A partnership between BNP Paribas Personal Finance and SuperTech, the UK's first professional services technology (ProfTech) supercluster, has spawned the Innovation Lab, an incubator scheme designed to discover digital solutions for the financial services sector.

The Innovation Lab will focus its attention on addressing data-led challenges that exist within the financial industry. The Lab opens its doors for applications today, searching for talent that can harness external data and insights to boost interaction with financial services customers. The ultimate goal is to generate a mutual sense of value and trust between customers, their financial providers, and any third-party data suppliers involved.

Whilst being open to all SME businesses possessing a digital tech solution to this challenge, applicants must be prepared to be based in Birmingham, West Midlands for key touchpoints throughout the programme.

The rewards are substantial for successful applicants to the Lab. The opportunity to cultivate an open innovation and co-creation culture alongside BNP Paribas Personal Finance is just one of the benefits. In addition, the programme will conclude with a chance to present products and services to executives within the organisation as part of BNP Paribas' “Innovation Week in May 2024.”

The fully funded scheme proposes an array of business support services, which include a flexible co-working space provided by STEAMhouse, senior financial services experts mentoring, investment pitch opportunities, and tailored 1:1 support. This setup aims to expedite development of cutting-edge ideas that are set to change the banking and financial sectors, revolutionising financial processes, and providing economic opportunities for budding fintech businesses.

Stephen Hunt, CEO of BNP Paribas Personal Finance UK, stated: “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." He added that to stay a leader in personal finance, it's crucial to embrace fresh ideas to deliver better customer-tailored services, products, and solutions.

Hilary-Smyth-Allen, SuperTech Executive Lead, encouraged SMEs with digital tech innovations from all sectors to participate in the incubator scheme. She highlighted that successful applicants will gain incredible insights from a global financial services brand and will also reap the rewards of significant support and mentorship.

Patrick Bek, Head of Service Innovation and Experimentation at STEAMhouse, praised the scheme, interrogating that cooperative innovation drives everything they do at STEAMhouse, whereby offering a space and expert development team that enables cross-sector collaboration is paramount.

Applications for the Innovation Lab are currently being accepted and will run until 23 February 2024.