We recently caught up with Tuva Palm CTO of financial services disruptor Nordnet to talk all things Digital, Tuva will be taking a session themed “Adapt Or Die” at our forthcoming Nordics Digital Enterprise Festival in Stockholm on 20th October.
DEF – Can you tell us a little about your role at Nordnet?
TP – As CTO at Nordnet I am in charge of all product development as well as the technical platform used to develop these products, all UX and design, the financial products we offer, as well as IT operations to secure our systems are always up and running. This includes setting the strategy for these areas to reach Nordnet’s business goals of delivering the best customer experience in the financial world. I am surrounded by a team of immense talent and enjoy developing some of the coolest products in the finance industry
DEF – How is digital transformation affecting your industry and which new trends do you think will have the biggest impact in the future?
TP – Ever since the internet created such an impact on our lives, the digital journey for companies and customers has been growing exponentially. Nordnet and the Swedish financial market are huge drivers in innovation and have made a strong impact on customer’s lives from a digital perspective. From mobile Bank ID for smooth authentication to Swish, with its lightning fast and secure transfer technology, we have seen many innovations evolve from these. The biggest trend is definitely AI and enabling robotic AI to make intelligent, secure and convenient changes to our lifestyles. The finance industry is just starting to explore and develop this field, but this will definitely make a huge impact on the way we embrace banking.
DEF – Where is Nordnet on its digital transformation journey, and how are things changing for your staff and customers?
TP – Nordnet has been a pioneer in the digital age, offering the first online platform for our customers to perform financial trades. We were actually the first digital bank in Europe, so we have been in the front line of the digital transformation from the start. The innovation has not stopped since then, and we have just launched our latest product: Robosave, which, through AI technology, acts as a financial advisor to our clients, generating a portfolio based on their risk profile, as well as managing the portfolio trades. Nordnet is heavily investing in growing its tech team, and is ensuring that our team produce the greatest, easiest to use products for our customers.
DEF – What advice would you give an organisation at the start of its digital transformation journey?
TP – To start from the top. This is the most challenging step in the digital transformation, the leaders that identify that digitalization is needed might be the ones that needs to be replaced with more technically skilled transformers. You don’t need a management team consisting of ex-coders but they must understand tech and think digital. Leaders must be able to keep the holistic view while going into details, to another extend than in a more un-digital traditional organization. You must be data driven, understand your customer, and prioritize, re-prioritize and prioritize again to secure that you deliver as much customer value as possible.
DEF – The theme of the Nordics Digital Enterprise Festival is “the future belongs to the fast” (encouraging large companies to transform digitally at a quicker rate). How does Nordnet make sure it can respond quickly to the opportunities and challenges of digital?
TP – We have a huge advantage as we have been digital from the start, as well as having a tech-savvy soul. This has been the foundation for our current innovation speed. We started revising both how we worked, and what tools and technologies we used about a year ago. This resulted in an extremely intense and quick digital re-transformation. I would say that we are in the front-line of digitalization today. I am extremely proud of my team; for where we are right now and for how quickly we got here, and for what we deliver today. Digitalization is not a one-off, you have to constantly reinvent yourself. You have to identify and leverage new technologies, new ways of working, new theories. The key is to constantly keep track of your priorities and optimize iteratively on all ends, questioning your mission while not losing direction.
DEF – Without giving too much away, what can attendees expect to learn from your session “Adapt Or Die”?
TP – This session will give you an insight into what it is like to work for such an innovative company as Nordnet. Our vision for the coming years is to deliver the world’s best customer experience in our industry. To accomplish this, we must be in the frontline of the evolution for both finance, tech and UX. We must master all those components, and continuously adapt to changing circumstances. Our belief is that if you do not continue to evolve and adapt to this ever-changing world, then your company will not live for much longer.
Thank you Tuva for your input, to grab one of the last remaining tickets & join attending brands such as McDonalds, ISS, SEB & TUI click the tickets link above, if you have any questions email us, firstname.lastname@example.org