Competitor Profile: Societe Generale

Competitor Profile: Societe Generale

Summary

This report provides information and insight into Societe Generale's fintech activities, including its digital transformation strategies and accelerator/incubation programs; an overview of its technology initiatives; and details of its estimated ICT budgets and major ICT contracts.

Societe Generale is a banking and financial services provider. The company operates through a network of branch and representative offices and online portals, catering to individuals, commercial organizations, SMEs, high net worth individuals, and wealthy families.

Societe Generale has adopted an open innovation strategy that aims to open up the bank to global innovation ecosystems comprising startups, fintech companies, incubators, and accelerators. It brings together its employees, customers, engineers, and startups to co-create solutions through the exchange of ideas and feedback.

The company is tapping the power of the Internet of Things, blockchain technology, AI, cybersecurity, mobile, the cloud, big data, e-commerce, the office of the future, and alternative reality technologies to achieve operational efficiency, build environmentally-friendly solutions, and provide a secure open banking experience for its customers.

Scope

• By 2020, Societe Generale plans to invest €1.5bn in order to transform its information systems and automate 25 internal processes (covering 80% of its French retail banking operations).
• Societe Generale has mainly partnered and invested in companies that enable it to enhance the efficiency of its operations and develop sustainable solutions for its individual and business customers.
• SG Ventures, a €150m cross-functional venture arm launched in January 2019, is expected to make the majority of its investments in disruptive startups going forward. The venture arm operates as a collaborative platform for the group's external and internal activities. It provides financial support for the development of acquired companies as well those launched by the group itself.

Reasons to buy

• Gain insight into Societe Generale’s fintech operations, strategies, and investment portfolio.
• Learn which technology themes are under focus for the company.
• Read about its various product launches, partnerships, and acquisitions.