Société Générale has a new entity dedicated to AI

The French Bank Société Générale has announced its ambition to accelerate the development of artificial intelligence within its group. It will now rely on a new fully-fledged entity dedicated to the large-scale operation of AI. Named SocGen AI, this entity strives to participate in the profound transformation of the group and its processes.

FACTS

• SocGen AI is therefore a new independent entity within the Société Générale group. It brings together about 60 employees, but will also build on a network of nearly 400 trade employees operating more widely within the group.

• The launch of this new entity by Société Générale is a more direct way for the Bank to achieve its objectives of finding new uses for technology and making them operational. Building on the independent and agile status of an entity, SocGen AI will also have to bet on internal collaboration by building on all available expertise.

• SocGen AI finally presents itself as an entity capable of ensuring the transformation of the bank's operations through artificial intelligence. It shall thus:
  • increasing the efficiency of banking processes,
  • reduce costs,
  • improve customer experience,
  • create added value for end customers.

• To run its new entity, Société Générale has chosen to employ an entrepreneur, Nicolas Meric, who is able to showcase his expertise in the development of artificial intelligence solutions.

ISSUES

• Optimize the bank : The deployment of this new entity by Société Générale represents a strategic turning point for the bank that assumes its ambitions to accelerate the adoption of AI in its processes. SocGen AI's main objective is to promote the automation and optimization of all banking processes in the medium term.

• Innovate in efficacy SocGen AI must also represent an entity capable of valuing and motivating innovation within the group while ensuring the operational efficiency of the solutions that will be proposed and that will integrate the latest technologies of artificial intelligence.

PERSPECTIVE

• The presentation of this new entity by Société Générale represents a further confirmation of the current ambition of traditional banking institutions to integrate the latest AI technologies. And this ambition can take many forms, including the creation of an entity in its own right.

• Société Générale is more involved in identifying and supporting the emergence of innovation. For example, the bank chose to sponsor AI For Finance 2024 recently, taking advantage of this event to stress its strategy for the integration of general AI. Risk management and improved customer experience were presented as two key issues for the bank.

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