Running head: STRATEGIC MANAGEMENT OF INNOVATION & TECHNOLOGICAL

CHANGE

Strategic management of innovation & technological change

Name of the student

Name of the university

Author’s note
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 1

Table of Contents
Introduction................................................................................................................................2

Discussion..................................................................................................................................2

SWOT analysis/ situation analysis.........................................................................................2

Justification of SWOT analysis..............................................................................................4

Multinational’s strategic management policies and procedures................................................6

Organizational Structure............................................................................................................7

Major Innovations......................................................................................................................9

Model of innovation.................................................................................................................11

Relationship between Innovation and Profitability..................................................................12

Global Strategic Partnership....................................................................................................14

Conclusion................................................................................................................................16

References................................................................................................................................18
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 2

Introduction

BNP Paribas is a French banking and insurance company founded in 1999 by the

merger of Paribas and the Banque Nationale de Paris (BNP). The head office is located in

Paris. The history of banks is connected to several French banks, comprising Banque

Nationale pour le Commerce et I'Industrie, founded in 1932, Banque de Credit et de Depots

des Pays-Bas, established in 1863, Comptoir National d'Escompte de Paris, established in

1848, and Banque de Paris, founded in 1869 (Haj-Yahia, et al., 2019). in the year 2015, The

bank comprises of two business sectors namely international financial and retail banking

services and facilities including over 7,000 branches worldwide. Deposits accumulated at

EUR700.3 billion by the end of 2015, though outstanding loans amounted to EUR682.5

billion. The volume of sales in various nations was: 73.3 percent in Europe, 11.8 percent in

America, 7.5 percent in Asia, and 7.4 percent in others. The bank has over 2,200 divisions

and more than 3,200 ATMs in France, while there are 187 agencies in Paris. There are 810

branches with 2.5 million individual customers and 150,000 corporate customers in Italy.

The bank had announced its strategic growth strategy for 2020. For this it has adopted

numerous strategies to accelerate the growth of its objectives: reaching yearly investments

under 5% management, emerging as pioneering providers of financial solutions for investors,

companies and individuals, and re-positioning the brand as BNP Paribas Asset Management

to support a simpler organization from 1 June 2020. The business provides suppliers with

creative products like digital channels.

 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 3

Discussion

SWOT analysis/ situation analysis

Strengths Weaknesses
 In the emerging markets, the business  Outside of the core market, there is
has superb success as the growth has little success as the company has
contributed to the development of faced a challenge with its existing
new revenue sources in the markets culture in expanding to other product
where they work. segments.
 They have a large distributor network  In contrast to their competitors, there
where dealers advertise the goods of is a high turnover rate in the
the company as well as invest in workforce at BNP.
training for sales staff who illustrates  The marketing of goods increased the
the company's benefits to customers. demand for these products because
 There is a powerful free cash flow sales and positioning are not
which provides new ventures with identified as contributing to
money to grow. competitor attacks.
 Through acquisitions and mergers,  Financial planning is not performed
the business has a strong track of correctly and successfully.
merging complementary businesses.  The inventory of the day is high
 Owing to its well-dedicated customer relative to their rivals, thus allowing
experience management department, the business collect more capital for
there is a high degree of customer investment in the channel.
satisfaction at BNP Paribas.  The organization's structure is
consistent with the existing business
model, thereby restricting growth.
Opportunities Threats
 Innovative environmental policies  Sales and profitability are reduced by
would build a playing area for the intense rivalry.
industry's investors.  The lack of a daily supply of new
 Because of new technologies, the goods contributes to high and low
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 4

development of new markets would sales fluctuations.

allow BNP to reach new market  Increasing raw materials impact
opportunities. productivity.
 Government green push that provides  Profitability influences seasonal
the company's acquisition of goods demand for highly lucrative goods.
with possibilities.  Production by industry disruptors and
 The growth of the market would lead rivals of emerging technologies.
to the dilution of competitive
advantages and enhance economic
growth.
 Shrinking the cost of transportation
 Low rates of inflation.
 New clients from an online platform
that opens up new sources of sales.

Justification of SWOT analysis

Strength

As the expansion has led to the development of new revenue sources in the markets

where they work, BNP Paribas experiences outstanding and top success in the new markets.

BNP Paribas also has a large distributor network in which dealers advertise the goods of the

company and invest in sales staff training to illustrate the company's advantages to

customers. There is a powerful free cash flow that provides new ventures with money to

grow. In addition, through accession and mergers, BNP Paribas has a flourishing track of

absorbing complimentary businesses. Last but not least, because of its excellently partnership

between clients and the department managers, the level of customer satisfaction at BNP

Paribas is high.

Weaknesses
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 5

Outside the core market, BNP Paribas has limited success as the firm has encountered

a challenge with its present culture to switch to other product segments. The company is also

witnessing a high rate of turnover in the BNP workforce relative to its rivals. The limitation

of product marketing is also present; the marketing of goods increased the demand for

products because sale and positioning are not identified as contributing to competitor attacks.

Besides, financial preparation is not carried out correctly and effectively. The daily inventory

of BNP Paribas is high relative to its rivals, so the organization raised more investment

capital. The organization's structure is consistent with the existing business model, thereby

restricting growth.

Opportunities

Both locally and internationally, there are business opportunities that could benefit

BNP Paribas. Modern environmental policies would create a new field for industrial

investors. Also because of new technologies, the opening of new markets would enable BNP

to reach new emerging markets. Government green campaign also provides potentials for the

company's acquisition of goods. The growth of the market would contribute to the dilution of

competitive advantage and allow the business to improve its efficiency. Other prospects for

the activities of BNP Paribas include lower costs of shipping raw materials, reduced inflation

rates in the markets where it operates, and the opportunity for new consumers from an online

platform that opens up new distribution channels.

Threats

BNP Paribas' activities are challenged by tough competition from other competitive

companies in the industry, which adversely affects the competitiveness of its profitability,

earnings and business positioning. There is also a lack of BNP Paribas' continuous supply of

new goods and services and this generates a high and low revenue swing that is uncertain for
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 6

the future predictions of the group. Increased raw material prices are also contributing to

BNP Paribas' decreased profitability. Seasonal demand for highly lucrative goods that affect

profitability and the emergence of new technologies by market disruptors and rivals are other

challenges.

Multinational’s strategic management policies and procedures

The acts of corporate social responsibility are guided by good management and

governance (CSR). For strategic decision-making at BNP Paribas, CSR policy is important

and it is directed by group business management. This policy will ensure that greater

efficiency; openness, ethical behaviour and accountability are achieved (TO, 2020). The

recommendations on CSR are taken by the Executive Committee of the Company, which

then introduces its plan every year to the Board of Directors.

Corporate Social Responsibility establishes a sustainable development plan at BNP

Paribas, implements policies, coordinates reporting, coordinates interaction with

stakeholders, and serves as a reference hub for the community as a whole.

The Know-Your-Client (KYC) policy describes the expertise of clients and tracks their

compliance. It facilitates in the introduction of organisational productivity and policies. It

aims to recognize important issues relating to the procedure of KYC and the control methods.

Financial stability is a two-team domain, one in Paris and another in New York. In

Paris, the financial stability domain avoids money laundering and helps fight corruption and

the funding of terrorism. The one in the United States monitors and directs the efforts of the

organisation to conform to the United States and other global restrictions.

Policy for the security of client interests (PIC) lets the customer of BNP Paribas

receive reliable and concise information on the prices, risks and characteristics of goods. It
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 7

guarantees that the goods or services provided fulfill their customers' needs. The PIC officers

collaborate with company lines to help improve the needs of consumers in terms of privacy.

The domain or policy of market integrity ensures that the group cooperates with the

law related to the activities of financial instruments, avoidance of money laundering,

circulation of sensitive information, prevention of market manipulation, and management of

conflicts of interest. They also ensure that the company complies with the code of conduct

and the rules regulating the organization applicable to the group as an instrument and

financial services manufacturer.

The policy of professional ethics covers the actions of company workers. This

strategy guarantees that the duties of workers are not controlled by their private corporations.

It enforces codes of ethics, a code of conduct that protects staff and the company from market

harassment, corruption and conflict of interests. The anti-corruption policy of BNP Paribas

leads to the reflection and preservation of the incorruptible actions of the bank and its

workers. The strategy aims to tackle all types of fraud at BNP Paribas locally and globally.

Organizational Structure

The shareholders are represented by the board of directors of BNP Paribas and are

capable of making decisions on the strategic vision of the group (Bouheni, et al., 2018, p. 40).

The Board of Directors evaluates the bank's strategic decisions, leads to improved bank

management, and also tracks and evaluates the activities relevant to the group of companies.

The panel has twelve directors appointed by the shareholders and two directors appointed by

the workers. The duration of the members of the Board of Directors is set at three years.

The Board is supported by four special committees elected by the Board of Directors

to perform the tasks. Board powers are not limited by the four committees. The committee of
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 8

financial statements analyses the bank's financial statements. Until sending the statement to

the Board, they acquire any additional concerns which require clarification.

