One of the largest online investment banks in Europe, Saxo Bank, has selected Thoughtworks as its strategic digital partner. Saxo Bank aims to become a data-driven, open banking financial institution. Banks, traders, investors, and money managers are expected to form an ecosystem for the bank, including institutional investors, traders, and investment banks.
Graham Stirling, Head of Data Platforms at Saxo Bank, said, “Saxo has been on the journey towards a federated data architecture since late 2018, during which time we have leaned heavily on Thoughtworks’ leadership in the emerging space of ‘data mesh’. When it came to validating and shaping our thinking about governance of the mesh, Thoughtworks was at the top of our list as a consulting partner. Over the course of a 15-month engagement, the Thoughtworks team has proved themselves to be a key collaborator in not only shaping but also executing on our vision.”
Through the development of a data governance platform, Thoughtworks enabled the bank to build a self-service catalog of high-quality data assets. With this platform, the bank can efficiently create, consume, and manage data assets with ease. Data governance with data mesh principles implemented by Thoughtworks alleviates challenges around data visibility, quality, and access, and builds data trust and self-service capabilities.
Sudhir Tiwari, managing director for Thoughtworks, said, “As a digital native disruptor, we have been able to effectively partner with Saxo Bank and move them closer to realizing their ambitious vision of monetizing data through a whitelisted open banking platform. We leveraged our expertise in building platform ecosystems and data-driven business models by adopting data mesh principles to address their challenges. ”
As a result of the digital partnership, a data governance solution was developed to empower teams and decentralized decision-making. Through this method of open banking, the bank has not only moved closer to its objective but has also continuously improved it.