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Competitive Advantages of BNP Paribas
BNP Paribas is one of the most comprehensive international banking networks. It offers a wide range of services ranging from asset management and services, retail banking, corporate and investment banking. The bank operates in more than 85 countries across the world. The company has 150,500 employees. Among these employees, 5,700 are found in India, 14,800 in North America and about 118,700 in Europe. In Europe, BNP Paribas Group boasts of four domestic markets that are Belgium, Luxembourg, Italy and France. In the United States, the bank has a strong presence in the western part of the country, whereas, in Asia, it has fixed a secure and fast-growing business.
Discussion
All contemporary businesses have to face tough competition from their competitors in almost any market. However, having an advantage over the competitors is not a surety of sustaining the business position on a competitive ground. A consistent evaluation assessment of the market and its volatility is needed to keep the business informed and updated on the necessity of improving the quality of services and ensuring superiority over the rival’s products or services. In this sense, BNP Paribas Group has aimed to challenge its competitors by setting up effective strategies which grant it favorable opportunities to strengthen its products and services to its customers.
Technology
One of the competitive advantages the bank has embraced is data protection. Data forms the basis of any business establishment. It is a basis for key decision making, and fitting strategies adopted on how the business should be managed. Three years ago, the business units within the BNP Paribas examined the need to exchange information securely with its business partners. They wanted a flexible system that could address the demanding needs of enterprise data protection. The BNP Paribas partners included the investment firms and regulatory institutions such as the central banks, where BNP Paribas has a presence. Thus, the bank realized that protecting data was essential to avoid the risk or effects of data breaches.
Besides protecting the customer’s data, the bank understood the necessity of protecting their data during the exchange with other financial institutions. By this, it complies with security and privacy regulations in more than eighty-five countries where it has a strong presence. Thus, the bank adopted the PGP Universal Gateway Email and PGP Server. The solution provides the bank with core policies and strengthens enterprise data security. The ability to encrypt and disseminate sensitive data to other banks and customers has made the bank gain a competitive edge against its rivals. This has been achieved in various ways. One achievement is that the bank can now simplify fax communication, thereby increasing the rate of the business and reducing costs. Also, it has simplified sending secure emails to business partners and customers; protecting the customer’s data and trust and guaranteeing regulatory compliance, thus increasing ease of use.
BNP Paribas Assurance Group
BNP Paribas bank has not left everything to chance. It has set up the BNP Paribas Assurance group. The Assurance Group is a leading extension of its investment solutions. The group is credited for 3.1% of the bank’s revenues and gross operating revenue in France during 2009. In France and Italy, the Paribas Assurance group is unified into BNP Paribas’ bancassurance strategy. However, it draws 61% of its income from the bank’s distributions system located around the world.
The BNP Paribas Assurance has backed the bank to gain a competitive advantage because of its ability to leverage the BNP Paribas extensive network. Also, it has fixed a strong relationship under the Cardiff brand with nonproprietary networks such as brokers, independent financial advisers and banks. By encompassing a dual-brand strategy, the BNP bank has accessed a large and diverse client base and spread geographically to other locations such as in Latin America, Asia and Europe. Other advantages gained from the strategy include; a strong position in low capital-intensive in France and a leading role in lucrative creditor term units.
Acquisition
Acquisition plays a key role when a business wants to expand its business and reach more customers. BNP Paribas has embraced this strategy as leverage against its rivals. BNP Paribas bought Fortis Commercial Finance (FCF) and its global networks to gain a competitive advantage. The FCF is a factoring firm with various branches spread across twelve countries throughout Asia and Europe. Buying FCF was a great prospect for BNP Paribas bank because it has helped BNP Paribas to serve corporate customers in fourteen countries, permit the bank market leadership in Europe and other parts of the world. Besides, the strategy has allowed the bank to achieve its goal of having one bank serving the corporate world and supporting the customer base in European countries with different factoring products.
BNP Paribas also acquired FundQuest. FundQuest is a global player in open architecture. FundQuest provides various wealth management solutions to more than sixty financial institutions, primarily banks and insurance agents. The acquisition is strategic to BNP Paribas bank because it allows the two firms to become integrated global leaders that embrace open architecture in delivering wealth management solutions for advisors and institutions. In the United States, where BNP has an extensive presence, the bank has made a breakthrough in managed accounts through providing reporting analytics, portfolio management and asset allocation.
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