SAN FRANCISCO, March 23, 2018 /PRNewswire/ — Bank of the West and L’Atelier BNP Paribas today announced the Bank will partner with emerging financial technology (fintech) firms through Finlabs, a program that will join several of the Bank’s business lines with Silicon Valley’s best and brightest startups to collaboratively launch transformative and experience-driven products for customers. L’Atelier BNP Paribas, the Innovation Studio that helps the Group BNP Paribas transform its business, will match Bank of the West’s businesses with fintech companies to test products directly with customers. Startups benefit from fast feedback and real market experience, while gaining full access to the BNP Paribas network worldwide.
- Applications are opened to fintech startups on March 23. Entry is open to any growth-stage fintech company.
- Applications will be due by mid-May.
- Following the application period, each of the Bank’s business heads will meet with a select shortlist of applicants for one-on-one pitch meetings, from which up to 10 pilots will ultimately be selected for partnership.
- The program will officially kick off with an onboarding event in June.
“We are fortunate to be part of a community with some of the world’s most forward-thinking innovators. By expanding our successful Finlabs program, we will further tap into Silicon Valley’s innovative spirit to benefit more of our customers,” said Nandita Bakhshi, President and CEO at Bank of the West.
“This program taps the talent and innovative ideas of entrepreneurs to the benefit of the Bank’s customers,” said Rena Zuabi, Head of Innovation Programs at L’Atelier BNP Paribas Americas. “We are proud of what the Finlabs program has accomplished within the Bank’s Commercial Banking Group, and are thrilled to grow our efforts across the organization.”
The program is expanding across all Bank of the West business lines, and is the latest in a comprehensive effort to support entrepreneurs across the Bank, including other activities like the Women’s Entrepreneur Program’s annual U.S. event. In January 2019, the Bank will evaluate Finlabs’ existing pilots to select which companies will continue.