An Innovation Lab for BMW FS

The US subsidiary of BMW Group Financial Services introduces their “Collaboration Lab 2018”: a program for technology entrepreneurs. This program will run in partnership with innovation specialists and early-stage investors L Marks, enabling companies to build their ideas alongside car industry and financial experts. This launch is reminiscent of similar, successful launches in the UK and in Japan.

The US “Collaboration Lab 2018” accelerator program provides FinTech entrepreneurs, start-ups and small companies with a chance to work with this US financial subsidiary. Together, they will develop and implement innovative solutions for consumers, car dealerships, and partners.

Interested parties can submit their ideas and enter one of the following categories: Digitizing the Customer Journey, Data Analytics and Insights, Building a Blockchain Strategy, Lease Returns and Life Cycle Management, and a Wildcard category (for all other suggestions). Later on, the best challenger in each of these categories will join BMW Financial Services’ regional service centre, be able to share views regarding their project with industry specialists, and benefit from specific training programs.

This launch is an opportunity for BMW to support promising innovation projects likely to feed their own innovation strategy and give them access to new partners: vital elements for their diversification process.

Comments – The car industry still driven by technological innovation

BMW US financial captive was founded in 1992 to sustain BMW sales and overall commercial processes through proposing financial services and car leasing products. The group has been growing since, and now has more than $45 billion in serviced assets and 1.3 million automotive lending customers across the US. This group finances more than three quarters of the BMWs sold or leased in North America.

This leading group has long been involved in the financial industry. Their new program is a way for them to reinforce their position and consolidate their developments through focusing on mobility-oriented products and solutions. This partnership also reminds one of Crédit Agricole Consumer Finance’s “Open Innovation” program.