DreamQuark announces the integration of its Deep Learning platform, within BNP Paribas Wealth Management, in order to enable the company to offer best suited products and services, to its private clients in Europe and Asia.
Paris, November 29, 2018 DreamQuark, creator of an Artificial Intelligence software for the financial sector and elected “FinTech of the Year,” announces the deployment of its Brain platform, for the Wealth Management entity of the BNP Paribas group. This software, which automates the generation of predictive models based on Deep Learning, was developed to be accessible to all business users with no data science training, while guaranteeing the transparency of decisions. The models, resulting from Brain, have enabled Relationship Managers (RM) to analyze the needs and preferences of their private clients in order to offer them the most suitable products and services.
As part of the sweeping digital transformation strategy launched by BNP Paribas in 2017, DreamQuark is one of the first FinTech companies selected by the accelerator, BNP Paribas Plug and Play to spearhead its projects for the Wealth Management, Personal Finance, and International Retail Banking entities. “The bank’s private clients are demanding: they expect enhanced personal outreach and that the products and services we offer to them match their aspirations and preferences. The use of predictive models met our expectations by providing a significant increase in the number of clients’ meetings during the early phases of evaluation,” explains Olivier Maugarny, Marketing & Offering Director of BNP Paribas Wealth Management. “Furthermore, DreamQuark could meet the stringent regulatory and IT security requirements of our private banking activity in Europe and Asia.”
BNP Paribas Wealth Management’s internal teams have used Brain, in order to train and select the best models for recommending products and services. As a result, the Relationship Managers have been able to secure more than three times as many client meetings and four times as many sales. Based on the strength of these results, the teams decided to integrate Brain in their work environments and leverage the potential of the platform for other use cases. “The strength of Brain’s platform is its ability to generate models for different use cases for marketing but also for risk, fraud and compliance. As a result, our clients can generate added value for all their departments with a unique and single platform,” specifies François de Lescure, Chief Sales & Marketing Officer of DreamQuark.
Regarding the successful first steps of this innovation journey, Nicolas Meric, founder and CEO of DreamQuark adds, “We are very proud of our collaboration with BNP Paribas. A lot of startups do not manage to exceed the pilot (PoC) stage, due to a lack of demonstrated gains (ROI) or because of an overly complex deployment model at the group level.”
Praised for its groundbreaking innovation and partnerships with major actors in the financial services industry, DreamQuark foresees a continuation of its rapid growth in Europe and abroad.