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BNP Paribas partners with digital giants

BNP Paribas partners with digital giants

(20 July 2015 – France) BNP Paribas has announced it is the first European bank to partner with Facebook, Google, LinkedIn and Twitter with the goal of developing its digital presence worldwide.

The bank simultaneously partnered at an international level with all four tech giants to establish strategic management of its presence on digital media, while opening up to new opportunities for cooperation and innovation in terms of communications, marketing and customer relations.

"BNP Paribas already has more than 500 million digital interactions with its clients per year, making it a leading digital player,” said Jean-Laurent Bonnafé, director and chief executive of BNP Paribas.

“The worldwide partnerships signed with each of these four global digital leaders, Facebook, Google, LinkedIn and Twitter, will help us strengthen our relationship with our clients and prospects on these platforms.

“It will also galvanise our capacity for innovation so we can offer services that are increasingly tailored to meet their needs."

The relationship-based model has been revolutionised by mobile devices, which have become the main tool used by banking clients to contact their advisor or manage their accounts.

Improving the digital banking experience for clients is therefore a key development priority for BNP Paribas.

The company wants to give them both choice and flexibility of use through the new ways of interacting offered by social networks, new mobile services, simplified processes, and more.

These partnerships actively work toward this goal by reinforcing the cooperation between the bank and the four digital giants.

This cooperation relies on a global governance which will be built around a shared roadmap. Regular meetings between the initiative's sponsors at these four companies and at the bank will ensure the partnerships run smoothly.

These alliances will speed up the bank's digital transformation, making it possible to work together to analyse and manage new business opportunities.

BNP Paribas said its collaboration with Google is an opportunity to improve the accessibility of its services for the greatest number of people, as well as to adapt its products based on the needs of clients.

This will make it possible for the bank's teams to improve their understanding of current practices, as well as their technical expertise and command of new communication formats suited to mobile technologies.

As such, mobile already accounts for nearly 15 percent of the Group's investment with Google.

These partnerships are part of BNP Paribas' open innovation ecosystem.

Its vision involves relying on a strategy of partnering with all of the stakeholders in the digital world, whether they are giants of the sector, FinTech developers or startups.

Technology is central to the Group's development plan and supports a strong conviction: that digital transformation will be of structural importance to the bank's future.

BNP Paribas said this has resulted in accelerated investment in this area, and especially in revolutionising customer relations.

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