BBF Fintech launches the first edition of its open innovation program, together with LABORAL Kutxa, Kutxabank, and 7 disruptive startups in the financial sector

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BBF Fintech launches the first edition of its open innovation program, together with LABORAL Kutxa, Kutxabank, and 7 disruptive startups in the financial sector

Innovation program

BBF Fintech launches the first edition of its open innovation program, together with LABORAL Kutxa, Kutxabank, and 7 disruptive startups in the financial sector

Open innovation: Boost companies capacities to innovate by intensifying their level of collaboration

2020·10·15

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The world continues to change at an unprecedented level. In recent months, the Covid-19 crisis has had a tremendous impact on our society and once again, companies' ability to innovate has become a matter of survival, always taking advantage of the opportunities offered by technological advances. Innovation is probably one of the decisions that most impacts the sustainable development of businesses.

In this context, BBF Fintech - an initiative of Mondragon Unibertsitatea, the Provincial Council of Bizkaia and Bilbao City Council that seeks to generate entrepreneurship and disruptive innovation in the financial sector - launches the first edition of its open innovation program through which it defends a very simple: assess a more participatory and decentralized way of innovating, opening up to external partners to co-create functional solutions.

“Adopting the open innovation model does not mean having limitations within your company, but rather having broader access to talent and disruptive ideas. Looking outside, further away from your usual surroundings is what gives you value. " - Maitane Martín Crego, Head of the open innovation program at BBF Fintech and Team Coach at Mondragon Team Academy.

Today, financial institutions and banks face multiple challenges with respect to their relationship with their customers: proposing more intuitive banking applications, improving the user experience, speeding up the purchase of financial products, taking out insurance more easily , optimize customer service, etc.

This without neglecting the banking motto of transparency and excellence that obliges them to maintain security, credibility and reliability standards while they evolve and adapt to the digital transformation and the new consumption habits of their clients.

Through the open innovation program, LABORAL Kutxa and Kutxabank want to expose the bank's differential value and arrive at the definition of actionable solutions for their clients. This, valuing a sincere dialogue with top-level entrepreneurs and startups who can share their experiences as users in addition to contributing their knowledge in Big data, Quantum Computing, Artificial Intelligence, Cryptocurrency, Cybersecurity, Mobile payments, and other areas related to finance and technology.

"In this environment of high uncertainty, we believe it is very interesting to participate in the BBF Fintech program to materialize other innovative opportunities that provide differential value to our clients" - Xele Olaizola, Head of the Kutxabank Digital Observatory.
The program is based on the Mondragon Team Academy methodology, which consists of generating teams of entrepreneurs who together learn from practice and hypothesis testing and validation. After a rigorous selection process, the startups that will participate in the 6 co-creation modules are the following:


Deep_dive
• Innkubo
Fazil
Quantum mads
Finanhub
• Tak Pay
Fintech Payments

"Collaboration with fintechs and startups, highly specialized in specific fields of our broad field of management, will allow us to provide the best service to our clients and meet their expectations, opening up great opportunities for the future" - Mirari Tejero, Business Development Companies at LABORAL Kutxa.

At the end of the program in January 2021, a presentation of the proposals resulting from the teamwork will be held. A jury made up of representatives of the participating banking entities and members of the BBF Fintech innovation community will choose the idea with the most potential that will be developed as a proof of concept together with LABORAL Kutxa, Kutxabank and Dominion Digital Banking & Insurance - the technological partner from BBF Fintech.

About BBF Fintech…

BBF Fintech is an initiative of the Provincial Council of Bizkaia, Bilbao City Council and Mondragon Unibertsitatea, which seeks to generate entrepreneurship and disruptive innovation in the financial sector.

BBF Fintech takes up the entrepreneurial and pioneering spirit in finance to turn Bilbao into a benchmark in fintech, connecting the entrepreneurial talent of startups linked to new technologies oriented to the financial sector with banks and corporate institutions to pilot new business models.

http://bbfaktoria.com/