Societe Generale 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 platform has been used by Societe Generale for its daily regulatory reporting and business needs in two specific areas: the management of the interest rate risk of the Banking Book (IRRBB) by the liquidity and asset liability management department; and the management of market risk-related capital requirements linked to fundamental review of the trading book (FRTB) by the risk department (RISQ RMA).
The bank now plans to implement the platform in other areas, particularly for its liquidity and risk-weighted assets (RWA) calculations.
Opensee’s go-live follows the partnership started under the Societe Generale Gobal Markets Incubator (GMI) programme, where the banking group shared access to its data and infrastructure.
“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,” said Claire Calmejane, group chief innovation officer at Societe Generale.
“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.”
According to Opensee, the platform enables users to perform any aggregation autonomously, calculate ever-growing datasets and manage exponential data growth more efficiently, at a minimal cost without compromising on performance or volume.
“This is a special moment in Opensee’s highly collaborative relationship with Societe Generale. It’s thrilling to be providing an innovative and economical solution that delivers new ways to manage huge volumes of data across several parts of the business,” said Stephane Rio, founder and CEO of Opensee.
“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.”