The partnership focuses on data democratization to unleash open banking
Thoughtworks, a global technology consultancy that integrates strategy, design and engineering to drive digital innovation, is the strategic digital partner for Saxo Bank, one of the largest online investment banks in Europe. 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.
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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 platform complements the bank’s new stream-first data platform and enables the effortless creation and consumption of data assets. Thoughtworks’ implementation of data governance with data mesh principles alleviated challenges around data visibility, quality and access and building data trust and self service capabilities.
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.
“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.
Sudhir Tiwari, managing director for Thoughtworks in India had this to say about the strategic partnership, “As a digital native disruptor, we have been able to effectively partner with Saxo Bank and move them closer to realizing their ambitious vision of monetizing data through a whitelisted open banking platform. We leveraged our expertise of building platform ecosystems and data-driven business models by adopting data mesh principles to address their challenges. “
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