Key Takeaways
- Experts said geopolitical tensions remain elevated, and the financial impact from insecurity is mounting.
- The audience heard that while Artificial Intelligence (AI) has plenty of tangible benefits and is becoming more ubiquitous, implementation must be carried out responsibly and cost-effectively.
- Industry leaders said opportunities in private credit will require a shift in operating models as the asset class moves toward the mainstream.
00:00:01:16 – 00:00:06:13
Unknown
Delivering The World is a unique opportunity to meet clients face to face and,
00:00:06:13 – 00:00:23:06
Unknown
effectively deliver solutions. We have a fantastic set of panels across AI, macro and the credit landscape. BNP Paribas, as an organization, is one of the most international banks that exists, and therefore bringing that content to clients is a value proposition that’s very unique to us.
00:00:23:09 – 00:00:48:10
Unknown
And we’re bringing that knowledge with IBM to our clients. I think the main theme of this conference is about all the change that is happening in the world. Geopolitics is now driving economics instead of the other way around. AI is on top of mind for everyone, and now people are talking about Agentic AI and autonomous agents and moving from content based governance to really agentic based governance.
00:00:48:11 – 00:01:09:17
Unknown
You guys scratch the itch. You had SMEs around AI, SMEs around the markets. You’ve provided a great space for networking opportunities. With advent of AI, advent of agents, but also digital assets. I think this industry will look very different. And so I think it’s important as one of the largest global custodians in the world, to be at the forefront of that.
At the 12th annual BNP Paribas’ Securities Services business’ Delivering the World Conference, industry leaders, investors, and technologists provided the latest updates on shifting geopolitical trends, AI’s evolution, and the growth of private credit.
Geopolitics stays in the spotlight
A former U.S. government official said the world is facing more complex threats than at any-time since the end of WW2, underlined by a shift from globalization to “slowbalization,” and increasingly fragile supply chains, as just-in-time logistics gives way to “just-in-case” logistics.
Supply chains were a recurrent theme at the Delivering the World Conference.
The official said rare earths and magnets are critical materials used across several industries, including defense and added semiconductor manufacturing is also highly concentrated. Consequently, any disruption to these supply chains could have major repercussions for the global economy.
The former U.S. government official then explained that the costs of the ongoing geopolitical tensions are beginning to show. With several major markets tapping into their strategic energy reserves, the official warned that demand shock could begin as early as July.
Longer term, a speaker said the Gulf Cooperation Council’s (GCC) sovereign wealth funds (SWFs) are likely to scale back their allocations to external money managers and re-direct capital toward domestic infrastructure projects and resiliency measures.
Driving ahead with AI – know its limits, risks, costs, and build responsibly
Large Language Models (LLMs) and agentic AI are being integrated across multiple industries to boost productivity[1], support scalability, and accelerate innovation.
AI is no longer a thematic tailwind. It is a defining force reshaping operating models and economic growth.
Stanislas Beneteau, Head of Client Lines Americas, Securities Services at BNP Paribas.
From enabling autonomous drone technology to supporting compliance workflows, AI’s impact is becoming ubiquitous.
The technology is forcing employers to re-think their hiring practices. One asset manager said that as LLMs play a greater role in investment research[2], firms may start recruiting analysts with strong language skills and prompt-engineering expertise, rather than traditional finance backgrounds.
However, one speaker told the Delivering the World Conference that AI is enhancing, not replacing, human expertise in the workplace, adding that the technology cannot replicate core leadership skills such as judgement and curiosity.
AI development also needs to be done sensibly, prioritizing governance, transparency, explainability, auditability, accountability, data integrity and cyber-security[3]. “Responsible AI development drives innovation and growth, rather than slowing them down” according to a speaker.
Companies should factor in the costs of implementing AI. Unlike traditional software solutions, which have a high fixed cost base and low marginal costs, LLMs and agentic AI, because of their token-based pricing mechanisms, often incur significant ongoing user costs. Investing into AI cyber-security protections and governance guardrails are also a resource consideration.
A technology leader said firms, including financial institutions, should assess whether AI models will deliver a meaningful return on investment for specific use cases. They added that better automation, rather than the introduction of agentic AI, is the most effective way to augment fixed flow processes, such as credit risk checks and KYC.
The infrastructure underpinning AI will be critical if the technology is to properly scale.
An estimated USD 6.7 trillion of global capital expenditure[4] will be needed by 2030 to build the data center capacity required for AI’s computational power demands. To put that figure in context, the cumulative investment represents more than 20% of this year’s projected U.S. GDP.
Martin Caupin, Head of CIB Americas Analytics Lab at BNP Paribas said.
This has created an opening for investors[5]. A panelist shared that, while they are not investing in AI companies directly, they are acquiring AI infrastructure including data centers, energy generation, storage and transmission solutions, and cooling systems.
With the mainstreaming of private credit comes operational change
The USD 2 trillion global private credit industry[6] continues to grow
John Ferrera, Head of Americas Institutional Investor Sales & Relationship Management, BNP Paribas’ Securities Services business, speaking at the Delivering the World Conference.
But as private credit managers get bigger, more diversified, and need to respond to the demands of an increasingly diverse investor base, they will have to adapt their operational processes.
For example, with growing demands for greater price transparency, a speaker said private credit managers will need to shift away from quarterly third-party valuations and reporting cycles to something more frequent.
Eager to simplify their operations and reduce fragmentation, some private credit managers are consolidating service provider relationships.
“We are shrinking our service provider footprint. We cannot be in a situation where whenever we launch a new product or strategy, we add a new ecosystem of service providers. We are looking for providers who can deliver multiple solutions across asset classes and strategies,” commented an alternative asset manager, speaking at the Delivering the World Conference.
However, private credit strategies have been subject to investor and media scrutiny, amid concerns about underwriting quality.
Speakers were quick to defend the asset class. One asset manager said the investable universe for private credit assets is worth around USD 40 trillion, of which just USD 2 trillion is comprised of leveraged loans, and the remaining USD 38 trillion investment grade debt.
Although private credit has seen an uptick in defaults, another expert said managers with fundamentally robust portfolios are still receiving payback at par.
BNP Paribas’ Securities Services business’ Delivering the World Conference was attended by the bank’s largest corporate and institutional clients, based primarily in the U.S.
[1] The AI value gap: Boom or bust? BNP Paribas, 19 December 2025
[2] How AI is transforming investing BlackRock, 27 August 2025
[3] AI cyber threats: open letter to business leaders Department for Science, Innovation and Technology, 15 April 2026
[4] Who’s funding the AI data center boom? McKinsey & Company, 21 September 2025
[5] Exploring Responsible AI: in a race against time, how are investors responding? BNP Paribas, 23 July 2025
[6] Private credit’s next phase — growth under pressure PWC, 26 May 2026