Artificial intelligence: a key strategic focus
Mastering and using artificial intelligence across the banking industry brings many benefits, such as accelerating product development, and automating processes and decision-making solutions. BNP Paribas for example currently has hundreds of uses cases in production, with many more in development or testing to enhance the client experience, improve operational efficiency and mitigate risks, including cybersecurity threats.
As AI is further integrated into our operations, efforts are also underway to work on a framework for its application, upholding ethical standards and avoiding any risks of bias or discrimination.
Embracing the transformative journey
As the artificial intelligence revolution continues, engaging all employees and supporting them on their transformative journey will be vital. Experts at BNP Paribas note that while impacts will vary between industries, all sectors will be impacted to some extent and its global effect on the economy will be visible by the end of the decade. Both investors and corporations will need to ensure that all employees can play their full role and derive the benefits of the technology.
At BNP Paribas, a Global GenAI Hackathon was organised earlier this year to increase employee awareness on GenAI capabilities across the Bank. Spanning 10 countries, the event brought together 143 teams and 500 participants from diverse professional backgrounds, united by a common goal: to develop innovative projects that tap into GenAI’s potential and understand its transformative value for real-word banking challenges. The event marked a significant step in BNP Paribas’ strategic commitment to integrating AI technologies into its operations.
❝ AI is a key enabler of our strategy. Our teams are actively exploring how to integrate AI into our processes, and the Global GenAI Hackathon was a crucial step in that journey allowing a large-scale concrete exploration of what GenAI really can bring to us. ❞
The GenAI Hackathon experience
Hackathons are designed to develop new solutions in a short space of time while engaging participants in learning new skills and collaboration. As corporations explore the concrete applications of AI in developing business models for the future, these events equip employees with new competencies.
The Global GenAI Hackathon gave participants a range of resources, including specialised training sessions, workshops on GenAI, and access to leading large language models (LLMs), empowering them to innovate and solve complex challenges in their selected projects. Teams refined use cases, leveraging the LLM platforms to explore practical benefits and formalise findings, before presenting the results. 33 of the 143 participating teams were recognised for generating truly innovative solutions and outstanding pitches.
The Hackathon confirmed GenAI’s potential for broad developer support, while also demonstrating its power when integrated with integral knowledge bases – particularly for improving incident management and enhancing responses to client requests.
❝ This initiative is exceptional in empowering staff to present potential solutions with more flexibility, especially when it comes to software development. It is an additional driver to elevate our capacity for innovation. Moreover, as modern problem-solving driver, it demonstrates the potential for effective solutions. ❞
The strategic role of AI in banking
The Global GenAI Hackathon demonstrated the power of GenAI in the banking industry. From automating support processes to enhancing cybersecurity and streamlining code generation, AI can support an acceleration in innovation.
As BNP Paribas continues to explore and develop these technologies, the insights and innovations generated from events like the Global GenAI Hackathon can help shape the development of IT and Operations, and engage all employees in the transformation.
❝ The success of the Hackathon was reflected not just in the high turnout, but in the innovative use cases that emerged. These projects hold great potential, and we are dedicated to fostering their continued growth in the future. ❞