Saxo Bank Partners with Thoughtworks
Fazzaco learned that Saxo Bank, one of the largest online investment banks in Europe, has partnered with Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation.
Saxo Bank's vision is to become a data driven, open banking financial institution. The bank is expected to create an ecosystem of multiple stakeholders - traders, institutional investors and 300+ investment banks.Thoughtworks helped the bank realize this vision by building a data governance platform that enables a self-service data catalog of high quality data assets.
The data governance solution, developed during the course of the digital partnership, empowered teams and decentralized decision making. As a result, the bank has not only been able to move their open banking objective ahead but also continuously improve upon it.
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"Saxo have 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 were at the top of our list as a consulting partner. Over the course of a 15-month engagement, the Thoughtworks team have proved themselves to be a key collaborator in not only shaping but also executing on our vision," said Graham Stirling, Head of Data Platforms at Saxo Bank.
Fazzaco recently reported that Saxo Bank is launching the 18th equity theme basket, the cannabis theme basket, which will be the final one before the holiday season kicks in. Additionally, the bank has published its Group financial results for the month of June, showing a decline in its trading volumes among its most units. But the foreign exchange business sees a marginal monthly recovery.
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