Here’s How Societe Generale Is Driving Its Data and Artificial Intelligence Strategy in 2022

In the digital age, data represents the lifeblood of modern industry. Digital information is continuing to make brands more agile, more resilient, and more profitable than ever before.

Perhaps one industry where data has one of the greatest roles to play is in the world of finance. With the inexorable march towards a cashless society continuing unabated, the financial industry is becoming an ever more digital endeavor.

Naturally, the ever-increasing reliance on data to drive the business of finance is feeding into other technologies as well, and these elements of digital transformation are helping financial brands reach new levels of service and customer experience.

Societe Generale

As one of Europe’s largest financial institutions, Societe Generale is no stranger to the power of digital technology – and the Paris-based bank has already incorporated several data-based technologies into its operation.

"Data is a strategic asset for Societe Generale, which has been investing in this area on a continuous and sustained basis since 2014," said the company in a press release. "The use of data is a key component of digital transformation. Today, more than 1,000 data experts, including 65 Chief Data Officers, work across the entire data cycle in all the Group’s businesses and geographies."

The foundation for Societe Generale’s data driven tools can be found in the form of Societe Generale Securities Services – a collection of client-centric solutions designed to cover a wide range of financial pain points, including digital response to RFPs, electronic signatures, real-time alerting, and even the automatic writing of management comments.

Features include SG Markets, which allows customers to manage their service though Societe Generale’s marketplace of B2B services. Crosswise provides benefits relating to outsourced middle and back-office services. Master Assets lets customers obtain a complete picture of all their funds data. Detailed portfolio analysis becomes available through Risk Performance Analytics, while ESG performance can be assessed though Sustainable Investment Reporting Services. Finally, Auto Explain produces automated funds factsheets and performance comments.

"Through leveraging your data with our Digital solutions, SGSS demonstrates its capacity to provide its clients with a set of additional services facilitating the management of their activity, from reporting to aggregation of data or even outsourcing of activity," said Societe Generale.

Artificial Intelligence

Building on this early data success, Societe Generale has recently announced its strategy to further boost its reliance on and innovation in data science – particularly in regard to artificial intelligence.

By improving the technology, it deploys in these areas, Societe Generale aims to become a primarily data-driven bank and provide benefits to all stakeholders, including customers, regulators, and staff, with the following stated aims:

• Having the capacity to build a unique group data using the latest-generation data preparation tools for use in a collaborative, efficient and auditable manner, particularly in the monitoring of compliance and fulfilling the various regulatory obligations
• Demonstrating expertise in value chain management by having the ability to produce, share and widely use real-time indicators for our various decision-making processes
• Widely using the predictive power of machine learning in order to personalize customer value propositions and deliver a smoother and more responsive experience through advanced automation.

"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," said Chief Executive Officer of Societe Generale, Frédéric Oudéa. "The increased and responsible use of data, notably with AI, is a strategic asset on which Societe Generale is continuing to capitalize 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."

This increased investment in AI will allow Societe Generale to offer greater levels of customization with more products and advice personalized to individual clients, higher degrees of responsiveness and speed, greater operational efficiency, and reduce risk though client and bank protection – all underpinned by an appropriate responsible data use strategy.

To meet the challenges of data security and cybercrime, Societe Generale will continue to invest in the security of its IT systems and client data and will establish itself as a thought leader when it comes to discussions of AI and ethics.

Final Thoughts

Societe Generale is already well established as a leader in the field of data technology and, with this accelerated strategy, is only going to increase its position in this regard. Artificial intelligence is set to become a powerful tool in the world of finance and Societe Generale will certainly be one brand to keep an eye on which in comes to innovations in this corner of digital transformation.