Financial institutions continue to focus their efforts on automating processes across multiple functions. These include managing data (capture, cleansing, validation), RPA, matching and reconciliation, document production, workflow tools, AI, process monitoring and reporting.
From our discussions with financial institutions, there seems to be a consensus that they are looking for technology solutions that deliver –
- Regulatory compliance
- Increased efficiency
- Increased capacity
- Flexibility to work with legacy systems
- A technology platform that will work with emerging technologies
With this in mind, we were interested to hear about Societe Generale’s view of digital transformation, recorded at last week’s Sibos in Toronto.
Banking Technology interviewed Bruno Prigent and Mathieu Maurier from Societe Generale Global Securities Services, who discuss their digital transformation project, which aims to optimise operations and deliver data in a manner that enables clients to increase their own efficiency.
Societe Generale is also investing heavily in safeguarding client data. General Data Protection Regulation (GDPR) comes into force in May 2018 and this has resulted in an increased focus on protecting client data.
Looking to the future, the interview highlights –
- The continued pressure on fees in Securities Services
- The need to increase efficiency to remain competitive
- On-going compliance with regulations
- Building for the future, by satisfying the evolving needs of clients and providing new services.
The interview can be viewed at http://www.bankingtech.com/1038802/sibos-interview-socgen-the-impact-of-digital-transformation/