Norway’s largest bank DNB faced a pressing priority to drive digital transformation through better use of its data. The challenge confronted by the bank was the same one that faced its peers. The financial industry is undergoing a period of unprecedented competitive pressure, triggered not only by the arrival of new entrants who are unencumbered by legacy technologies, but also new requirements from increasingly demanding customers as well as more exacting regulators.
Going digital: what does it mean?
DNB’s primary goal focused on being able to innovate and deliver more value to customers through better use of data. With over 900 data silos, DNB’s technical debt made it much harder to achieve desired business outcomes; such as establishing a single view of customers, understanding value chains, or complying with regulations like BCBS 239 and GDPR.
Three pillars of digital transformation: people, process and technology
DNB looked to people, process and technology to operationalize digital transformation. With people, DNB took a federated approach by distributing data stewardship responsibilities across the organization. With process, the bank established a strong ownership culture among people at all levels to ensure full engagement. With technology, the bank used Collibra to create a collaborative environment and enable the business to nurture data and turn it into a true asset.
Demonstrating quick wins
DNB is seeing success with Collibra through tremendous operational improvements and innovative new tools and services. For example, the bank used Collibra to develop a churn algorithm that identifies customers at risk of leaving the bank. Another new service that has been enabled entirely through better use of data is a report provided to corporate customers showing customer demographics and spending trends relative to industry peers. As the bank continues its digital transformation journey, they look forward to continuing to promote engagement and data collaboration across the organization.
“Everyone talks about going digital, but it’s not merely a thing; it’s a new way of doing things. You can’t just deploy an app and a nice fancy website. You really need to understand your information flows and your data flows across all your business processes – this is the most important thing.”