Alexandre GANNE

How blockchain challenges traditional financial systems: Lessons from my ESSEC thesis

by
Alexandre GANNE

In this article, Alexandre GANNE (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2025) shares key insights from his bachelor thesis on blockchain technology and its implications for traditional banking systems.

Introduction

This post is the result of a year-long academic research project conducted as part of my final thesis at ESSEC Business School. It explores how the growing adoption of blockchain technology is redefining core principles of traditional financial systems and the strategic implications this transformation holds for banking institutions.

The disruptive nature of blockchain

Blockchain is often described as the cornerstone of the next technological revolution in finance. It allows for the decentralization of data storage and value exchange, eliminating the need for central authorities to validate transactions. With distributed consensus mechanisms and cryptographic security, blockchain systems can operate autonomously and transparently. These features make it not just a new tool, but a foundational shift that could reshape core banking functions such as recordkeeping, interbank transfers, and credit issuance. Its key characteristics, immutability, programmability, disintermediation, and transparency, pose significant challenges to the centralized model of traditional finance.

From intermediation to decentralization

One of blockchain’s most radical promises is disintermediation. Traditional financial systems are heavily reliant on intermediaries such as banks, brokers, and clearinghouses to establish trust and validate transactions. Blockchain introduces the ability to execute trustless peer-to-peer exchanges using cryptographic proofs and decentralized ledgers. For example, platforms like Ethereum enable the deployment of smart contracts, self-executing programs that automatically enforce the terms of a contract without human intervention, drastically reducing friction and cost.

Security and auditability

Unlike traditional databases that are vulnerable to manipulation or single points of failure, blockchain offers a tamper-proof and chronologically auditable data structure. This makes it a valuable tool for regulatory compliance and fraud prevention.

Implications for the banking sector

Custody and settlement

Traditional banks act as intermediaries for the settlement of securities and custody of assets. Blockchain-based tokenization could eliminate the need for such intermediaries by allowing real-time settlement and direct ownership recording on-chain.

Compliance

Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures are critical, yet often duplicative and costly for financial institutions. Blockchain can streamline these processes by allowing users to maintain a single, verified digital identity that can be securely shared across multiple entities. Through permissioned blockchain networks, institutions can access and update identity records in real time, increasing efficiency while maintaining regulatory compliance. Additionally, immutable audit trails enhance traceability and accountability.

New business models

The rise of decentralized finance (DeFi) introduces new paradigms in financial services, automated lending, yield farming, insurance, and derivatives, all operating without traditional intermediaries. In response, incumbent banks are exploring strategic partnerships, investments in blockchain startups, and internal initiatives to tokenize assets or build proprietary custodial solutions. Hybrid models, blending regulated infrastructure with decentralized services, are likely to emerge as a dominant trend over the next decade.

Why should I be interested in this post?

For any ESSEC student or finance professional interested in the frontier of financial innovation, this article distills the key findings of a year-long academic thesis dedicated to understanding how blockchain is transforming our industry. It bridges theory and practice, highlighting both opportunities and risks. As regulators, institutions, and entrepreneurs continue to shape the future of financial systems, understanding blockchain is no longer optional, it is essential to navigate and lead in tomorrow’s economy.

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Useful resources

BIS – The implications of decentralised finance

ECB – Blockchain

FSB – Blockchain

About the author

The article was written in May 2025 by Alexandre GANNE (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2025).

My internship as Finance Assistant Manager at Kpler

by
Alexandre GANNE

In this article, Alexandre GANNE (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2025) shares his professional experience as Finance Assistant Manager at Kpler.

About the company

Kpler is a fast-growing technology and data intelligence company offering transparency solutions in commodity markets. Its platforms collect and analyze data from hundreds of sources: including radar, satellites, shipping databases, and government publications, to provide real-time insights into global supply and demand dynamics. Kpler’s clients include energy giants, trading houses, public utilities, and financial institutions such as hedge funds and banks.

Logo of Kpler.
Logo of Kpler
Source: the company.

