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CEO STORY with BNP Paribas
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TechnologieTranscription
00:00I would like to welcome now Renaud Dumoura, Deputy Chief Operating Officer at BNP Paribas, Head of Investment and Protection
00:07Services,
00:08who will be sharing with us new information about tech supporting an ESG strategy.
00:15And we have with us Laurent Butson, who is the co-founder of Gambit. Thank you so much for joining
00:21us as well.
00:22I will start now with Renaud with a few questions that I've been asking CEOs throughout this week.
00:30And I will ask you this question about how innovation and new technology will impact your outlook for 2030, Renaud.
00:38Thank you. Thank you, Margot. Very happy to be with you and Laurent today.
00:43It's a good question for ourselves because we just launched our new strategic plan for the next years.
00:48And for this plan, we benefit from a flying start because during the sanitary crisis, we went through situations.
01:00with a lot of innovation in terms of data, in terms of artificial intelligence.
01:08So it's when at the crisis, when the interaction with our customers, the interaction between our employees,
01:16the interaction with our partners, we are mainly digital.
01:19It has been very helpful to have invested.
01:21And today, our new plan is called GTS, G standing for growth, T for technology, and S for sustainability.
01:30As you can see, technology, it's at the heart of the title.
01:35And it's supporting the two others, of course, sustainability and growth.
01:39And if you follow me, I would like to give you two examples.
01:42For example, in the finance industry, if you launch a product, there is no way to forget the digitalization data,
01:53intensive use of data, and artificial intelligence.
01:55And in 2022, it's no more possible.
01:58So that's very important.
02:00I will give you two examples.
02:02The first one is savings.
02:04I'm in charge of savings within BNP Paribas, development of savings, investment for our customers.
02:08And in savings, without data, without artificial intelligence, a banker, an insurer, won't be able to offer the best solution
02:21to our customers,
02:23taking into account the fact that he has to choose his ESG preference, his asset allocation, his risk aversion, his
02:32performance target, his project.
02:34We have to take everything into account, so it's not possible to do it without data, without artificial intelligence.
02:41The second example I wanted to mention is an example we unveiled at VivaTech one year ago,
02:49which is WIRED, a service given by our real estate division.
02:54It's a digital twin where our customers, our prospects, immerse themselves to discover an augmented visualization of the city,
03:07of the neighborhood, of the building, with access to a lot of data in terms of environment, in terms of
03:14mobility, in terms of socio-economics.
03:18You can imagine the success this kind of tool, the three-dimensional tools, have with our prospects and with our
03:25customers.
03:26So, Renaud, for years there has been much talk of digital transformation and artificial intelligence.
03:33And for many industries, the buzzwords that I like to call them on this stage would be metaverse and Web3,
03:41as you know.
03:42So, if you had to pick one technology that you would bet on, that would revolutionize your industry, what would
03:49it be?
03:50My first thought would be that we are not piloting, leading a company with buzzwords.
03:58I'm sorry to say that, but anyway, you are right.
04:01Metaverse is something we are discussing a lot.
04:03There is more and more people in metaverse.
04:05And some of our customers are starting to go in the metaverse.
04:10So, we have to be where our customers are.
04:12So, we have to watch very carefully what happens in the metaverse in terms of risk frameworks and legal frameworks
04:18to be very uncontrolled to what we will do in that innovation.
04:23But I would like to add something that in terms of artificial intelligence, in terms of data science,
04:30we are not at the end of the customer journey.
04:32We have a lot of things to do in customer journey, but for the compliance, for the risk, for everything,
04:41for all the decision process within our company, we have to invest, to still invest in artificial intelligence.
04:50So, we will continue to invest in artificial intelligence and in the big data.
04:55That is definitely part of your plan.
04:57So, we need to talk about the COVID-19 crisis, which has been a major challenge for every company around
05:03the world.
05:04And it has been a huge transformation for the evolution of the workplace, as you know.
05:10What is your outlook regarding the future of work and also, I would say, talent wars?
05:16Is the hybrid workplace a new opportunity to attract new talents, according to you?
05:25It's absolutely key for us in two respects.
05:29The first one is as a company towards our employees to provide them with a great working environment
05:36and as a real real estate provider, because we have to reinvent our office, reinvent our real estate service, for
05:46sure.
