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.”

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