Société Générale has gone live with a big data solution from Paris-based FinTech Opensee, which offers financial institutions a real-time self-service analytics platform.
The French bank has used the platform for daily regulatory reporting and business needs in two key specific areas. The first is for managing interest rate as well as market risk in the Banking Book (IRRBB) by the liquidity and assets and liability management department.
The second is related capital requirements linked to FRTB (Basic Review of Trading Books) by the risk department.
The bank now plans to implement the platform in other areas most notably liquidity and risk-weighted asset (RWA) calculations.
The launch builds on a partnership started under Société Générale Global Markets Incubator (GMI) programme, under which the banking group shared access to its data and infrastructure
“Opensee has helped us to alleviate significant limitations from our existing solution and, while keeping all important functionalities, offers new horizons to our activity,” said Mathieu Giovachini, Global Head of Asset Liabilities Management at Société Générale.
Claire Calmejane, Group Chief Innovation Officer at Société Générale, added, “In the Incubator we saw how Opensee had the potential to create value and synergies for the business and our risk management processes, so the partnership has blossomed.”
She noted, “Opensee brought a cutting-edge solution that combines the transformative use of technology with financial markets business experience. Its tools allow us to access and leverage the most granular level of information and most relevant historical data.”
Opensee’s platform aggregates autonomously, calculates increasing datasets and manages exponential data growth more efficiently, at a minimal cost without compromising on performance or volume, according to the fintech.
Stephane Rio, Founder and CEO of Opensee, said: “Our mission is to help financial institutions realise their data potential and gain a competitive edge through self-service data analytics. We look forward to continuing to build on the successful implementation, as roll-out of our data analytics solution continues across other parts of the business.”
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