On the face of it, it’s not easy for a bicentenary bank to embrace the digital revolution. BNP Paribas, a financial institution born at the beginning of the 19th century, is now a leader in digital transformation in the banking sector.
However, in the early 2010s, the bank based on the rue d’Antin was lagging behind the neo-banks and fintechs that had emerged on the Web. This slow adoption of new information technologies has resulted in a loss of market share with younger customers, who are more inclined to use online services.
As a result, BNP Paribas began a 180-degree turnaround. The Group is undertaking an in-depth overhaul of its entire information system, as well as adapting its human resources to the new digital challenges. The aim? To offer a fluid, modern customer experience, both online and in branches.
Over the years, BNP Paribas has managed to catch up and become a bank at the forefront of digital transformation. Let’s take a closer look at how the Group has achieved this feat.
The digital transformation currently taking place in the banking sector is creating major challenges for traditional institutions such as BNP Paribas. Three main issues have emerged: economic, regulatory and security.
On the business side, the exponential growth of online banking in recent years has already eroded BNP Paribas’ market share. The health crisis of 2019 has accelerated the trend towards 100% digital banking, including among older customers.
What’s more, web giants such as Apple, Google and Amazon are beginning to offer payment solutions that step on the toes of incumbent banking establishments.
To turn things around, BNP Paribas needs to accelerate its digital transformation in order to meet customer expectations for a smooth, intuitive user experience across all channels. The challenge here lies in the ability to capture and retain young, connected customers, while retaining more traditional ones.
In terms of regulatory constraints, the bank also has to contend with increasing normative pressure in recent years in terms of compliance, anti-money laundering and personal data protection.
The General Data Protection Regulation (RGPD) or the DSP2 thus impose strict obligations on banking establishments in their transition to digital. BNP Paribas’ digital transformation must therefore incorporate these new legal requirements right from the design stage of online services.
Last but not least, the growing threat of cyber-attacks is forcing the bank to continually reinforce the security of its information systems and web and mobile platforms.
Even the slightest hacking of its customers’ banking data could permanently damage BNP Paribas’ reputation. Hence the importance of designing a resilient digital architecture and effective defense mechanisms.
Faced with the challenges outlined above, BNP Paribas realized in the early 2010s that it was lagging behind the more agile fintech players in its digital integration.
The Group then decided to make a strategic shift to begin its transformation into the bank of tomorrow, 100% digital and 100% human at the same time. Let’s take a look back at the key elements of this spectacular transformation.
The overhaul of the information system (IS) is the cornerstone of BNP Paribas’ digital transformation strategy. The aim is nothing less than to move from a silo-based organization to an urbanization of data and applications, a guarantee of agility and speed of execution.
In practice, the bank is gradually migrating its historical infrastructures to the state-of-the-art cloud. As a result, data can flow transversally between different departments.
In addition, new technological building blocks are being added to the IS, such as artificial intelligence, Big data analysis, blockchain and machine learning.
This modernization of the IS enables the bank to gain in speed of execution to bring to market new digital services centered on the customer experience.
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BNP Paribas’ digital transformation could not succeed without appropriate support for its in-house teams.
Aware that employees are the real driving force behind change, the banking group is implementing a vast digital training plan for its 198,000 employees. The aim is to encourage employees to adopt the new tools and working methods, as well as to develop new skills related to tomorrow’s businesses (data, cybersecurity, user experience, etc.).
At the same time, BNP Paribas is actively recruiting new talent from the digital and new technology sectors. These profiles complement the teams in place, guaranteeing innovative ideas.
Thanks to this support for change, employees gain agility and an appetite for digital solutions. They become ambassadors of the BNP Paribas brand to customers.
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On the front-office side, BNP Paribas is considerably expanding its range of digital products and services to meet customer expectations, particularly among the younger generations.
The bank is stepping up investment in its mobile applications, such as contactless Paylib or Lyf Pay, dedicated to the 18-30 age group. It is also enhancing its Hello Bank ! neobank with innovative features such as account aggregation and automatic categorization of expenses.
The acquisition of neobanks such as Nickel and FLOA Bank has also broadened the customer base, targeting less-banked customers.
All in all, BNP Paribas is now positioned as the bank offering the most complete omnichannel customer experience in the sector.
BNP Paribas has clearly understood that the success of its digital transformation depends on a multi-channel approach, combining human and digital contact. Rather than a 100% mobile strategy, the bank has opted for a hybrid pathway based on customer expectations.
This means that bank branches are maintained throughout France for customers who prefer physical contact to carry out their transactions. However, online appointment booking and electronic signatures make branch visits easier.
At the same time, the expertise of our account managers remains accessible at all times by chat, telephone or email. The challenge is to provide customers with the best possible advice, with no disruption between the different channels.
Thanks to this unique “phygital” approach, which combines the branch network with innovative digital solutions, BNP Paribas appeals to both traditional and digital customers.
Starting from a very low base, the group has managed to catch up technologically with the 100% online players in the space of just a few years.
Today, the bank can pride itself on offering one of the most comprehensive customer journeys on the market, combining innovative digital channels with first-rate human expertise. A winning strategy that should inspire many financial institutions still lagging behind on the digital front!
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Find out how Knowmore’s K-NOW supports BNP Paribas advisors in their day-to-day adoption of their “mes comptes” mobile application.
