Accelerating digital strategy: Societe Generale transforms into a data-driven bank 🚀

Because our economy is in the midst of a massive digitalisation process, it is imperative that the business and operational models of banks transform and adapt as a result. This is the reason why Societe Generale has undertaken a huge AI and data transformation journey which represents the cornerstone of our overall digital transformation strategy.

We have already seen that data and AI can improve not only customer experience with useful chat and interface tools, and operational efficiency via automation, but can also help to control risks and identify opportunities for new products or businesses. Indeed, Societe Generale has been investing in its data and AI strategy since 2014, precisely because we see the use of data as a key component of digital transformation, of which AI acts as an amplifier.

Today at Societe Generale, 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 Group has more than 330 AI and data use cases in production, of which nearly 170 are based on AI, in order to execute our strategy for an expected value generation of €230 million at end-2021.

Our in-depth digitalisation projects currently cover 4 different zones, of which AI is a central component. These areas include: customisation of products and advice; increased responsiveness to client requests; optimisation of operational efficiency via automation; and protection of the bank and our customers by improving detection and prevention solutions. We also work with partners to accelerate our execution and strengthen the inclusion of business teams. One example involves the development of low-code/no code tools, which have enabled us to transform our business and service units by democratising access to data and free ourselves from the technicalities of having to learn computer coding languages to manipulate data.

What we are excited about now, however, is the next challenge in Societe Generale’s metamorphosis project, which is to transform our organisation into a truly data-driven enterprise. As announced at a press conference on 23rd November, @societegenerale shared a vision of how our data-driven strategy will look. We want to go over and beyond our continued commitment to the development of our use case portfolio by integrating data into our everyday activities. By equipping the vast majority of our employees with modern tools that incorporate data analytics, we can obtain a much more holistic view of data usage.

Data-driven mindset

Digitalisation and AI is not just about addressing technical problems, however, there is also a challenge in terms of culture and mindset. The reality is that Societe Generale is a 157 year-old company consisting of 133,000 people spread across 61 countries, and in order for us to become a truly data-driven company, we need to make data available, accessible and transparent. It is necessary for each employee to be aware of the data underlying his or her activity, and to understand how to use the value of that data to transform the way they operate to make it more efficient, and more value-generating for their customers. This will require a cultural shift where responsibility and accountability around data need to be clearly identified and communicated, meaning that everyone needs to be trained on basic data management principles. It is our challenge, therefore, to find the right talent, to drive the cultural mindset - and that's really exciting because our bank, with all its history, has the appetite to change.

Data and responsibility

It is also crucially important that our digitisation programme hinges on a responsible approach that is incorporated by all our stakeholders. As a trusted third party, we deploy a responsible data use strategy and take advantage of opportunities related to AI and data while guaranteeing data security and protection.

We ensure our responsible use of data by leading discussions on ethics and AI (in advance of European regulations), and strictly observing the regulations when using the data collected. The Group only uses the client’s data for their own benefit, with their consent, and in compliance with regulations such as the General Data Protection Regulation (GDPR).

Having a responsible approach in this case also takes into consideration the social and ethical issues in the development of AI and, more precisely, the representation of minorities and women in this matter. By integrating experts in the field, including people from different backgrounds and point of views, a rich set of ideas can be brought to the development of AI solutions and, thus, reduce bias.

AI as part of an impactful digital strategy

Data and AI cannot succeed by themselves, they must be used as part of a coherent and impactful digital strategy that combines different technologies and helps strengthen the efficiency and relevance of the solutions provided to our clients. In the case of Societe Generale, we are focusing on building a more holistic approach to delivering value for customers by putting the client at the centre of everything we do. We are continuously adapting and evolving our business while also ensuring the proper integration of digital solutions into our existing systems. Our goal for the next three years is to further increase maturity and velocity, and upscale our portfolio of use cases for the benefit of our clients and employees - all by combining the best of technology and human input.

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