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Hottest information about 9th Annual Back Office Excellence in Banking Summit

10. April 2018

Christian
MÅHRBECK

Head of Derivatives Operations
Nordea Asset Management

3 Questions for Joakim Christian Maahrbeck

How should banks approach Back-Office digitalisation?

You should be openminded and willing to take chances. It is a vital part of efficiency to follow the development within digitalisation in back offices processes and to stay in the front in the industry you will have to utilise new facilities.

How is the Back Office impacting the digital customer experience?

Back Office often has the final Sign Off and in order for the data to be available for the clients we need to deliver our services at a fast pace for the customers to have as much “real-time experience” as possible.

May FinTech help reduce costs in Back Office and Operations?

Yes, it may. Many FinTech companies are addressing the hurdles that are seen in the Operations areas of most Investment firms. Many of the FinTech companies are also driven by the regulation, hence their solutions can often be a beneficial add on to the existing processes. Especially the Collateral Management areas have several FinTech solutions.

Christian has more than 20 years of experience in the financial sector. He worked across several entities including financial advice, benchmark and cash management. Christian has been heading up Derivatives Operations in Nordea Asset Management since 2010, working with lifecycle management of all derivatives classes as well as major projects such as the EMIR regulation.

5. March 2018

Joakim
CRONE VALENTINER

Head of Back Office
Nordea Asset Management NBD

3 Questions for Joakim Crone Valentiner

How should banks approach Back-Office digitalisation?

Digitalisation is the only way forward to counter the increased demand on more complex products, higher customer experiences and regulatory focus. To run efficient Back Office demands not only automation. Digitalisation as an efficient exception handling is however dependent on the information and data that can be brought forward. One of the biggest changes in Back Office is the staff competences. From the classic bank professionals, being experts on SWIFT and SSI’s, is now Back Office populated mostly with Master’s degrees from universities and business colleges.

How is the Back Office impacting the digital customer experience?

My clients are the Investment Funds and institutional investors and our end operational product is to produce a correct NAV and/or deliver data to that end. Digitalisation enables us deliver information in near real time, we can now hand over information in the value chain to enable our clients a much faster result than the T+1 of yesterday. Furthermore, we can now enrich our clients’ operational departments with exception data and concurrent status on outstanding items.

May FinTech help reduce costs in Back Office and Operations?

To be honest, I think FinTech, at first, will enable us to create a higher quality of service to our clients – not a cost reduction. Maybe when FinTech implementations mature in five years we will see cost reductions.

Joakim has 21 years of experience in investment banking and asset management. He has held management positions in business development, business strategy and operations and currently is a head of Nordea Asset Management, Back Office. Joakim holds a Master’s degree in Economics and an Executive MBA.

5. March 2018

Skaidrite
CUNTONOVA

Head of Operations Baltics
Swedbank

3 Questions for Skaidrite Cuntonova

How should banks approach Back-Office digitalisation?

It has already been a while since we have worked with automatisation and centralisation of manual procedures and inconsistent workflows to make our back office processes more accurate, efficient and transparent. Customers’ needs and behaviour have changed now and have been redirected to digital tools for accessing the bank. Banks have to change themselves in a more faster way. Besides automatisation of processes, banks have to use more RPA (Robotic process automation). Back offices in the banks can’t now afford to keep their staff for doing many simple and manual routines. That needs to be done by machines.

How is the Back Office impacting the digital customer experience?

On one hand, we say banks have to adapt to digital era and serve clients based on their needs and behaviour. Which becomes more and more digital. On other hand, banks have to do train and change customers if customers are not there yet. Banks have to encourage using mobile applications, electronic platforms for trading, as well as digital tools for back office services such as sending and matching confirmations. Paper confirmations should be no longer a norm, they have to be substituted by the electronic ones via electronic channels. In this case, back office can be the one who is re-directing their clients to use electronic channels and tools for the back office information exchange with customers.

May FinTech help reduce costs in Back Office and Operations?

As mentioned above, back office has to use electronic channels and tools for their services and information exchange with customers. And who can help with this tools development? Actually, FinTechs can. Banks have now started to cooperate very successfully with FinTechs in opening an environment for them and helping in their development. There can also be developed new tools and solutions from the FinTechs side that bank could take over for its services improvement. FinTechs are very good in technologies and innovations but they are new in a bank products area. Banks have however experience in customer service and processes and in good cooperation in offering new tools, which can be beneficial for both sides.

Skaidrite is a bank professional with more than 20 years of experience from Riga, Latvia. She has been working in bank starting with customer service, payments, in Markets Back office and risks including trades processing and valuation, as well as accounting. Later on she worked as a manager in Operations team for 3 Baltic countries and in since 2014 she created a competence centre in Riga for near-shored tasks for Swedbank Stockholm.
Skaidrite likes dynamics in life – both work and private and she also enjoys amateur cars racing with her family

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