Opensee big data analytics platform goes live at Societe Generale
Opensee, the Paris-based fintech that provides large financial firms and banks with real-time analytical tools and data so that they can see all the data within their systems at one glance, has announced that its analytics platform has gone live at the Societe Generale bank.
This data would be used by the finance and risk divisions of the bank to study the user data as well as transaction data and come out with findings and also help to understand the risks that are being built at the various systems and this can be easily and quickly identified by the staff and escalated for the bank to take the right action. This saves a lot of running and infra costs for the bank and avoids the need to go through tons of data to sort and find the risky transactions or users. Societe Generale started using the Opensee platform for its day-to-day regulatory reporting and business needs in two critical areas: management of the interest rate risk of the Banking Book (IRRBB) by the Liquidity & Asset Liability Management Department and management of market risk-related capital requirements linked to FRTB (Fundamental Review of The Trading Book) by the Risk department (RISQ RMA).
Claire Calmejane, Group Chief Innovation Officer at Societe Generale, said: “In the Incubator we saw how Opensee had the potential to create value and synergies for the business and our risk management processes, so the partnership has blossomed. Opensee brought a cutting-edge solution that combines the transformative use of technology with financial markets business experience. Its tools allow us to access and leverage the most granular level of information and most relevant historical data.”
Opensee had been part of the bank’s incubation program and the partnership between the two companies had started at that time with the bank sharing its data and infra to the startup to help with its growth and development. The fact that this incubation has been successful and the solution has been implemented at the bank shows that the analytics platform helps to solve the big data problem that Societe Generale and this can then be replicated at other financial services firms that generate a lot of data daily. The fact that this platform is easy to use also ensures that the staff can be self-serving with this platform.