05:46As an example, I will take two examples.
05:49The first one is agility.
05:51The lesson we took from this period is we have to be agile.
05:56We have to empower our teams.
05:58And this is our mission to accompany the organization, the culture of the company, in terms of agility.
06:04And you can imagine that in a big company like ours, agility is a little bit difficult.
06:10So, we have to invest.
06:11The second one is the purpose.
06:14We are in a hostile world.
06:15When we look at the world, the uncertainty, inflation, this is difficult.
06:20A lot of uncertainty, definitely.
06:22And it's more and more important, in this kind of situation of hostile world, to stick to our long-term
06:28value, to a purpose.
06:29And that's why we decided to have a purpose, which is to be a reference player in sustainable investment, protection
06:37and savings.
06:39And that makes sense for our people.
06:41In terms of real estate, I will tell you something.
06:45I think that during the crisis, we have decided to merge the teams in charge of offices and the teams
06:52in charge of residential.
06:53Why?
06:54Because today, in the city, it's no more possible to have one location for offices and one location for the
07:02residential life.
07:04So, we have to mix everything.
07:06We have to mix the population.
07:08We have to add modularity to our building.
07:11We have to make it possible for the public to enter the offices.
07:15We have a lot of things to do.
07:17So, we have to reinvent our offices.
07:19So, when we speak about the post-pandemic world, we also speak about social responsibility, Renaud.
07:27And I know you made a perfect transition just a few minutes ago about talking about sustainability.
07:32But how can, specifically, innovation in your company, in your industry, enable positive change?
07:42You remember that our plan is called GTS and S is for sustainability because we have, of course, no choice.
07:48If it was not the case, we were at risk.
07:51And we would be at risk.
07:52That's why it's absolutely, absolutely key.
07:53And it is a very strong request, not only for our employees, not only for our shareholders, but for our
08:00customers as well.
08:01More and more, they are requesting us to be sustainable.
08:04That's why we have decided to put sustainability by design in our innovation approach.
08:12It is part of our innovation approach.
08:14We have, within BNP Paribas, a big team for innovation.
08:19And I met them very, very often because I think that we have, as leaders, we have to sponsor innovation,
08:26especially at early stage.
08:27So, their mission is to make sustainability by design.
08:33It's very interesting that you say that your customers, it's a demand from your customers.
08:38So, I will ask you about one tech solution that really impressed you recently.
08:43And I don't think it's a big surprise for our audience because he's with us on stage.
08:48I let you talk about it.
08:52In fact, I mentioned the platforms.
08:56What I call platform is a place where you can sell products, you have information, you have training, you have
09:03access to all this kind of information and so on and so forth.
09:11And platform has, according to me, one big advantage.
09:14It's a way to solve the issue to be a precise banker.
09:17We have to be a precise banker, meaning we have to have the exact answer to the request of the
09:22customer and to the situation of the customer.
09:24But one very important feature of the platform is that it gives access to all these services to people, even
09:32if they invest a small amount of money.
09:35That's why I like very much Gambit and the offer of Gambit because this is what we are doing with
09:40Gambit and with this guy.
09:42And then you make a perfect transition.
09:43It's time for On My Watch.
09:52So, Renaud, you just spoke about Gambit and I would like to introduce again Laurent, who is the co-founder
09:57of Gambit.
09:59So, Laurent, can you please tell us more about Gambit and what is it exactly?
10:04In a few words, Gambit has been created in 2007, already 15 years ago.
10:11And Gambit is a fintech entity of BNP Paribas with an essential ambition to put the customer at the heart
10:19of investment advice using innovative technology.
10:22And we are proposing a comprehensive technology stack of modules and services combining our financial and digital expertise.
10:32And for five years now, we are working in tight collaboration with the group BNP Paribas to support digital transformation
10:39projects within the group and outside the group.
10:43And in figures, we have implemented more than 20 successful implementations, including very tailor-made and sophisticated investment advisory customer
10:54journeys.
10:56And maybe in terms of strategic access?
11:00It was my question.
11:01What are your three strategic axes?
11:04Exactly.
11:05Exactly what we have written.
11:06We have three major strategical axes.
11:11The first one is financial suitability, meaning that we collect information about financial knowledge, financial experiences, financial situations, financial objectives,
11:22and also the preferences of the investors in terms of ESG, sustainability preferences, and risk profiling, in order to recommend
11:31more suitable financial advisories.
