Saxo Bank: Fusion of digital and business

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Do curso por Copenhagen Business School

Digital Competition in Financial Services

327 classificações

Copenhagen Business School

Digital Competition in Financial Services

327 classificações

Curso 1 de 4 em Specialization Digital Transformation in Financial Services

Welcome to Digital Transformation Strategy! As you probably know, this is the first course in a three part specialization focused on the digital transformation of finance. We'll aim to bring you insights about how digitalization intersects with finance, culled from one of the world's top regions for digital innovation. I'm excited to have you in the class and look forward to helping you learn more about this important topic. To begin, I recommend taking a few minutes to explore the course site. A good place to start is the navigation bar on the left. Click Course Content to see what material we’ll cover each week, as well preview the assignments you’ll need to complete to pass the course. Click Discussions to see forums where you can discuss the course material with fellow students taking the class. Be sure to introduce yourself to everyone in the Meet and Greet forum! This course should take about four weeks to complete. You can check out the recommended course schedule below to see a quick overview of the lessons and assignments you’ll complete each week. By the time you finish this course, you’ll have mastered the transformational forces of digitalization and the new competitive dynamics it gives rise to, learned from leading financial companies and seen inspirational examples from the digital masters. You'll be introduced to the Capstone Project for the specialization and have a chance to form some preliminary solutions for a financial company seeking a new strategy for the digital age of finance. Good luck as you get started. I look forward to seeing you in class!

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Digital ecosystems

In this module, we introduce the business ecosystem metaphor as a way to think of and model the increasingly complex relationships between actors in the digital financial service industries. We elaborate on how to deal with relational tensions internally and towards externally. We also address how digital technology strategies become inseparable from business strategy in the digital era.

Plug n' play12:48

Saxo Bank: Fusion of digital and business5:21

Conheça os instrutores

Jonas Hedman
Associate Professor
Department of Digitalization
Stefan Henningsson
Associate Professor
Department of Digitalization

Well, I think it definitely leads to have a combined view, and, normally,

I explain it very simply that when I started in banking more than 20 years ago,

we had the bankers, the business people.

They were sort of doing a business plan,

and then they say, "Okay, we need some chairs.

We need some sort of company cars.

We need some facilities, and we need some IT."

And then they order the chairs and the tables,

and they order the facilities,

and then they wrote a list of requirements for the IT department.

And then everything sort of was delivered,

and then they did the business.

That is not how we do it today because a lot of stuff will get lost in

translation if you make IT requirements like that.

You need to have the people that understand

technology inside the top management and inside the boardroom.

I think that's a big,

big and important challenge for the established financial institutions.

Is really that the overlap that is needed between people that

understands in a fair amount of details the banking business,

but also understands the technology to a fair level of detail.

It's really what is lacking many places because the choice of technology,

how you set up your platform has a number of direct consequences for your business.

And that was not the case before.

But, here we are, in fact,

in my view fairly unique because if you

look at the established financial service sector as a whole,

they are to a very,

very last degree burdened by legacy debt on the technology platform.

The technology platforms are based on sort of mainframes,

in fact, in the middle back from the '70s and the '80s,

and then they had been upgraded to sort of ad hoc,

case by case, by adding more systems and integrations and so on and so forth.

So it's really a big pile of spaghetti that is glued together with chewing gum and tape,

which makes it very expensive to maintain.

And also, it lacks agility to adapt to new products

and new demands and services that the client would like to have.

Of course, it seems obvious that you should have a very flexible platform,

a very sort of clean platform,

a very well-structured platform with a high level of hygiene,

but when you conduct business,

it is just the one I talked about

before with the overlap between technology and business.

When you make the business decision,

then you also need to respect that when you make a solution,

it creates some debt or some lack of flexibility for the future.

And sometimes the hot solution that is more flexible,

in the short term it doesn't seem like the right one,

but in the long term it is really the right one.

And here I think that we have been in such pain,

we are unique and we have been very disciplined in really appreciating to have a very,

very flexible platform with a high level of hygiene,

and sometimes the investments that you've acquired

that are not paying off in the very short term.

So it needs to be done with huge courage

because sometimes you have to invest in something that in the very short term,

it will not give you other than a product that could be done more easily,

but in the long term it will give you sort of a very, very good position.

And the way, concrete to give an example,

what we have done,

we have a platform that is developed on some very sound principles.

For example, we have built it on HTML file,

which means that is device independent,

which means that we don't have seven platforms,

one for IOS mobile,

one for Android mobile,

one for tablet, one for PC and so on.

We only have one platform coded in one language that is unique for every device.

We have also coded the technology stack in a way such that it can

integrate with partners in this unstructured way, through our OMAPI.

And the OMAPI gives us not only the ability to integrate in a flexible way,

but it also enable us to preserve the scalability throughout the stack,

because scalability is all about standardization.

But of course you can standardize to a level that you become irrelevant to everybody.

So really the key business decision here is to standardize stuff all the way you can,

and then of course adapt to local flavor or product flavor,

when it's absolutely necessary.

And that is the structure that you need in order to be competitive,

and that is the structure that we are striving and we are building,

and that to some extent or to last and have at the moment.

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