SAN FRANCISCO, June 20, 2017 /PRNewswire/ -- Bank of the West, in partnership with parent company BNP Paribas, announced the winners of phase one of its third annual International Hackathon which was held June 9–11 at Galvanize in San Francisco - Saagie, a predictive application solution, and FinSpace, automation of document transfers between small or mid-sized enterprises and commercial banks. Winning teams received a cash stipend and were automatically entered into the next phase of the competition, an incubation phase beginning in July. During this next phase, these teams will have the opportunity to further develop their prototypes and have access to Bank of the West resources to accelerate growth of their ideas. The finalist will also start working on a pilot for the Bank of the West. Of these two teams, one will be chosen to participate in the final phase: the Demo Day in Paris this December.
"This was an exciting weekend full of innovation and collaboration from all participants," said Nandita Bakhshi, CEO of Bank of the West. "We are proud to have hosted all of the competitors and are so pleased with the creative thinking and nimble capabilities demonstrated by our winners. As these start-ups continue their journey through to the next phase of the Hackathon, our experts at Bank of the West are thrilled to team up with BNP Paribas to provide them with guidance to help strengthen their solutions."
Along with the event in San Francisco, the first phase of the 2017 International Hackathon took place simultaneously in nine other cities– Berlin, Brussels, Istanbul, Luxembourg, Nanjing, Paris, Rome, Singapore and Warsaw–where designers, developers, and startup teams were invited to work over a 48-hour period to solve two business challenges. In San Francisco, Bank of the West's Commercial Banking and Wealth Management groups were sponsors of this event.
The two winners chosen by these groups were:
- Saagie is a Data analysis platform that helps banks & insurance companies build and run predictive applications in record times to resolve multiple banking use cases, including facilitating onboarding activities (KYC/ALM) as well as Compliance & Risk Management.
- FinSpace automates the transfer of documentation and data between SMEs and Commercial Banks through simple and secure sharing.
"The collaboration of our bankers with these start-ups to address critical business needs proved to be an enjoyable weekend of innovative disruption," said Jean-Marc Torre, Head of the Commercial Banking Group at Bank of the West. "With the institutional support of BNP Paribas and Bank of the West, these winners will work with us to build solutions for the future of banking."
"As the needs of our high-net-worth clients continue to change and evolve, so too must the products and services we provide for them," added Pierre Ramadier, Head of the Wealth Management Group at Bank of the West. "The winners that emerged from the weekend presented great ideas that will help us stay on the cutting-edge of client services."
News and updates regarding the 2017 International Hackathon will be available from Twitter @BankoftheWest (#internationalhackathon). Interested teams can visit the official website or contact Marie Pernot at firstname.lastname@example.org.
About Bank of the West Wealth Management Group
Bank of the West Wealth Management provides wealth planning, investment management*, personal banking, philanthropy, and trust and fiduciary services. The group is part of BNP Paribas' global wealth management business of more than 6,600 professionals present in three hubs in Europe, Asia and the U.S. with more than $12.1 billion** in assets under management in the United States and €354.5 billion ($378.7 billion) in assets under management globally as of March 31, 2017.
About Bank of the West Commercial Banking Group
Bank of the West's Commercial Banking Group team meets the rapidly changing needs of growing businesses with annual revenues of $25 million and higher. With specialized sector expertise, the Group anticipates and tackles the challenges businesses face in industries including agriculture, healthcare, commercial real estate, manufacturing, religious institutions, and technology. The Commercial Banking Group offers clients personalized relationships and community ties of a local bank backed by the international capabilities of BNP Paribas.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 190,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
About Bank of the West
Bank of the West is a regional financial services company headquartered in San Francisco with $83.8 billion in assets as of March 31, 2017. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 branches and offices in 23 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 74 countries with more than 190,000 employees. To learn more about Bank of the West, visit About Us via BankoftheWest.com.
Deposit and loan products offered by Bank of the West, Member FDIC and Equal Housing Lender.©
2017 Bank of the West. Doing business in South Dakota as Bank of the West California.
*Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, (License #0C52321) and through BancWest Investment Services, Inc. in AZ, CO, IA, ID, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, UT, WA, WI, WY, HI, Guam and CNMI. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.
**Assets under management refers to assets under administration, management, advisement, and on deposit, including assets with our affiliate BancWest Investment Services ("BancWest") as of March 31, 2017.
BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas.
Investment and Insurance Products:
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MAY LOSE VALUE
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