Headquartered in Paris, Kpler has a strong international presence with offices in London, Singapore, Dubai, Houston, and New York. Its diverse team and innovative culture have made it one of the key disruptors in the financial and energy data sectors.

My internship

My missions

During my internship, I worked within the Finance Department as a Finance Assistant Manager, contributing to Kpler’s accounts receivable processes. As my first business school internship, which I completed at just 19 years old over a period of three months, this role gave me early exposure to the financial operations of a rapidly scaling tech firm. My responsibilities included issuing and monitoring invoices across multiple international entities (France, UK, UAE, US, Singapore), tracking and securing timely customer payments, and managing unresolved payment situations in coordination with sales and operations teams. I was also in charge of analyzing client payment performance metrics (e.g. Days Sales Outstanding), supporting forecasting tasks, and escalating at-risk accounts to senior management.

Required skills and knowledge

The internship required strong organizational and analytical skills, with an understanding of accounting principles and international tax practices. Proficiency in Microsoft Excel and familiarity with ERP or invoicing software were essential for data manipulation and reporting. Additionally, this position demanded a high level of professional communication, especially in client interactions regarding payment reminders, dispute resolution, and follow-ups, often involving senior finance stakeholders.

What I learned

This experience gave me a detailed view of how financial flows are managed in a fast-paced, multinational tech company. I enhanced my technical skills in accounts receivable management, financial forecasting, and reporting. The daily collaboration with sales and legal teams further reinforced my ability to work across departments and navigate complex operational settings in English and French. I also learned to use software tools such as NetSuite and Salesforce.com. Beyond technical knowledge, I discovered what it means to work in a 21st-century startup environment, which contrasts significantly with traditional corporate structures. I learned to manage my own working hours, adapt to flexible geographies, including remote work setups, although I preferred being on-site in the Paris office to engage directly with the talented Kpler teams. Finally, I developed the ability to communicate effectively with people from diverse professional backgrounds, including engineers, developers, and sales specialists.

Financial concepts related to my internship

I present below three financial concepts related to my internship: Days Sales Outstanding (DSO), Cash Flow Forecasting, and Credit Risk Assessment.

Days Sales Outstanding (DSO)

DSO measures the average number of days it takes for a company to collect payment after a sale. At Kpler, I regularly tracked this KPI across entities to identify underperforming accounts. A high DSO can indicate liquidity issues and may require proactive engagement strategies. My tasks involved identifying trends in DSO, generating dashboards to report them, and communicating with internal teams to initiate corrective actions with clients.

Cash Flow Forecasting

Cash flow forecasting involves projecting future cash inflows and outflows to ensure the company can meet its financial obligations. As part of the finance team, I supported the preparation of weekly and monthly forecasts based on outstanding invoices, historical payment behavior, and contractual terms. Accurate forecasting is crucial for maintaining solvency and planning investments in high-growth companies like Kpler.

Credit Risk Assessment

Credit risk assessment evaluates the likelihood that a customer will default on their payment obligations. At Kpler, I participated in risk reviews using payment histories and financial data to inform internal decisions regarding client credit terms. For high-risk clients, I contributed to drafting escalation reports and supported the implementation of preemptive actions such as revised payment terms or partial upfront invoicing.

Why should I be interested in this post?

This post is particularly relevant for students interested in finance within innovative environments. It provides exposure to international operations, cross-functional collaboration, and practical financial risk management. Working at Kpler allows you to evolve in a data-driven culture that sits at the intersection of finance, technology, and energy markets. It is also a unique opportunity to contribute meaningfully to strategic processes in a fast-scaling tech firm.

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Useful resources

Kpler – Official Website

About the author

The article was written in May 2025 by Alexandre GANNE (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2025).

My apprenticeship as Depositary Control Auditor at CACEIS Bank

by
Alexandre GANNE

In this article, Alexandre GANNE (ESSEC Business School, Global Bachelor in Business Administration (GBBA), 2025) shares his professional experience as Depositary Control Auditor at CACEIS Bank.

