Opensee’s Big Data Analytics platform goes live at Societe Generale
By Joy Dumasia
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, one of Europe’s leading financial services groups.
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 in other areas, notably for its liquidity and risk-weighted assets (RWA) calculations.
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 performance or volume.
Opensee’s platform saves up to 90% of financial institutions’ infrastructure costs, gives users the freedom to dive deeper into the data, and broadens its access. Societe Generale users can manage risk more efficiently by analysing a decade of data instantly and interactively instead of a few months’ worths beforehand. Business users can access any aggregation or analytics on demand in 3 hours instead of waiting for more than two weeks using previous systems thanks to user-defined functions.
Stephane Rio, Founder and CEO of Opensee, said: “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. Our mission is to help financial institutions realise their data potential and gain a competitive edge through self-service data analytics. We look forward to continuing to build on the successful implementation as roll-out of our data analytics solution continues across other parts of the business.”
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September 30, 2022
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