Global lenders and analytics teams are collectively tapping into big data as a means of investment opportunities and innovation across the Fintech sector. As part of this effort, BNP Paribas has set up a new innovation and digital lab staffed by twenty full-time employees, which will be headed by Philippe Ruault, according to a BNP statement.
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The new lab will be comprised of several industry veterans, thought leaders, and Fintech specialists, which will focus on fostering the use of big data and distributed ledger technologies across the financial services industry. BNP Paribas is seeking to shed the recent stigma adopted by other lenders that have rolled out similar initiatives with little material benefits to show for their efforts.
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As a result, BNP Paribas has tapped Philippe Ruault as the unit’s head, following a previous stint as its Head of Clearing, Settlement, and Custody Products. At his disposal will be upwards of twenty experts across multiple channels, including IT, product design, and client development. In addition to the general staffing, the unit will also lean on external technology specialists to help assist with other targeted areas of development.
In tandem to this ambition, BNP Paribas is also seeking out a number of new opportunities to invest in and partner with, looking at supporting partnerships with external organizations such as fintech start-ups and other research and development laboratories.
According to Mr. Ruault in a recent statement on the appointment and lab launch, “Having a dedicated team, focused purely on advancing and nurturing new technology and innovation, will ensure we remain at the cutting edge of the change taking place within the securities services industry.
“There are some extremely interesting and important challenges which need to be addressed around many of the nascent areas of technology currently vying to shake up things up in our industry. We are really looking forward to tackling these challenges head on and to moving these ideas to the next stage,” he added.