Building for the Future at Societe Generale
Welcome to Expert Views, Societe Generale’s insight into the key issues that will be discussed at Sibos. This year’s Sibos theme, “Building for the Future”, resonates with us and with our clients. There has never been a more exciting time for global transaction banking and securities services. Yes, there are challenges, but there are also opportunities in abundance – made possible by exciting technologies that promise to transform financial institutions and the customer experience.
Societe Generale is engaged in a digital transformation project, building our future in the new economic order. To undertake our digital transformation, we are gaining inspiration from the new economy: Internet giants, start-ups and fintechs. Representatives from these groups will be present at Sibos, sharing ideas and inspirations with the SWIFT community.
A range of technologies are enabling digital transformation.
This year our experts outline the concrete impact of blockchain and distributed ledger technology, artificial intelligence, and open application programming interfaces (APIs). Beyond the hype, how can financial institutions harness the power of these breakthroughs to ensure the superior customer experience our clients now demand?
Blockchain and DLT are building blocks in our overall digital transformation process
Right now, we are ensuring that all building blocks can work together and with our legacy systems. Internal legacy systems must be able to speak to external platforms and APIs. One area of progress in blockchain is the Digital Trade Chain initiative. The banks involved are working very well together, reflecting how SWIFT as a community works, to take this promising concept into commercial reality to better serve our clients.
Artificial intelligence and machine learning have captured the imagination of financial institutions.
These technologies can transform operations, streamlining processes, and deliver greater efficiencies. And it is not just about efficiency. These technologies, combined with big data, can be deployed to improve cybersecurity defences – critical as financial institutions face a growing threat from cyber criminals.
One of the truly transformational technologies is open APIs.
We are using APIs to transform our internal solutions to fulfil both our business requirements and the requirements of our clients. APIs help us to interact with our clients more closely, sharing the same platform and vision.
This is a time of dynamic change within the transaction banking industry.
Commentators often predict the death of correspondent banking, but this is far from the case. SWIFT’s global payments innovation (gpi) demonstrates the ability of financial institutions to respond and adapt to changing market requirements. GPI is all about timing, transparency, and efficiency – qualities our clients increasingly expect.
We are at the beginning of this digital transformation journey; a journey that will lead to many new capabilities and the strengthening of the relationship between banks and our clients.