Danske Bank takes steps in Data Intelligence and Open Banking

DatacticsAs data management becomes an increasingly valuable asset in running a successful company, Datactics, a software company based in Belfast, announced that it will be helping Danske Bank in measuring and improving its data quality.
Danske Bank has recently formed a Data Intelligence team that will use Datactics’ RegMetrics solution to help meet regulatory requirements, and improve customer experiences by providing a single customer view and higher levels of data quality.
Marion Rybnikar, Danske Bank’s Head of Data
Marion Rybnikar, Danske Bank’s Head of Data

Marion Rybnikar, Danske Bank’s Head of Data, said: “Good quality data is essential for internal and external reporting, but the opportunities from using ‘big data’ are much wider than that. The combination of skilled in-house data professionals using new technologies like RegMetrics and extracting actionable insights, allows us to be innovative and to focus on driving real value for our customers. We’re delighted to work with a successful local start-up as we develop this exciting new area for Danske Bank.”

Stuart Harvey, Datactics Chief Executive Officer, commented: “Our RegMetrics software tool has been specifically designed to help financial organisations like Danske Bank ensure their business is able to meet existing regulations such as FSCS, as well as future regulations that could be introduced. Our new relationship with Danske Bank is a clear demonstration of the value and efficiency our powerful data solutions bring to financial institutions.”
Earlier this month, enterprise software development services provider AquaQ Analytics announced that is automating manual tasks for Danske Bank, saving them an estimated average of eight days per month which allows key personnel to focus on other high value projects.
Also this month, Danske Bank announced that it is taking major steps towards Open Banking in the UK since January 13, having launched an IT infrastructure, consisting of two key APIs, which deal with account information and payment initiation, that allows third party companies to develop new solutions for customers. Danske Bank launched the IT infrastructure alongside Allied Irish Bank, Lloyds Banking Group and Nationwide. Five of the UK’s other major current account providers will follow as part of a managed roll-out which is expected to complete in March.
The UK is the first nation to launch Open Banking. The rules in other European countries await upcoming regulatory technical standards (RTS) expected to come into effect no earlier than the second half of 2019.
Søren Rode Andreasen, Chief Digital Officer at Danske Bank UK
Søren Rode Andreasen, Chief Digital Officer at Danske Bank UK

Søren Rode Andreasen, Chief Digital Officer at Danske Bank UK, said: “The UK is a frontrunner within Open Banking. Accordingly, the market development will give an indication of what we can expect in other European countries once PSD2 really comes into force. Additionally, Danske Bank will be able to gather valuable experience to use when competing in other European markets.”

Danske Bank also launched an Open Banking initiative in the Nordic countries in June 2017, gathering over 500 interested parties that have signed up for the platform. Now preparing a sandbox, Danske Bank expects to have a test environment for developers ready in Q1 2018.