Crédit Mutuel Reinvents Banking with IBM AI

Banking is evolving fast. New technologies, the entry of non-bank competitors, soaring customer demand, and clinical regulations are shaping the landscape.

Crédit Mutuel wants to go one step further. The bank is tying up with IBM to reinvent banking to better serve its 12 million customers.

The partnership will see the bank deploy IBM Watson across all of its business lines - Consumer Credit, Personal Protection, Health, Payment Instruments and Risk and Compliance. In the next phase, it will combine multiple IBM technologies – IBM Cloud, Security, and Watson – to reinvent partner relationships and operations.

“Crédit Mutuel is deeply involved in a strategic partnership with IBM that will enable it to use technology and innovation to help people," "Through this new joint-construction stage, Crédit Mutuel is enabled to transform its productivity gains and growth opportunities and pave the way for new services for millions of Crédit Mutuel customers and members,” Nicolas Théry, chairman of Crédit Mutuel CM11 Group said.

IBM will help Crédit Mutuel to manage risk and compliance issues such as anti-money laundering and financing of terrorism, with tighter controls and monitoring with business and client identification. In the IBM Cloud, Watson services will be secured in a fully encrypted, dedicated and isolated environment in France with back-up in Germany.

Additionally, Crédit Mutuel will use IBM QRadar Security Intelligence to collect all significant cybersecurity information across the world and make it available to its security analysts. It will help the bank thwart global attacks.

Manufacturing Innovative Thinking

IBM Services and Crédit Mutuel will also launch Cognitive Factory. The initiative will bring together AI engineers and line of business experts from Crédit Mutuel to partner with IBM experts.

This team of 100 professionals and experts, within Euro-Information, the FinTech IT group of Crédit Mutuel, will focus on skills, training, and recruitment for the bank's technical team to ensure they remain at the forefront of innovation when implementing new AI projects across the bank. Crédit Mutuel and IBM are also creating and running a joint University program to recruit interns and experts to provide them with dual competencies in banking and AI, as well as Mainframe.

"Crédit Mutuel and IBM share a deep-rooted commitment to empowering professionals with AI to drive innovation while ensuring this technology is adopted with utmost responsibility and care. Crédit Mutuel is turning these values into action by using Watson to build intelligence into every fabric of its company, while training its employees to collaborate effectively with the technology and guaranteeing complete data security and protection of customer information," David Kenny, senior vice president, IBM Watson & Cloud platform said.