FinLab, a contraction of “finance” and “laboratory”, drives innovation by introducing fresh ways of thinking, sourcing new ideas, developing PoC (Proof of Concept) and testing prototypes with Bank of the West clients.
Through this FinLab collaboration, L’Atelier and Bank of the West will identify innovative solutions and services for both the bank and its clients.
With today's economic backdrop of new and disruptive technologies (a constantly evolving regulatory environment, escalating geopolitical conflicts, and the overriding volatility and uncertainty of the financial markets and the global economy as a whole), companies are looking to innovation to gain competitive edge.
"For Bank of the West to be a commercial bank of reference companies rely on to grow, we need to innovate so we can help our clients do the same," says Jean-Marc Torre, Commercial Banking Group Head at Bank of the West. "With our headquarters in San Francisco, we have a unique opportunity to tap into the ecosystem of ideas at our doorstep in Silicon Valley and the Bay Area."
FinLab will enable CBG to identify relevant ideas and technologies earlier that will, in turn, help clients be more efficient and forward-looking.
"L'Atelier BNP Paribas is very excited to be part of this innovative project," says Nathalie Doré, CEO of L'Atelier BNP Paribas North America. "We will leverage our network and our knowledge of the banking industry to source the best ideas and start-ups to benefit Bank of the West and its clients.”