Shortly after the official presentation of Libra, the crypto-currency to be launched by Facebook in 2020, and at a time when neobanks are constantly improving their user experience, BNP Paribas presented on June 19, 2019, a series of digital initiatives aimed at better meeting customer needs.
The eurozone's leading bank is stepping up its development and setting itself the goal of offering a customer experience on a par with that of the GAFAs. At the first edition of its UX Day, BNP Paribas outlined the measures that will help it achieve this goal.
BNP Paribas takes inspiration from the net giants
The French bank wants to show that its customer base represents a real asset enabling it to hold its own against online banks and neobanks. In fact, 73 million contacts were recorded via its app in Q1 2019, an increase of 25% in one year. "A customer comes to the app an average of 17 times a month," reported BNP Paribas Deputy CEO and Executive Committee member Thierry Laborde at the press briefing. The bank hopes to capitalize on these interactions, which are far more frequent than in branches.
Several projects will be tested locally by the bank, some with startups like GarantMe, others with subsidiaries like Nickel or HelloHome! Transparency, real time and simplicity will be at the heart of these new digital initiatives. To boost its customer relations, BNP Paribas intends to draw on the methods of the American web giants, while adapting them to its target market.
Projects developed by BNP Paribas
Four main projects have been or will be developed by the bank in France and/or other countries.
Genius: the intelligent, personalized digital assistant
Genius was developed in collaboration with fintech Personetics. It is a 100% digital service based on an artificial intelligence algorithm and designed to assist customers in the day-to-day management of their accounts.
MyMand@ate: a new investment advisory service
In addition, this summer the BNP Paribas Group's private bank will launch "MyMand@te", a tool offering delegated management with a digitalized customer path. This innovative service will provide customers with a global view of their investments and the best possible advice at every stage in the life of their mandate.
Lyf Pay: an all-in-one mobile payment application
For customers who want to make purchases securely and independently, the bank has launched Lyf Pay, a free mobile application that uses QR Codes to make instant payments to a third party. Once linked to the customer's bank account, the mobile app can be used to pay for groceries, reimburse a friend or create a kitty for free.
Pax Familia: a digital wealth management solution
BNP Paribas has teamed up with start-up Pax Familia to offer a flexible and totally secure wealth management platform. Customers can consult their wealth balance sheet, an inventory of donations and their digital safe. This global vision facilitates decision-making.
These four services, most of which are available in several countries, illustrate the bank's determination to support customers in all their life projects. They should consolidate the bank's position as a leading player in the development of innovative, useful and accessible services.
The creation of a 2,000-strong service center
The Group's digital transformation cannot be achieved without a profound transformation of its branch network. With this in mind, BNP Paribas has announced the creation of a 2,000-strong service center in Mérignac, Gironde. To be inaugurated in 2020, this structure is expected to capture and process 93% of customer interactions, including the most specialized questions asked by the bank's 7 million customers by telephone, e-mail or social networks. The aim is to respond to 80% of incoming requests within the same day. Some of the existing call centers will be converted. This bold strategy will result in the creation of 300 jobs in Mérignac, making BNP Paribas the city's 2nd largest private employer behind Thalès.
Having previously operated with eight processing information systems, BNP Paribas is now introducing a new guideline developed with Wordline, which should enable continuous monitoring of customer requests and their progress. According to Thierry Laborde, this infrastructure, costing several tens of millions of euros, will enable "productivity gains".
500 million euros annual investment in data security
When it comes to personal data security, 68% of French people trust their bank, according to a study entitled "The French, their bank, their expectations", carried out by the French Banking Federation (FBF) in partnership with IFOP.
BNP Paribas reports that it invests 500 million euros a year in cybersecurity and personal data security. It has to be said that banking data are at the center of users' attention. The study reveals that, when choosing their bank, the French look first and foremost at whether the institution is able to guarantee security against viral attacks and alert them to suspicious movements on their bank account. BNP Paribas seems to have recognized these new requirements and invested in this area.