Blockchain at BNP Paribas: The Power of Co-Creation
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MIT_CISRwp428_BNPParibasBlockchain_LacityMoloneyRoss.pdf
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823.97 KB
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Author(s)
Lacity, Mary
Moloney, Kate
Ross, Jeanne W.
Date Issued
March 15, 2018
Publisher
Cambridge, Mass.: Center for Information Systems Research, Sloan School of Management, Massachusetts Institute of Technology
Citation
Lacity, Mary, Kate Moloney, and Jeanne W. Ross. “Blockchain at BNP Paribas: The Power of Co-Creation.” Working paper 428, Center for Information Systems Research, Sloan School of Management, Massachusetts Institute of Technology, 2018. https://dspace.mit.edu/handle/1721.1/175301.
Series/Report no.
MIT Sloan School of Management Working Paper 6757-18
CISR Working Paper 428
Abstract
In 2017 BNP Paribas, an international banking and financial services firm headquartered in Paris, was building blockchain capabilities in preparation for the coming institutionalization of blockchain technology. The extent of the potential of blockchain-based services to transform the financial services industry would depend upon the adoption of industry-wide standards and collective technology platforms, yet universal agreements around these remained elusive. BNP Paribas pursued a multifaceted blockchain strategy, including participating in consortia, investing in FinTechs, and collaborating with academics. This case examines an initiative co-created with BNP Paribas customers to remove pain points from customer journeys. The case highlights lessons learned, especially the importance of (1) co-creating with customers, (2) decentralizing ownership to enable those closest to customer pain points to drive projects, (3) engaging with multiple players, and (4) developing multiple types of projects, including those that will improve present performance and others that might yield new business models.
Subjects
Innovation and Strategy
Digital Innovation
Digitizing Business Processes
IT-based Business Transformation
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