providers involved.
SME businesses involved in digital tech have been invited to apply to join the incubator, irrespective of which market the firms are involved in.
However, a requirement for applicants is the ability to attend ‘key touchpoints in the programme’ in Birmingham, UK, on location at the STEAMhouse venue.
Hilary-Smyth-Allen, SuperTech Executive Lead, remarked: “This year, we invite SMEs with digital tech solutions from various sectors to participate in the incubator, 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.”
Fintech and financial services in general have been increasingly looking to other sectors for new sources of innovation and technology. In the UK, this has seen the launch of the digital securities sandbox (DSS), a testing environment for new technologies and solutions.
Meanwhile, high-profile UK banking and finance stakeholders, such as multinational bank NatWest, have been vocal in their expectations for Big Tech companies to play a pivotal role in driving finance innovation forward in 2024.