SocGen to become ‘data-driven’ bank, says CEO

Societe Generale is to accelerate its digital transformation strategy and further harness the potential of data and AI, CEO Frederic Oudea has said.

In an online address Oudea said the 150-year-old bank is looking to transition to a ‘data-driven’ model in order to adapt to an increasingly demanding environment and to better serve its customers.

During the session, Oudea was joined by Claire Calmejane, group chief innovation officer and Christophe Leblanc, group head of corporate resources and digital transformation, to outline the strategy which focuses on data as a ‘strategic asset’.

The bank employs more than 1,000 data experts, including 65 chief data officers as well and also counts more than 330 AI and data use cases in production, of which nearly 170 are based on AI including start-up applications, facial and biometric recognition, automatic credit ratings, analysis tools for market activities.

In a statement the SocGen said these teams would be responsible for executing their strategy of achieving value of €230 million at end-2021.

As part of the move, the group will continue to generalise and intensify the use of data, in particular via AI, to improve its processes for the benefit of its customers, regulators and staff.

In a statement SocGen said data and AI were ‘reshaping’ the financial sector, with the technologies being used by the bank in four key areas: customisation, responsiveness/speed, operational efficiency, and client and bank protection.

To harness the full potential of data, the group has developed data management infrastructures, with a main hybrid data lake platform combining private and public cloud as part of a cloud-first strategy.

Societe Generale has also set up tools to ensure data quality, facilitate data access and sharing in accordance with regulations.

Oudéa, explained: “Motivated by our pioneering spirit, our teams constantly seek to innovate and provide greater value to our clients and meet the ever-growing economic, societal and environmental challenges. 

“The increased and responsible use of data, notably with AI, is a strategic asset on which Societe Generale is continuing to capitalise to adapt and improve its existing distribution and production models, but also to invent and develop new alternative business models. Becoming a data-driven bank, with a responsible use of data, is at the heart of our strategic agenda.”

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.