The digital transformation of financial communication
Digital technology is changing every part of the Bank, including the Finance department of Societe Generale where the introduction of a digital platform led to a 30% timesaving in the production of the Registration Document.
The realisation process for financial communication has been re-thought, thanks to the deployment of a new collaborative tool. An example of the benefits is the Group’s Registration Document, which has been revised to be more user-friendly and informative, while also reducing the page count by 10%. In its digital format, accessibility and interactivity has been greatly improved while, at the same time, delivering increased efficiency, improved cooperation and commitment from the teams involved in its production.
External feedback (from the French AMF Financial Market Authority, auditors, analysts, peers, among others) has been very positive and emphasises the consistency and transparency of our Annual Report and other financial statements.
The process is now being rolled out across our subsidiaries and the tool can also be used for other collaborative activities, such as the production of internal procedures, issue prospectuses, customer contracts, investment forms, and so on.
Furthermore, the nature of financial communication has changed, and the new process is helping us to anticipate future requirements such as new reporting standards or integrated reporting.
Societe Generale is the first French bank to commit to this process, which is enhancing the relevance of financial information. The project has been nominated for the Group’s Innovation Awards 2016.