Societe Generale is putting its faith in data and AI to help it transition to, and prosper in, the digital age. As it faces up to a host of challenges and challengers, the 150+ year old French lender says it has built up an army of more than 1000 data experts, including 65 chief data officers, working across all of its businesses and geographies.
The bank has more than 330 data use cases in production, of which nearly 170 are based on AI, covering areas such as start-up applications, facial and biometric recognition, automatic credit ratings and analysis tools for market activities.
This focus is designed to give SocGen an edge in personalised customer services, responsiveness and speed, efficiency and risk controls.
Frédéric Oudéa, CEO, Societe Generale, says: „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.”
To harness the full potential of data, the bank has developed a main hybrid datalake platform combining private and public clouds.
Some 80% of servers are now hosted in the first and second generation clouds. By 2025, the bank has set the objective of using 75% “second generation” cloud including 50% private cloud and 25% public cloud, to allow developers to access off-the-shelf services such as machine learning modules and databases.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: