Ahead of the Derivative Sales and Trading Transformation Conference , we spoke with Cyril Cottu, Global Head of Digital and eCommerce at BNP Paribas about how banks and their clients can maximise the benefits of chat platforms and infrastructure and also how they can benefit from working with external providers.
To view the Conference Agenda, click HERE!
How can banks and their clients maximise the benefits of chat platforms and infrastructure?
That’s a great question because chat platforms have so much potential, which we are really starting to unlock at the moment. Thanks to advanced tech, like AI, machine learning and Natural Language Processing, we are at a new frontier of chat.
If we look at platforms like Symphony, which have an open API and enable us to build bots, the potential is huge. Harnessing this technology can simplify interactions, automate time consuming processes for clients and banks, and create smart, actionable analytics that guide decision making and strategy.
We are focused on pushing the capability of chat to the next level for our clients at the moment and the results are exciting. ‘Chatting’ on chat platforms is just the beginning!
How are you realising this potential?
We have chat bots up and running on the trading floor, simplifying processes and freeing up time for our teams to focus on more value-added tasks. These are concrete benefits that we are seeing already.
More exciting is the opportunity to collaborate with clients and build bots together. For example we demoed a bot in New York recently alongside Blackrock; a proof of concept designed to identify reconciliation breaks on FX trades, and accelerate resolution.
So, through chat platforms we are meeting specific client needs and improving their connection with our teams and our digital offer. It’s a true partnership approach to client relationships, enhanced by the work we’re doing together on chat platforms. This kind of win-win situation is exactly where we want to focus and develop our bot programme and I’m really excited to be pushing the limits of this technology in direct collaboration with clients.
Speaking of collaboration, how can banks benefit from working with external providers?
It’s all about balance, and getting the right mix. We’ve developed impressive technologies in house, and have extremely talented people here, we’re proud of that. Even so, my advice is always to be humble and realistic in your approach to digital, be open to what other companies have to offer; if you do that, then you realise collaboration is essential.
At the end of the day, to offer the very best service to our clients we need to provide the most advanced technology available. The only way to achieve that is to combine powerful in-house platforms with the best of the Fintech industry. We’ve partnered successfully with several companies already; Symphony is revolutionising what we do with chat; our partnership with US electronic market maker GTS almost tripled our e-market share in US treasury bonds in a single year; Digital Reasoning are helping us build machine learning and natural language processing directly into our platforms.
These partnerships have been very effective and simply prove that collaboration is key.
What are you hoping to gain from attending the Derivative Sales and Trading Transformation event?
That’s simple, digital growth is powered by ideas and people. This conference is a great opportunity to share the ideas and meet the people who are pushing derivatives into a new era. I can’t wait!
Cyril is BNP Paribas’ Global Head of eCommerce & Digital for Global Markets, having joined the bank in 2016. He holds a place on the Board of Symphony on behalf of BNP Paribas.
Prior to joining BNP Paribas, Cyril held a number of senior positions at Goldman Sachs, a company he joined in 1998, including co-managing the FX e-commerce globally, Head of the Property Derivatives business and Head of Macro Rates Sales for France, Belgium and Luxembourg.
From 2009-2013, Cyril was responsible for the Electronic Trading strategy and distribution across fixed FICC products globally before becoming Global Head of the FICC EMEA Sales mid-market initiative for Goldman Sachs.
Throughout his career, Cyril has been involved in the cutting-edge of the electronic business in the financial industry. He previously served as Chairman of the Board of Directors of FXall, a foreign exchange industry consortium of which Goldman Sachs was a founding partner.
Cyril is an avid fan of the Star Wars franchise and is a strong advocate of the power of technology to enhance and revolutionise the financial landscape.
Digitalisation and automation are key issues for the contemporary derivatives market, as automation, data visualisation, and AI are reshaping the industry’s processes and perspectives. This is unsurprising as changes such as the move from voice trading to electronic trading have been occurring within derivative sales and trading over recent years. However, automation, AI, and similar advancements should be considered on their own merits, as they are currently shaking up the trading process. The derivatives market is rapidly becoming a technological battleground as firms compete with each other to have the most effective processes and tools in order to gain an advantage. Some of these changes may seem futuristic, but there are evermore real life examples demonstrating their impact. Their effects have been felt across all asset classes, from the simplest of listed derivatives to the most structured and bespoke products.
This marcus evans conference will look at how banks are systematising derivative trading and sales with automation, data visualisation tools, AI, and new machines like chatbots.a.
To view the Conference Agenda, click HERE!