SocGen CEO on Tech Changes in European Banking

The video discusses the impact of PSD2 on the European banking landscape, highlighting the competitive threats from fintechs and tech giants. It explores strategies for banks like Societe Generale to adapt, focusing on innovation, market expansion, and maintaining customer trust. The importance of payments, security, and wealth management is emphasized, along with the role of coding and IT integration. The video also covers the growth of mobile banking in France and the potential opportunities arising from Brexit for the French fintech scene.

What is the primary focus of the PSD2 European Union law?

• To increase taxes on financial transactions

• To enhance competition in the retail banking sector

• To promote cryptocurrency usage

• To eliminate cash transactions in Europe

How does Societe Generale plan to address the competitive threat posed by tech giants?

• By reducing interest rates

• By embracing new technologies and changing their model

• By closing all physical branches

• By increasing transaction fees

What is Societe Generale's current market priority according to the CEO?

• Targeting the Asian market

• Entering the US market

• Focusing on the French market

• Expanding into the German market

What is a key component of Societe Generale's innovation strategy?

• Eliminating all digital services

• Focusing solely on traditional banking methods

• Reducing staff numbers

• Investing in startups and fostering internal entrepreneurship

Why did the CEO of Societe Generale start learning to code?

• To better understand the IT challenges and opportunities

• To create a new programming language

• To develop new banking software

• To replace IT staff

What is the expected impact of digitalization on traditional banking branches?

• Increase in the number of branches

• No change in branch operations

• Closure of branches due to reduced foot traffic

• Expansion of branch services

How does the CEO view the future profitability of mobile banking in France?

• Neutral with no expected growth

• Pessimistic due to high competition

• Negative due to regulatory challenges

• Positive due to operational leverage and client growth