BNP Paribas is one of the largest banks in the world, and its customers expect fast and efficient service. This expectation is no different within the BNP Paribas Securities Services, the French financial institution's asset management division.
With a local presence in over 34 countries and $7.7bn (£4.5bn) worth of assets under its custody – all vulnerable to fluctuations in the market – BNP Paribas Securities Services needs to provide agile, accurate data to its users, for which it has recently deployed a big data solution.
"The main problem [with the old system] was clearly the time to market and delivery of information to the end user. The previous way of working wasn't really agile so it could take months to deliver reporting to the end user," Laurent Chauvirey, head of Interactive Reporting Expertise Centre, BNP Paribas Securities Services told Computing.
"It could take months because we had a lot of specifications to write, then had to give the information to the IT people who then developed it"
The firm therefore chose Tibco's Spotfire Enterprise Analytics solution in order to address the time to market challenge, Chauvirey explained. He was speaking at the Paris stop of Tibco's Transform 2014 European tour.
"The clear benefits for us are the time to market, interactivity and agility," he said, explaining how fast access to information is essential in changeable financial markets.
"We are a bank, we're providing services to big companies and since 2008 there's been a lot of volatility on the market. Clearly our clients don't want to access their information later, they want to have it now," Chauvirey continued.
"They don't want to wait one month, one week for their information, they want to access it right now to help them to decide where they want to invest or which market they want to leave in a crisis, for example. They want that information right now, they don't want to wait."
Tibco's Spotfire Enterprise Analytics solution was selected to streamline this process. Naturally when BNP Paribas was looking for a solution it examined a number of options, but one of the key requirements was it had to be an "enterprise-class" company, not a start-up that might not exist six months down the line.
"We needed an enterprise-class company," said Chauvirey, "because at BNP Paribas we're not keen to invest in a small company which we don't know will continue to exist one year later."
Tibco, of course, still exists and BNP Paribas Securities Services is harnessing the power of its analytics tool to make the department more efficient and able to handle an ever-increasing workload.
"It's clearly a way for us to be more efficient, because what we're seeing is more and more clients are making more and more requests for reporting. So by using this kind of tool we can push the clients to fulfil some of their own requests," said Chauvirey, who added the efficiency of the tool means the division doesn't need to bring in "new resources" in order to meet the appropriate time to market, with the rapid analysis available meaning only a small team is needed to handle requests.
"Maybe we are 10 people, not more, but we have a lot more reporting provided with this kind of submission," he said.
Tibco Spotfire Interactive, Chauvirey told Computing, also allows for a degree of self-service, enabling clients and customers – both inside and outside the bank – to view the information they require about the assets marketplace in the quickest time possible.
"Previously when they wanted to have specific reporting they had to call us, they had to do a lot of work in Excel to recalculate the specifications of the client. But now they're able to do it themselves by working on the tool, they don't ask us anymore for this kind of reporting," he said.