BNP Paribas Wealth Management reveals the results of its first Business Challenge

At Partech Shaker, on 21 September, the creativity of start-ups and students alike was given free-reign, with the aim of reinventing the private bank of tomorrow. Each of the participants proposed innovative ideas on the theme "How to facilitate and improve interactions between clients, relationship managers, Group-level experts and the Private Bank."

At the end of the day, the participants presented their ideas to a jury composed of:
 

• Sofia Merlo: Co-CEO of BNP Paribas Wealth Management
• Vincent Lecomte: Co-CEO of BNP Paribas Wealth Management
• Philippe Collombel: General Partner at Partech Ventures
• Michel Milair: Head of Processes, Operations and Technology at BNP Paribas Wealth Management
• Olivier Maugarny: Head of Products and Services at BNP Paribas Wealth Management
• Thierry Derungs: Chief Digital Officer at BNP Paribas Wealth Management

Two teams were awarded for their innovative propositions.

The Grand Prize went to the team who proposed developing a shared interface (amongst all tools) that focused on the management of clients’ wealth. Information access, information-sharing facilities and the way the information can be used for simulations were particularly appreciated by the jury.

The Special Jury Prize was awarded to the team who proposed an idea related to the 'internet of things' and the advantages of connecting 'things' for facilitating communication between relationship managers, clients and prospects. The jury was truly seduced by the way that the team proposed to use the ‘internet of things’ to establish a trusting relationship with clients, both when prospecting and when building relationships once on-boarded.

In the framework of its global digital strategy of providing even better service to clients, BNP Paribas is studying the feasibility of these two ideas.

"BNP Paribas Wealth Management encourages and values the development of innovative projects. Launching the Private Bank's first Business Challenge, we seek not to just anticipate and respond to the needs of our clients, but to go beyond their expectations and to innovate by offering digital solutions adapted to a highly sought-after, well-informed clientele", commented Sofia Merlo, Co-CEO of BNP Paribas Wealth Management.

"Innovation is at the heard of Wealth Management’s strategy. We provide our clients tools that are adapted to each of the countries where we serve them: tablet-based applications, webinars, expert videos, etc. In this light, we will launch a new application, 'Voice of Wealth', that will give our clients direct access to the Bank's monthly investment strategy as well as our research on subjects such as entrepreneurs and philanthropy" added Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management.