By measuring the risks and profitability provided to it the Compliance Committee,

Risk Management and the Internal Control Committee assist in evaluating the key concerns

of the Group's risk management strategy. They fix all the problems, especially in the areas of

reputation for risk and professional ethics. Corporate governance issues are controlled by the

CSR, Ethics, Appointments, and Corporate Governance Committee. It allows the Board to

follow the governance standards within the bank to determine the success of the members of

the Board. Finally, the compensation committee addresses all problems, such as pension

plans and compensation, related to the position of corporate clients. It helps to evaluate the

requirements for bonus share grants and the distribution of stock subscription and purchasing

plans.

The Chief Executive Officer, one Chief Operating Officer, and 4 Deputy Chief

Operating Officers form the general management. General Management and 13 other

members who head central roles and core businesses are members of the Executive

Committee. The BNP Paribas organisational map is shown below.

Board of Directors

Board of Committees Board of Committees

Compliance & AML

Wealth
Global markets Brokerage
Finance Operations
management
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 9

Source: created by the author

Major Innovations

BNP Paribas are involved in the development and new ventures in the year 2015

which are providing assistance to Fintechs for broadening their customer relationships, while

investing in Fintechs. Through two projects that were initiated in 2015, the firm sponsored

them namely, The Fintech Accelerator and the Center for Innovation in Fintech. To boost the

customer experience, the BNP Paribas International Hackathon was also launched in 2015.

The second season of the Innov&Connect programme was also launched in 2015 to

support specific ventures and promote creativity through the mobilisation of experts. The

same year, in Massy-Saclay and Paris, 2 WAI (We Are Innovation) was opened to provide

meeting rooms, conference centres, co-working spaces and access to the Group's international

networks (Ruault, 2020, p. 229). A Corner for a Changing Planet has been opened, providing

goods and services that respond to societal problems such as pollution, waste management

and water resource conservation.

Banks are at the core of the banking system and the firm has chosen #Positive

Banking to complement the big changes in society. This provides option of delivering ever

better responses to the needs of the customers by redefining the banking experience and

assisting them on a regular basis in the energy transition. It is also the option of a dedicated

and accountable actor to encourage the growth of a low-carbon, more ethical and more

inclusive economy. The Lab at Viva Tech is divided into three themes in the year 2019 ,

persuaded that technological progress is a strong lever to drive the positive transformation of
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 10

the societies (Banking, 2020). The positive innovations by the bank include block chain,

artificial intelligence and more advanced customer service.

The World Bank partnered with BNP Paribas in December 2016 to support the

priorities of sustainable development into an investment solution which is being developed

for retail investors and strategic investors around the world. The Board reviewed and

examined the Group's business model in 2016 and how to respond to the changing

environment. Risk assessments are also explored in which the participants addressed the

problems associated with artificial intelligence, data, and cyber security (Nicholson, et al.,

2019). The Board expanded its leadership in the same year by making one of its committees

responsible for corporate social responsibility (CSR). The code of conduct has educated

182,000 workers online. In 2016, the Board established a code of conduct for the BNP

Paribas community comprising the bank's principles, values, and tasks.

BNP Paribas bank collaborated with Spark News in 2018 to establish a Positive

Innovation Club in New York City that strengthened business practises and corporate social

responsibility. BNP Paribas bank, due to its digital and sustainability capabilities, was

recognised as the most innovative bank in 2019. The bank was able to blend imagination,

technological skills and bright ideas during that year.

The goal of BNP Paribas is to analyze developments and transform them into

opportunities for their customers. Innovation drives their daily behavior, thereby fostering the

culture of innovation. They help the culture of innovation by involving everyone in

innovation. Innovation is at the heart of the business model and helps with the bank's

expansion strategy. A creative ecosystem comprising numerous internal and external projects

is being constructed.
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 11

For their allies, clients, and startups, new working approaches such as open creative

systems have been instituted. For instance, the Jam Sessions which was conducted by BNP

Paribas Cardif Insurance for bringing together internal and external experts and suppliers t

brain ware for 48 hours. This ecosystem puts together institutional, business, start-up, specific

projects, alliances, networks, and entrepreneurial efforts.

The bank collaborated with Facebook, Twitter, Google and LinkedIn in 2015 to be

Europe's first bank to create a strategic management plan. Therefore this community works to

ensure their availability while seizing new possibilities in customer relations, marketing and

communication for creativity and collaboration. The firm has an innovation management

mechanism that encourages the culture of innovation at BNP Paribas. The technique is based

on the 'innovation spirit' software. This program illustrates the bank's efforts for making

innovation in its major asset where research and development are needed. To help encourage

the creativity of their workers,' Innovation Awards' have been created. During innovation day

at BNP Paribas, these awards are presented. Innovation days are important because they

provide opportunities for the sharing of the innovation perspectives provided by bank

agencies.

