What revolutions are you facing?
BNP Paribas Personal Finance, present in more than 30 countries and on 4 continents, through its commercial brands Cetelem, Findomestic, Crédit Moderne, etc., is the European leader in personal financing. One of the pillars of our business is credit at the point of sale, physical or online, in the Retail and Automotive sectors. We are therefore, like our partners in the world of commerce, inevitably affected by two great revolutions, which are, on the one hand, the acceleration of digital technology, which is disrupting the paths of customers, and on the other, increasingly awareness clear the need to consume responsibly.
Therefore, we must provide technical solutions to streamline the procedures of our customers in a highly regulated sector and also to promote the development of responsible consumption by carefully selecting our area of activity. It is not simply a question of lending money, but of knowing to whom, with which intermediary and for what purpose.
What answers do you give?
BNP Paribas Personal Finance is committed to offering more and more products and services to its individual clients through digital innovation. The company, which has been working on the digitization of its customer journey for several years, has thus implemented a solution that allows online credit underwriting via smartphone. This new device combines multiple technologies (facial biometrics, augmented reality, chatbot, electronic signature, etc.) to deliver a smooth, streamlined and enriched customer experience, meeting new consumer expectations and uses.
As far as responsible consumption is concerned, it is a dimension that we have in our DNA, the previous signature was “Le Crédit Responsable” before becoming “More responsible, together”. Today our action is to strengthen our commitment, through concrete evidence, whether it is our commercial activity (scope of actions, partnership, etc.), the internal life of the company (limiting our carbon footprint) or the our contribution to civil society with our CSR (Corporate Social Responsibility) approach, in particular through budget education and digital inclusion.
What are the specificities of your markets, countries?
We are present in more than 30 countries on 4 continents with different business models adapted to local specificities. In many countries, and in particular in Europe, we have a model based on multi-channel, with credit at the point of sale, Retail and Automotive, activities on merchant sites, direct credit through our site and by telephone. , partnerships with banks, insurers or utilities. Sometimes car financing through manufacturer and distributor partnerships is important (like in Mexico or Turkey), sometimes our consumer credit business is mainly hosted in local BNP Paribas banks (Ukraine, Poland, Morocco, etc.) or , like in China or Russia, we cooperate with a local bank. But whatever the model, the smoothing of the customer journey and responsible consumption are two essential transversal dimensions.
How do you see retail in 5 years?
The best retailers and brands will do well by establishing a continuous dialogue with their customers, within an increasingly powerful and organized civil society. With a human, clear, authentic and creative approach, they will gain influence and commitment.
They must involve the customer as a stakeholder in their value creation. The consumer-actor is no longer just an information activator, he represents a key link in design, after-sales service or in the last mile.
The points of sale will become more and more experiential to transform physical contact points into an asset of the relationship with the brand. In this sense, these flow areas will no longer necessarily be estimated for their turnover but for the customer engagement generated. The physical store represents a considerable asset in the context of a digitally acquired customer journey. This will also limit the attack strength of the main pure players.
In this sense, local trade will come back into force. Whatever the sector, the development of new store formats in the city center, not just foodstuffs, already testifies to this dynamic and will make it possible to reinvent neighborhood life in the face of growing urbanization. Retail is in turmoil and has not finished reinventing itself to occupy a central place in our society!
To find the complete testimony of Barbara BLANCsee you at LSA LIVE on November 26th and 27th!