11:34Secondly, our technologies are also supporting inclusions, practices, and also accessibility requirements, integrating more financial pedagogy in our user experiences,
11:48also allowing a very small amount of investments, starting with 50 euros.
11:53And we consider financial and educational inclusions as part of our social responsibility.
12:01Our common goal is to make money a better support for what comes next, and make all necessary efforts to
12:09advocate for inclusion.
12:11And our third strategical axis is the sustainable finance, exactly as Renaud mentioned, because we believe that investing represents a
12:22direct way to have a positive and lasting impact on our society, while combining financial profitability.
12:30And today, Gambit helps dozens of financial institutions to develop their sustainability profiling, to recommend sustainable products, and as well
12:40as improve their sustainability reportings.
12:43For instance, our robot advisor, BIRDE, BIRDE, BIRDE suggests portfolios mainly composed of responsible and also sustainable securities.
12:56Because we take great care in selecting assets that allow creating a more sustainable world, by taking three concrete steps.
13:06First, we select players, companies, countries, industries, that have adopted environmentally friendly practices.
13:14Secondly, we exclude certain industries, like arms trade, tobacco, coal industry.
13:21And we promote and encourage companies that take actions to achieve sustainable developments.
13:28We are also developing technologies with full ESG offerings, like we did with My Mandate.
13:33This is the name of an automated discretionary portfolio mandate given by BPF, the private bank of BNP Paribas in
13:40France.
13:40And we also did a retirement platform called Mon Demain, in English it would be My Tomorrow, which is co
13:49-built between Cardiff, BNP Paribas Asset Management, and BCEF, the retail bank of BNP Paribas, to propose products and services
14:00around retirement matters.
14:02And as my concluding remark, I would summarize that our digital solutions are supporting financial institutions, notably BNP Paribas, but
14:12also outside the group, to guide their clients in their sustainability and investment ambitions, using intuitive, user-friendly, personalized, and
14:23accessible solutions.
14:24Thank you so much for answering my question, but also enlightening our audience today about what is Gambit.
14:33And thank you so much for being with us.
14:35We have another question that won't be asked from me, but from another CEO or from the audience, it's always
14:41a surprise these days.
14:43Let's watch, it's time for question time.
14:53So are you two ready for the last part of this interview?
14:57And our last question is actually from the audience today.
15:01We have a first question from the audience, which is, how do you ensure proximity with your clients in a
15:08digital world?
15:09I let Renaud start and then Laurent, you can complete.
15:14It's a good question.
15:15In fact, we have two ways to do that, to maintain this proximity, because proximity is key in the industry
15:23of insurance, of banking, where we are speaking about intimacy of our customers.
15:27The first one is to be globally hybrid.
15:30What I mean by that is we keep a score, of course, upon ourselves, because in all the countries, when
15:36we ask a question to our customers, they want to have contact with a human being.
15:41So it's very important to keep the point of sale.
15:44But at the same time, they are requesting to have a very fast answer, to be able to do self
15:49-care, and to have a very precise answer.
15:52And that's why we use as well digital.
15:54So we have to be both point of sale and digital.
15:57I do believe in the hybrid world.
15:59And even in the digital process, I think that to maintain this proximity with two customers, we have to create
16:07exit doors.
16:08What I mean by that is that at each time when the robot is answering to the question, going deeper
16:14in the situation of the customer, sometimes the customer wants to say, stop.
16:19Stop.
16:19I want to speak to a human being.
16:21So we have to create exit doors in all the process of the customer journey.
16:27But I'm sure on the technical side, it's more complicated.
16:30On the technical side, we also add what we call this concept, which is pro-advice.
16:36Integrating the advisory in a proactive way.
16:39Because we know that the proximity in this digital world and in this hybrid world is increasing with the number
16:47of interactions.
16:48And the idea is to create interaction, to initiate, to induce interaction via proactive advice, calling, contacting the users based
16:57on the evolution of the markets, based on the evolution of his or her financial situation.
17:01But without waiting the client to come into the branch and start an investment advisory session, we do proactive advice,
17:10pro-advice.
17:11Thank you so much.
17:12Thank you, you two, for being on stage with me.
17:15That was super interesting, as always.
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