Model of innovation

BNP Paribas has put Sustainable development at the forefront of its strategic strategy.

It aims to eradicate poverty, ensure equality for all and safeguard it by 2030. The organisation

is interested in causes that can make a difference, such as financing the real economy,

socially responsible investment, promoting the transfer of resources and entrepreneurs, and

taking local ecosystem needs into account (Orastean, 2018, p. 267). The Group has signed the

Responsible Banking Principles, the Responsible Investment Principles, the Tobacco-Free

 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 12

Financing Pledge and the Commitment to Katowice. The community is focused on the ethics

and code of conduct of all groups.

The innovation model incorporates ethics and enforcement concerns that are aimed at

encouraging business activity that complies with the rules and regulations. It includes

customer loyalty by improving the satisfaction of customers. Climate change and the

transformation towards energy are contributing to the growth of a low-carbon economy.

Privacy of data guarantees that consumers' personal data and private data are secured. A

workplace that is inclusive and equitable provides equal opportunity and facilitates diversity

and inclusion. In incorporating the uses, challenges, and emerging technology into the

business lines of banks, digital transformation is important. At BNP Paribas, the latest

innovation paradigm aims to place the consumer at the forefront of digitalization, which

enhances their experience. With new deals and useful goods, learning to collaborate enriches

the market place. It is important to rethink business models by building digital revenue

sources to recognise the role of the organisation in the ecosystem.

An ambitious digital transformation environment has been established by BNP

Paribas. This is because the relationship between banks and customers is smoother and more

suited to banking. Through this ecosystem, the bank will be able to find unique solutions to

the culture of its relationship with Fintech for its clients. New Artificial Intelligence, Block

Chain, and Big Data technologies were leveraged. Intelligence organisations that aim to

recognise developments across the 37 countries where BNP Paribas is present are an example

of an ecosystem. There are also networking bodies in the ecosystem that put companies and

start-ups together to design new products and services. Communication resources that

increase the exposure of creative projects are offered. The 'Change It' journal recognises the

start-ups that are most creative and then provides insights into their activities. Customer

relations, wellness, new technologies, transport, payment methods, electricity, and many
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 13

others are covered by the journal. It also demonstrates developers of the young generation

working to find new applications for current goods and new concepts.

Relationship between Innovation and Profitability

The strategy and success of BNP Paribas aims to encourage useful creativity and

implement ideas that have an affirmative effect on sustainable development. Through linking

them to professional networks, public-sector organisations, community groups, and the

partnership between the company of the bank and managers, the bank helps the companies.

The group's agenda covers sustainable development problems and the inclusion of

disadvantaged people (Elekdag, et al., 2020, p. 105949). Sustainable development objectives

ensure zero poverty, no hunger, improved health and well-being, quality education, equality

between men and women, safe water and sanitation, clean energy, respectively. For its

customers, shareholders, partners, public authorities, workers, investors and community, BNP

Paribas is building the Bank of Tomorrow. Three pillars are the foundation of this plan:

business participation, financial success and digitalization.

The group's goals include the creation of positive innovation for its customers, the

promotion of sustainable economic growth and their contribution to society. The company

uses digital transformation and emerging technologies to create highly demanding goods and

services. The new innovations have increased the operating efficiency of the company and

benefiting their customers further.

Technology especially artificial intelligence has improved productivity as well. In all

business fields, robotics and software are used to improve profitability, innovation potential,

and productivity. It is easy to automate the low value added and repetitive activities for

employees. There were more than 500 robotics operating by the years 2018, which supply

services such as control automation, chatbots, data processing, and reporting.

 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 14

Positive developments offer fresh solutions to the current issues facing the economy,

culture and the environment. These technologies help to generate greater returns and produce

goods that combine sustainability and sustainable growth (Sahut & Bouheni, 2019, p. 1103).

Innovation in agriculture, for instance, helps minimise pesticide usage while improving sales

and crop yields for its customers.

BNP Paribas stepped into collaboration with Sparknews in 2018, an agency that

produces constructive ideas across the globe. To build constructive projects, Sparknews

launched the Positive Innovation Club in 2016. The Sparknews collaboration has facilitated

collaborative action to foster constructive innovation, thereby building a group of managers

determined to drive progress. BNP Paribas claims that it can create a prosperous future and a

healthy economy by promoting investment in innovation and disruption.

Social entrepreneurship is a significant source of creativity for the banking industry.

