Societe Generale is one of the largest financial services groups in Europe and a Globally Systemically Important Financial Institution (GSIFI) i.e. it is classed as ‘too big to fail.’
In his article “Fintech: learn fast or fail fast, Aymeril Hoang, Head of Innovation at Societe Generale, discusses the importance of cooperation between financial institutions and start ups, importantly with regards to sharing technology to expedite bringing products to market. Hoang says,”Banks can learn about the latest technologies and creating good user experiences from FinTechs and FinTechs can learn about regulatory compliance, distribution and large-scale processing from banks.” It’s an interesting read for anyone interested in or developing fintech.
As a side note, Societe Generale has been working with Microsoft to become one of the first GSIFIs to embrace the cloud, utilising Azure. According to Bloomberg, by 2020 Societe Generale “intends to have 80 percent of its infrastructure on internal and external cloud networks.” This speaks volumes to the trust some of the world’s largest companies have for Azure.
Source: Societe Generale, Bloomberg