LAS VEGAS and SAN FRANCISCO, Jan. 7, 2016 /PRNewswire/ -- Bank of the West is connecting its clients with cutting-edge ideas and startups in the tech sector through its innovation initiative, FinLab, in conjunction with L'Atelier BNP Paribas, unveiled at the Consumer Electronics Show today. FinLab — a combination of "finance" and "laboratory" — will source ideas, design prototypes, and test concepts with Bank of the West commercial clients in an effort to identify and implement the best new developments in key business areas, including Cash Management, Payment and Fraud, and Credit Approval.
In developing this initiative, the Commercial Banking Group at Bank of the West is partnering with L'Atelier BNP Paribas — which is responsible for prospective and innovation analysis within the BNP Paribas Group and acts as consultant for the bank, its clients and stakeholders. The FinLab initiative aims to review and test at least three business-to-business innovations per year and implement at least one per year.
"Innovation is one of the biggest business trends we are observing with our commercial banking clients," said Jean-Marc Torre, senior executive vice president and head of Bank of the West's Commercial Banking Group. "By taking a proactive approach to innovation, we will be able to identify relevant ideas and technologies that will help us better serve our clients."
FinLab is an example of Bank of the West and L'Atelier's focus on serving the ever-evolving needs of growing companies. L'Atelier BNP Paribas has a strong track record of identifying the latest innovative technology and digital trends and analyzing their impact on organizations. This partnership between the two groups will aim to drive growth for Bank of the West and its clients.
Torre added, "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. As a commercial bank headquartered in the world's leading innovation hub, we have a great opportunity to tap into the ecosystem of ideas at our doorstep in Silicon Valley and the Bay Area."
"L'Atelier BNP Paribas is very excited to be part of this innovative project," says Nathalie Doré, CEO of L'Atelier BNP Paribas. "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."
With offices in Paris, San Francisco & Shanghai, its prospective vision and extensive experience in understanding the digital economy, L'Atelier is strategically placed to help the BNP Paribas Group and its clients enable their digital transformation. Part of the BNP Paribas Group for more than 35 years, L'Atelier is unique by its open architecture approach that extends beyond the banking sector, and its presence in three major geographical areas that are key beds for innovation: Europe, North America and Asia. Drawing on its prospective vision and experience, L'Atelier BNP Paribas actively promotes public debate (website, newsletter, radio, TV) and help the BNP Paribas Group and its clients navigate through their digital transformation. As part of its open innovation approach, L'Atelier recently created the Lab which brings together disruptive innovators, corporates, resources and support networks to accelerate the speed of innovation.
About Bank of the West
Bank of the West is a regional financial services company chartered in California and headquartered in San Francisco with $74 billion in assets as of September 31, 2015. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 offices in 22 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with 185,000 employees.
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SOURCE Bank of the West