Blockchain at BNP Paribas: The Power of Co-Creation

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.