Jean-François Mazaud, head of Societe Generale Private Banking (SGPB), comments on the importance of technology in wealth management, getting used to the digital age, and how SGPB does not see shifts in customer behaviour and the private banking landscape on the whole as constraints, but rather as opportunities to create value for its clients
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The private banking environment is undergoing rapid transformation through new consumer usage (web, mobile, digital…), innovations and new concepts (eg: crowdfunding), NICTs (New Information and Communications Technologies), regulatory changes and the arrival of new players. At Societe Generale Private Banking (SGPB) we do not see these changes as constraints, but rather as opportunities to create value for our clients.
Technology is one of the key factors governing the way we are shaping our private bank for the future, as we continue to anchor client centricity as part of our DNA.
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By GlobalDataPrivate banking clients are already in the digital age. A shift in clients’ expectations is already in evidence today, triggered by GAFA companies, NATU players (Netflix, Airbnb, Tesla, Uber) and Fintechs. Regardless of their age, wealth level, geography or their need for advice, clients are demanding digital capability from their private banks, giving priority to functionalities that keep them informed and enable transactions. Nevertheless, the privileged link between the client and the banker still remains at the heart of the relationship with SGPB.
Many private banks are already on the move, and whilst most of the market has defensive or reactive digital strategies, those that have moved quickly have already launched significant digital initiatives, using "digital" as part of an aggressive strategy to improve competitive advantage. Going digital is now a prerequisite for surviving and thriving but it will radically redefine and enhance the client relationship, effectively changing the dynamics of competitive advantage.
We aim to be recognised within the next five years as a leading private bank in Europe, distinguished by our relationship-based digital model. Our promise is to enrich our client’s experience by launching new services and by improving operational efficiency; we have a strong advantage because our clients already see us a "relationship bank", and as a human-based digital private bank we must always ensure a fluid switch from the digital to the physical. We are convinced that through this approach the client can choose the "mix channel" that will best suit him.
We are targeting digital functionalities for the client which provide full access to SGPB products, services and expertise. It is equally important that our private bankers have the same level of digital accessibility as their clients and become skilled at digital-product innovation. To nurture this shifting environment, we have implemented new methods which aim to integrate client and banker feedback (co-creation), provide quick delivery (test & learn) and develop a "culture of possibility" through open innovation.
SGPB’s digital ambition is part of the private bank’s overall strategy to expand its activities in the EMEA region and capture the growth potential of its client base there, fully in line with Societe Generale group’s strategic priority for digital transformation and innovation, an opportunity to re-invent the banking relationship.
