Issue 19 of "The FintechMagazine" includes Fintech Finance's interview of Societe Generale's Eric Bayle, Head of Transaction Banking UK. Eric explains the importance for banks to embrace third-party tech providers to better serve their customers.
"Banks realise now that they are not software companies", says Eric. "Not long ago, they tended to develop everything in-house, so as not to rely on third parties. Now they are opening up more and more to third-party software companies specialised in producing dedicated applications for specific services that complements banks' payment activity."
A good example of that in action is Societe Generale's partnership with fintech Intix, begun in 2019, to create a decade-long digital archive of the bank's financial messages and transaction data.
"We are going to use Intix for archiving financial messages and for getting instant access to transaction data. It will enable us to store and retrieve 10 years of data ..."
Discover Eric Bayle's full insight here.