Ghent, Belgium – 6th of June, 2024 – Today marks the official launch of Prometis Lab, a groundbreaking not-for-profit research organisation founded by BNP Paribas Fortis (BNPPF) and Ghent University. Prometis Lab is dedicated to leveraging real-world anonymised financial data and scientific research through an interdisciplinary approach to generate insights that will aid individuals, businesses, and policymakers in making better, more informed decisions.
Our Mission
Prometis Lab's mission is to empower socioeconomic decision-making by harnessing the immense power of anonymised administrative financial data. Our unique approach generates value far beyond conventional financial services, offering innovative solutions to pressing economic and social challenges. Our tagline, "Research for a changing world," encapsulates our commitment to dynamic and impactful research.
Our Story
The journey of Prometis Lab began in 2014 with a collaborative project between Ghent University and BNP Paribas Fortis, focusing on the influence of social networks on banking loyalty. This initial project laid the foundation for a vision to combine anonymised financial micro-data with socioeconomic research. Over the years, this collaboration deepened, marked by significant milestones such as the 2015 proof of concept on the impact of zero-interest rates on account balances, a project on the social mobility of early-career job-starters, and the 2020 research agreement facilitating broader collaboration.
In 2021, BNP Paribas Fortis reinforced its commitment by endowing Ghent University with the “Research for a changing world” chair. Today, this evolving partnership culminates in the establishment of Prometis Lab, which will be led by CEO and Research Director Prof. dr. Milan van den Heuvel and aims at addressing socio-economic challenges on a structural level and conducting research to help navigate a rapidly evolving world.
Innovative Collaboration
Prometis Lab stands out as a unique collaboration model between the financial industry and academia. Unlike traditional project-based research initiatives, Prometis Lab creates a new platform for independent and socially relevant research. This flexibility allows us to quickly respond to both academic and practical opportunities, strengthening our position as a leading knowledge center in applied economic research.
Our leadership structure ensures equal representation and decision-making power between our founders, fostering a balanced and innovative research environment. By working with de-identified financial data in a secure, GDPR-compliant framework within BNP Paribas Fortis infrastructure, Prometis Lab guarantees the safe, ethical, and responsible use of data.
Research Streams and Impact
Prometis Lab's research agenda focuses on several key research streams, including:
Sustainability and ESG (Environmental, Social, and Governance) Metrics:
Investigating the impact of ESG ratings on financial performance and green investments.
Exploring consumer behaviour in response to climate change and sustainable practices.
Nowcasting and Economic Indicators:
Developing granular economic indicators to enhance understanding of GDP and inflation.
Providing real-time insights into economic dynamics to inform better decision-making.
AI for Decision-Making:
Leveraging machine learning to improve business and policy decisions.
Enhancing human decision-making through AI-augmented tools.
Data Governance and Privacy:
Ensuring data privacy and integrity in financial data usage.
Evaluating and designing frameworks surrounding (EU) open data directives in the financial industry.
Societal Challenges:
Addressing issues such as social mobility, inequality, and the green transition.
Informing public policies to create equitable and sustainable economic systems.
We will continually evolve our research agenda to maximize our impact, ensuring that we stay attuned to and address the evolving needs of society. By doing so, we remain responsive and proactive in tackling emerging challenges.
Our Vision for the Future
Prometis Lab aspires to become an internationally recognized knowledge center, fostering research that has both academic rigor and practical relevance. By continuously innovating and expanding our research horizons, we aim to make significant contributions to the global economic landscape. Our goal is to provide insights that lead to smarter policies and business strategies, ultimately benefiting society as a whole.
Founders and Independence
Prometis Lab was jointly founded by BNP Paribas Fortis and Ghent University, with BNP Paribas Fortis providing initial funding and secure data infrastructure, and Ghent University contributing its academic expertise and research capabilities. This strategic partnership aims to create a lasting impact by supporting research that addresses the socio-economic challenges of our time. Prometis Lab is however an independent entity and as such the claims and opinions of Prometis Lab do not represent those of our founding members.
For more information, visit our website at www.prometislab.org or contact us at info@prometislab.org