SocGen goes live with data analytics platform from fintech Opensee

  • Opensee accelerates how data and solutions are delivered to end-users in Societe Generale’s finance and risk divisions while cutting infrastructure and running costs
  • First implemented on ALM (asset and liability management) and FRTB (Fundamental Review of the Trading Book), several more use cases for Opensee platform at Societe Generale are imminent
  • Opensee was part of Societe Generale’s incubator program

Opensee, the Paris-based fintech offering financial institutions a real-time self-service analytics platform, has gone live with its big data solution at Societe Generale.

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). The bank will also implement the platform imminently in other areas, notably for its liquidity and risk-weighted assets (RWA) calculations.

Mathieu Giovachini, global head of Asset Liabilities Management at Societe Generale, added: “Opensee has helped us to alleviate significant limitations from our existing solution and, while keeping all important functionalities, offers new horizons to our activity.”

Building on a partnership started under Societe Generale Global Markets Incubator (GMI) program, under which the banking group shared access to its data and infrastructure, the go-live underscores how Opensee’s innovative data analytics solution is helping Societe Generale tackle big data challenges at scale by pushing the boundaries of self-service data analytics.

Claire Calmejane, Group Chief Innovation Officer at Societe Generale, said in a statement: “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’s platform enables users at the Liquidity & Asset Management Department and other departments to perform any aggregation autonomously, calculate ever-growing datasets and manage exponential data growth more efficiently, at a minimal cost without compromising on performance or volume.

It saves up to 90% of financial institutions’ infrastructure costs and gives users the freedom to dive deeper into the data and broadens access to it. Societe Generale users can manage risk more efficiently by analyzing instantly and interactively a decade of data instead of a few months’ worth beforehand. Thanks to user-defined functions, business users can access any aggregation or analytics on demand in 3 hours instead of waiting for more than two weeks using previous systems.

Philippe Vibien, global CIO finance in the Risk & Market Data (GBIS) unit at Societe Generale Corporate and Investment Banking (SGCIB), said in a statement: “Facing a tsunami of data, we needed a system with the flexibility to retrieve data and manage the risks, so we’re delighted to have the Opensee solution to analyze and manage data sets of unlimited size. We’re now able to produce specific reports for the most senior management or the regulator in a very short time frame to allow quick decision-making. We’ve gained up to 36 months in achieving this objective using the Opensee solution.”

Stephane Rio, founder and CEO of Opensee, said in a statement: “This is a special moment in Opensee’s highly collaborative relationship with Societe Generale. It’s thrilling to be providing an innovative and economical solution that delivers new ways to manage huge volumes of data across several parts of the business.”


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