On the path to innovation

When we say that innovation must help corporates move up the value chain, we mean that we aim to bring some tangible value by - for example - digitalising existing processes or else designing solutions from scratch. To achieve this, the BNP Paribas Cash Management teams are already fuelled by a new way of thinking and doing things that transform the relationship with corporates, namely co-creation. Doing things differently can take multiple forms - from rethinking existing services to making them more convenient, more accessible, efficient and/or effective; but it can also be about changing your internal functioning to enable you to build services quicker, at lower cost, better aligned with corporate expectations, and that are more reliable.

But the context in which innovation must accelerate today remains a challenge, with legacy systems and layers of regulation putting a curb on the rapid delivery of new value propositions. Meanwhile, corporates wonder what to do with the likes of blockchain and big data, which carry tremendous potential but whose use cases are still scarce.

In today’s world, co-creation, co-design, collaboration and coopetition are not empty words. They actually describe the new relational mode between the players of the innovation ecosystem, e.g. banks; fintechs; systems vendors; consultants and corporates. The recent outcome of this renewed vision that is already adopted by BNP Paribas is astounding, with great improvements of the user experience and corporates showing enthusiasm at joining pilot initiatives to get the innovation they need.

To succeed, BNP Paribas integrates fintechs to its backbone while continuing to be the guardian of the operations.  The bank engages in strong and constant dialogue with its clients, thinking together, working shoulder to shoulder, and identifying its clients’ painpoints. Its engagement goes from blockchain to virtual account management and instant payments, and it has adopted new ways of working to design the new Connexis user interface, create the Blockchain Lab, run the Bizhackathon and manage the co-creation sessions aimed for the Cash without Borders proof of concept.

Innovation also means working with external stakeholders as part of the transformation of industry initiatives. For instance, SWIFT gpi, an initiative of 92 banks that has had BNP Paribas in its leading group since the start, provides a new efficient and transparent way to execute international payments with more predictability and cost control as a result. Naturally, digitisation is at the heart of BNP Paribas’s innovation strategy, with new solutions such as Connexis Cash, SWIFT My Standards and eBAM that enhance the client journeys. eBAM is now a reality, and BNP Paribas is the first bank to offer fully dematerialized mandate management to a leading, global French corporation.