About the company

CACEIS Bank is a leading European financial institution specializing in asset servicing. A subsidiary of Crédit Agricole and Santander, CACEIS provides custody, depositary, and fund administration services to institutional clients, management companies, and large corporates. The group supervises more than €2.3 trillion in assets under custody and over €3 trillion in assets under administration.

Logo of CACEIS Bank
Logo of CACEIS Bank
Source: the company.

The Depositary Control team plays a critical role in investor protection, ensuring that asset managers operate in compliance with applicable regulations. It verifies the correct valuation of assets, control of financial ratios, and the conformity of transactions made on behalf of the funds.

My internship

My missions

As a Depositary Control Auditor, my primary responsibility was to conduct thematic audits on European investment management companies with assets exceeding €5 billion. I focused on key control areas such as asset valuation, regulatory ratios, and Value at Risk (VaR). I also carried out analytical reports on current macroeconomic trends to assess their potential impact on asset management practices. Additionally, I worked on recurring and ad hoc studies, such as evaluating the impact of the ongoing real estate crisis on real estate investment funds (REITs, OPCIs, SCPI), analyzing their asset exposure, liquidity constraints, and valuation resilience.

Required skills and knowledge

This role required a solid understanding of financial regulations and investment vehicles, as well as proficiency in the Microsoft Office suite, especially Excel for financial modeling and reporting. Soft skills such as rigor, autonomy, and teamwork were crucial to ensure the reliability of our audit reports and smooth communication with asset managers. A high level of professionalism in client communication was essential, particularly when addressing sensitive compliance issues with senior representatives of management companies.

What I learned

This apprenticeship allowed me to develop a comprehensive understanding of the regulatory ecosystem of European asset management. I acquired expertise in risk control, asset valuation methodologies, and fund auditing practices. I also improved my organizational skills, learning to manage several audit missions simultaneously while respecting strict deadlines and reporting requirements.

Financial concepts related to my internship

I present below three financial concepts related to my internship: asset valuation, Value at Risk (VaR), and key regulatory ratios.

Asset Valuation

Asset valuation is the process of determining the fair market value of assets held in an investment portfolio. This is a critical step in calculating the Net Asset Value (NAV) of a fund. In practice, I reviewed how management companies priced listed assets (using mark-to-market techniques) and unlisted assets (using models like discounted cash flows or multiples comparison). I ensured that valuation methods adhered to regulatory guidelines and were consistently applied, especially for complex or illiquid assets.

Value at Risk (VaR)

Value at Risk (VaR) quantifies the potential maximum loss of a portfolio under normal market conditions over a specific time period and confidence level (e.g., 99% over 10 days). I assessed the robustness of VaR models used by asset managers, ensuring they incorporated appropriate volatility measures, stress scenarios, and backtesting. VaR helped us monitor whether funds stayed within authorized market risk limits and provided a quantitative basis for risk-based oversight.

Regulatory Ratios

Regulatory ratios include leverage, liquidity, and concentration limits imposed by the AIFM and UCITS directives. During audits, I verified that asset managers respected these ratios daily and that breaches were properly justified and resolved. This involved reviewing internal control mechanisms and examining historical data to detect anomalies or patterns of non-compliance, thereby reinforcing the protection of investor interests.

Why should I be interested in this post?

This internship is particularly valuable for students interested in financial regulation, risk oversight, or asset management. Beyond that, it is a gateway to multiple career paths in finance. I am honored to be the fifth ESSEC student to hold this position at CACEIS Bank. Many of my predecessors went on to successful careers in investment banking, private equity, or consulting, demonstrating that this experience builds a strong foundation even beyond the field of risk management. Being part of this legacy pushes me to give my best and uphold the high standards set by those who came before me.

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Useful resources

CACEIS – Home Page

EFAMA – European Fund and Asset Management Association

Autorité des Marchés Financiers (AMF)

About the author

The article was written in May 2025 by Alexandre GANNE (ESSEC Business School, Global Bachelor in Business Administration (GBBA) –2025).