Bank of the West, a US subsidiary of BNP Paribas, in conjunction with L’Atelier BNP Paribas has launched FinLab – an initiative to identify cutting-edge ideas and technologies which will help the bank to better serve its clients.

Through this FinLab collaboration, L’Atelier and Bank of the West aim to identify and implement the best new developments in key business areas, including cash management, payment and fraud, and credit approval.

The FinLab initiative, which was unveiled at the Consumer Electronics Show (CES), will review and test at least three business-to-business innovations per year and implement at least one per year.

The initiative will drive innovation by sourcing new ideas, developing PoC (Proof of Concept) and testing prototypes with Bank of the West clients.

L’Atelier BNP Paribas — which is responsible for prospective and innovation analysis within the BNP Paribas Group – acts as consultant for the bank, its clients and stakeholders.

Jean-Marc Torre, senior executive vice president and head of Bank of the West’s Commercial Banking Group, said: "Companies need to navigate an increasingly complex world. Uncertainty and volatility continue to dominate financial markets and the global economy. Against this challenging backdrop, companies are looking for ways to gain a competitive edge by being more innovative across their footprints.

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L’Atelier BNP Paribas CEO Nathalie Doré said: "L’Atelier BNP Paribas is very excited to be part of this innovative project. We will leverage both our network and knowledge of the banking industry to source the best ideas and start-ups to benefit Bank of the West and its clients."