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The time spent getting access to data is definitely a time wasted, for product development experts especially.

What is the biggest challenge in making sure your product portfolio outperforms those offered by the competition?

One of the biggest challenges is speed to market. During the last decade it has become apparent that companies being first with digital user-friendly financial services get the lion’s share of the market. The biggest time robbers of product development is getting access to data and functionality from other business domains, especially if there is integration between different technology platforms (e.g. mainframe and cloud). This can easily delay features up to several months and therefore incumbent banks need to modernise their existing platforms and build Enterprise APIs. Join my talk on “Developing Sustainable Enterprise APIs with a Product
Mind-Set” to hear what we are doing in this field in Danske Bank.

Are today´s retail banking products fit for the modern world?

While the current retail banking products are good, they do not suffice in the digital era where banks no longer control nor own the customer interface. With regulations such as Open Banking and PSD2 that forces banks to open our their services, and FinTechs taking vertical slices of the banking propositions banks will need to rethink their product offerings and offer them in multiple customer journeys, and not just in their own channels.

Another important aspect will be to embed artificial intelligence in banking retail products. Implementing machine learning to offer customer tailored products based on their needs and credit will be one of the next frontiers – which BigTechs are already leveraging.

John BUSTAMANTE MADSEN, Chief Product Owner APIs has been with Danske Bank since 2015 and he is currently responsible for Lead Domain Driven Design & Isolation and drives roll-out of Domain Driven Design in Danske Bank. Previously he had been responsible for Lead Enterprise Architect delivering Digital Strategy and IT strategy with various Enterprise Architecture assignments and had been a product owner for APIs, Business Events and Cloud on Customer Information Platform. He has prior experience from Accenture working with Software Development, BPM, Enterprise Architecture and IT strategy. His interest is in optimising the IT organisation to deliver on the overall business strategy by having the right IT strategy, IT governance, enterprise architecture and operating model.

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