Lines of communication sound between major banking groups

BNP Paribas is expanding on its digital strategies and offerings around customer experience and taking advantage of collaborative open lines of communication with fintechs and its direct competitors, according to chief innovation and digital officer, Philippe Ruault.

Speaking to Money Management last week, Paris-based Ruault said competition was eminent, but a collaborative mindset between major banking groups would be the catalyst for maintaining the traditional side of banking.

“With competitors, there’s quite good community sharing amongst us and we have an open-dialogue with many of our competitors on what types of technologies are trending,” he said.

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“So far there is an open-dialogue, but maybe it will become more competitive going forward; we try to look at everything.”

Ruault said the agendas of global banks worldwide were also in sync, as were the demands and interest from customers for digital-first initiatives.

“It’s really about being more into open banking and accessing data, being able to interact much more simply with us, and I see that very consistently, whether it’s a customer based in France, or in the UK, in Hong Kong, or in Sydney,” he said,

“All customers want to be part of the innovation process and they want to co-create much more with us and be much more involved and ahead of the process.”

The key digital priorities at BNP Paribas moving forward would see the banking group focus in specifically on the customer journey, and work to deliver optimised solutions utilising a range of machine learning, artificial intelligence (AI) and blockchain based technologies and projects to boost its competitive edge.

 “We are really working on refunctioning the customer journey to make it better… we look at customers’ behaviours and the customer journey,” Ruault said.

“Everything is a priority with digital because you have to move quickly and efficiently.

“We are really trying to force our teams to really start from the customer experience when we are designing.”

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