The retail and commercial finance arm of the business, BMW Group Financial Services, is responsible for the Innovation Lab. The division specialises in facilitating sales with BMW UK on new and used vehicles from the BMW and Mini brands, and boasts 500,000 customers nationwide. The Lab will be headquartered in Farnborough, Hampshire, and BMW is seeking applications from early-stage businesses across five categories in order to add more creativity to the car finance market, increasing growth in the process. Any tech developed with selected startups during the ten-week programme will all be geared to improving the user experience for customers. The categories BMW is seeking startups for are: (1) Access to cars: To transform how the business can utilise existing fleets to enhance ownership, usage and customer retention. (2) Data driven decisions: To provide transparency, data visualisations and decision-making for customers and suppliers. (3) Used cars: To explore ways of opening up BMW’s used car opportunities and attract a younger market. (4) Digitising the customer journey: To introduce a streamlined and intuitive online journeys. (5) Fintech wildcard: For technologists and entrepreneurs out to transform automotive finance and insurance opportunities. “The Innovation Lab provides a great opportunity for us to get a different perspective on our business and generate new ideas more quickly,” said Mike Dennett, CEO, BMW Group Financial Services, UK. “It is a very different approach and one which will allow us to explore customer-focused initiatives from young, energetic and talented small companies while at the same time offering them the chance to gain exposure to a range of experienced mentors and potential investors.”
Read more on innovation taking place in the car sector:
The Lab will be run with innovation specialist L Marks, which works with the likes of John Lewis on similar campaigns. The retailer’s current crop of innovators enlisted for its JLAB accelerator were revealed at the end of June. “Innovation Lab is an unprecedented opportunity for promising start-ups to get access to a leading provider of automotive finance and insurance products and solutions, BMW Group Financial Services in the UK,” said Stuart Marks, technology entrepreneur and chairman of L Marks. Expecting that new ideas and methods of working will be presented to BMW, Marks feels that a real impact will be made through the Lab. In addition to access to mentors and investors, participants will also have free office space at the Hampshire HQ and detailed product testing opportunities. Marks added: “I believe that this kind of intense engagement with the company over a 10-week period will enable start-ups to build a deep and meaningful relationship with the brand and develop their products and services in a unique environment.” By Zen Terrelonge
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.