Kristina Salemyr, Director Digital Banking
The financial sector is getting still more digital. But often the traditional players need a helping hand to stay competitive in that game. It can be tough both to attract the skills needed as well as being up to date and compliant with rules and regulations not to mention the proper innovative mindset.
By Henrik Malmgreen, CPH Fintech
When it comes to new services, the financial market is developing faster than ever before. Especially in the Nordic region, as the Nordic countries are on the top of the digital revolution. The consumers are very well accustomed to digital services, and in fact they constantly push the players in the financial market towards new boundaries. This means that traditional banks must re-invent themselves to keep up with new players that pop up.
Very often this calls for a helping hand, and in that respect a company like Banqsoft offers it services. Founded back in 1994 as a Norwegian-Swedish company, Banqsoft today is a fully owned subsidiary of the Danish IT group KMD, a NEC company.
Staying competitive is tough
“We have three main product ranges, and one key area is digital banking. We work with a wide selection of consumer banks and retail banks in all the Nordic countries. We are also offering financial software solutions for asset finance and credit management, and we provide cutting-edge technology solutions and industry expertise to enable finance companies, consumer banks and debt collectors to stay competitive in an increasingly digital landscape”. So says Banqsofts Director of Digital Banking Kristina Salemyr. She adds: “Even when it comes to resourceful, big banks, it can be a tough game to stay ahead in the digital competition. One reason is the lack of skilled labor. But with highly automated and efficient solutions, Banqsoft's customers can achieve more with less resources. Today the mantra is automation and a digital experience, and the consumers expect both smooth and fast services. Incumbent banks and start up financing companies alike need help to stay competivie.”
Consumer drive innovation
“You might say that the consumer is driving innovation, and our solutions enables our customers to deliver”, continues Kristina Salemyr. She points out, that to help the customers in the best way possible, it is necessary to have both a broad and deep domain knowledge.
And as earlier mentioned, when it comes to digital maturity, the Nordic region is ahead of mainland Europe. But of course, it is also important to know all about your customers’ business, as well as the demands for regulatory compliance. Even bigger companies struggle there, and as regulatory demands constantly increases, so does the need to be alert on this topic."Even if the companies have access to a vast amount of data, they are not utilized as they should and could be"
Lots of room for innovation
“We see that many players in the financial market choose to outsource not only the operation of their services but also the operation of their IT infrastructure; they can concentrate on their core business and leave the support to us”, Kristina Salemyr says. However, one might ask, how is it possible for Banqsoft to attract the necessary workforce, when it is a problem for many other companies.
According to Kristina Salemyr Banqsoft is a relatively small company with nearly 400 employees which makes it easy to make decisions and put them to life. In other words, the roof is high, and there is lots of room for innovation. The reason is simple - the company needs to be on the top in all areas, so seen from an employee perspective Banqsoft is an attactive place to work!
Working with FinTech start-ups
“At the same time Banqsoft offer a palette of employee benefits in order to attract the skills we need, but we also work closely with a variety of the FinTech start-ups. As digitization in the financial sector increases, the need for still more specialized solutions also increases, and from time to time, we also need to reach out for assistance”, continues Kristina Salemyr.
Banqsoft works both with many interesting customers and sub-contractors, which means that innovation constantly seeps into the organisation. As Kristina Salemyr predicts, the future, we will see more and more online services. Digital payments in the consumer segment will grow in numbers, but she also foresees a massive growth in the corporate segment, where the potential for digital, financial services is massive, and some services will be more efficiently developed through collaboration with other parties.
New services on an old platform
“Many of the old banks have legacy systems. Over the years they have tried to replace them, but it seems to become more and more difficult along with continous business. With our broad experience from the Nordic markets and solid technical solutions, coupled with integrations to and collaboration with Fintech companies providing specialized solutions, we are able to help our customers integrate new services to their current legacy IT environments, says Kristina Salemyr. One area is related to utilizing the vast information banks and financial services collect, where she sees great potential.
Today we talk a lot about data driven solutions, and that is also the case in the financial sector, but even if the companies have access to a vast amount of data, they are not utilized as they should and could be. In that context automation and artificial intelligence are two very compatible partners with the power to drive innovation even further. Not only in the Nordic market but also in mainland Europe, where Banqsoft is expanding.
Kristina Salemyr
Director of Digital Banking
kristina.salemyr@banqsoft.se