Its business model produces economic discoveries. Microfinance, for example, makes it

easier for the economically vulnerable population to access credit, allowing them to establish

revenue-generating activities. A $102 billion credit portfolio that supported millions of micro

borrowers was acquired by global microfinance in 2016. The number of clients enhanced and

a credit portfolio annual growth of 9.4 per cent was reported by microfinance institutions.

Impact investment is witnessing exponential growth and requires investing savings in social

impact businesses. Social impact bonds funds programmes for detainees. On various

continents, BNP Paribas funds social enterprises. The goal of the company is to become a

creative financial offering group and to support society. Social enterprises provide a model

with a positive effect that reconciles economic viability.

 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 15

Global Strategic Partnership

BNP Paribas has confirmed its strategic alliance with Kantox, a top economic

technology firm which specializes in FX risk management solutions (Chesneau, 2019). The

deal allowed BNP Paribas and Kantox to give their customers the Dynamic Hedging solution

from Kantox. The software solution for Dynamic Hedging helps to streamline and simplify

FX workflows for corporate treasurers. The relationship enhances BNP Paribas's commitment

to change and digital innovation.

Philippe Gelis, CEO and co-founder of Kantox, has confirmed that they are pleased to

offer the solution to BNP Paribas customers. He said the strategy assists the trustees in

streamlining FX management and saving their time by leveraging micro-hedging. He went on

to explain that he thinks that their offer is an enticing idea for the group. Co-Head of

Corporate Council Xavier Gallant said the collaboration between Kantox and BNP Paribas

will provide opportunities for corporate treasures to access and optimise their processes with

automatic risk management solutions. He said corporate customers need to boost productivity

when predicting potential cash flows. He went forward and said, "We look forward to a good

partnership."

Kantox recently partnered with Bellin Treasury Management Company last year that

incorporated their FX management tool into Bellin's Treasury. The alliance between BNP

Paribas and Kantox enhances their offer of foreign exchange services. This Dynamic

Hedging approach would balance the commercial finance, cash management and product

suite available on the Banking Groups and Centric platforms. Kantox Company provides

corporate clients multinational payment options and foreign currency exchange. To corporate

treasuries, the Kantox gave many advantages. The banks were confronted by rivals'

challenges, but the relationship brought cooperation rather than rivalry. Technology increases
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 16

productivity, facilitates decision making, and helps corporate treasurers gain more exposure.

The Fintech Company Kantox is characterised by rapid development, innovative technologies

and new concepts.

The organisation lacks data protection and regulations which are necessary by large

corporations and banks. Fintech's relationship with banks provides the kind of technology

that customers need. The remedy generates more than 100 million transactions annually and

there was a longevity reaffirmation. Fintech's significant position is in funding the supply

chain. The business claims that banks are best suited to the supply chain finance programme.

Reasonable pricing and enticing ideas are provided by the company. In certain instances,

banks may partner with technology providers to provide joint solutions, but banks are the best

providers of solutions to fund the supply chain. In trade finance, the Fintech Business also

functions to promote contact between companies and banks. An illustration is a liquid for

asset class transactions like working capital, trade finance and insurance that offers legal

infrastructure and technology. They seek to link a single infrastructure with multiple parties.

Collaboration allows for contact among companies and banks in the activities of finance.

Bank collaborations allow businesses to realise what Kantox has to offer and create a

cooperative model for themselves. Although Kantox brings technology, it brings stability and

credibility to the BNP Paribas bank. The collaboration between BNP Paribas and Kantox

provides the ultimate experience.

Conclusion

The above discussion concludes that by the end of 2020, BNP Paribas Group has

established its reputation as a leader in the EMEA market. The group was listed first in terms

of green bonds by the end of June 2020. Cardif has declared that it will spend EUR 11.5

billion to contribute to its environmental and social impact by the end of 2020. The Group
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 17

was listed in Western Europe as the best bank for CSR 2020. Climate Week has been held

annually since 2009 to bring together leaders from around the world. The BNP Paribas Asset

Management Team strives to combine sustainable investment activities with the technology

transition, aimed at achieving long-term investments for its clients. By using their savings to

advocate for a sustainable economy, the group is committed to being a potential producer.

An interactive tool to communicate using artificial intelligence is being created to

assist in the management of team portfolios. Robots, artificial intelligence, and automation in

some form will be part of the future of work at BNP Paribas. This will generate

unemployment because they will disrupt work, but they will create jobs as well. The essence

of employment will change drastically, as well as transforming planned skillets. Employees

need to be encouraged to learn the skills needed to meet the company's potential needs.
 STRATEGIC MANAGEMENT OF INNOVATION & TECNOLOGICAL CHANGE 18

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