More Companies are Digitizing in Banking & Finance
Our financial industries are entering a new phase of digitization - with the Nordics taking the lead.
Read a feature from Dagens industri highlighting some key insight from Banqsoft's CEO Terje Kjøs, and Sales Director of the Nordics Tobias Wikström, on Banqsoft's experience from a highly digitized region and how the company is preparing for the innovations of tomorrow.
Banqsoft is one of the Nordic region's leading software suppliers of core systems for banks and finance companies. Banqsoft has long been active in the Nordic market and is now experiencing increased interest both in the domestic market in the Nordic region, while the global market offers great opportunities.
"We are growing together with our existing customers at the same time as we make investments together with KMD / NEC in Asia," says Terje Kjøs, CEO of Banqsoft.
We are becoming increasingly digital, and with corona, the digital transition has accelerated. We have more digital meetings, order food online for delivery to the front door and can shop around the clock. When most services and shops become available around the clock, so do the banks.
"If a customer wants to take out a loan, to bid on a house or buy a car, the bank must be available to be able to receive a loan request. Therefore, there must be a high degree of digitization," says Kjøs.
For a long time, Banqsoft has helped companies in banking and finance to digitize their operations to keep up with developments. Banqsoft offers a modern software suite with support for a wide range of standard products, such as credit, debit cards, loans, sales financing and leasing. Banqsoft's products cover customers' operations and processes all the way from loan applications, credit preparation to disbursement, invoicing and reporting.
We have a very broad coverage in our offer. Our foundation is in the Nordic region, where digitalisation in the financial and banking sector is at the forefront internationally. At the same time, we are becoming increasingly international together with our owner KMD / NEC in Asia
"NEC also continues to invest in banking and finance and recently announced that they are acquiring the software company Avaloq, a leading supplier in the industry," adds Tobias Wikström, Sales Director of the Nordics at Banqsoft.
With a financially strong owner such as NEC behind it, Banqsoft has acquired Foqus Finance in Denmark and Concent in Norway. This means that Banqsoft further broadens its offering in leasing for small and medium-sized finance companies, and expands the value chain with software solutions for debt collection and credit administration.
It is very exciting to be able to offer our customers a modern solution that helps to automate and streamline credit administration
When the pandemic struck, we quickly switched to a digital everyday life and many industries changed drastically. A journey that Banqsoft's customers could easily follow.
"Many of our customers were prepared, as they were already at the forefront of digital. An example is e-commerce, which has increased significantly during the corona," says Terje Kjøs.
"We clearly notice the consequences of this changed behavior among our customers, and that many players in the industry take a broader approach to digitization and increase their initiatives, and this is something we are happy to be a part of," says Tobias Wikström.
Banqsoft was founded in 1994 and since 2015 is a wholly owned subsidiary of Danish KMD, which is part of NEC. They are one of the Nordic region's leading suppliers of software for Digital banking, Asset finance and Credit management. They have a total of 320 employees and 380 installations used in about 30 countries globally.
Read the full feature from Dagens industri here (Swedish)