Societe Generale today hosted the Demo Day of the Catalyst Summer 2018 program with 20 startups who developed solutions to address 20 business challenges identified across the Bank.
The Catalyst Summer 2018 program, witnessed the largest participation since its initiation in 2015, spanning 16 countries.
Fintech companies, technology start-ups and academic institutions were invited in July 2018 to participate in the 10-week open innovation challenge. The program aims to assimilate interesting business challenges from across the globe in the areas of Artificial Intelligence (AI), Machine Learning (ML) BOTS, Augmented Reality (AR), Virtual Reality (VR), Compliance and Automation.
The Catalyst platform has been highly collaborative in bringing together innovation experts, enterprise-relevant technology startups, fintech, incubators, funds and academic institutions with Societe Generale business leaders to deliver actionable solutions and insightful research, in areas of strategic interest to the banking industry.
Rathnaprabha Manickavachagam, Director, Innovation & Digital Transformation, Societe Generale Global Solutions Centre, says, “We onboard many with an Innovative platform to co-create a minimum viable product (MVP) that aims to solve business challenges. We adopt a highly participative and co-creative approach extending multiple dimensions of interventions within the ecosystem. We provide systematic design engagement with our in-house technology experts in alignment with the business, and also ensure the MVPs are easily connectable to our IT system. These MVPs are then converted into contracts with Societe Generale."
Sunil Shah, CEO & Global Head, Societe Generale Global Solution Centre and Global Head, Societe Generale European Business Services, says, “The Catalyst program participants have the opportunity to collaborate on a daily basis with a large financial services company, such as Societe Generale, thereby understanding the complexity of navigating across large structures."
Catalyst is a performing platform to realise innovation ambitions and design disruptive solutions which can benefit Societe Generale’s end customers. The Catalyst partnership can lead to potential progressive steps, such as investments via funds, business partnerships and experimentations, investment in capital or acquisitions in the interest of better serving customers.
This is in line with the commitment to anticipate fast-changing customer demands and continued focus on Societe Generale Group innovation strategy by experimenting with disruptive technologies and increasing its interaction with the digital ecosystem in a spirit of open collaboration.
Some success stories
• Stride.ai (www.stride.ai) has created a SmartKYC application that has automated a KYC Analyst job to prepare a KYC memo in the client onboarding process, that includes writing a negative news search report on the Board of Directors and collating relevant information from several hundred websites using Artificial Intelligence.
• Tookitaki has developed a Machine Learning based smart reconciliation platform for Accounting breaks reconciliation between core back office and inventory IT systems.