The word “transformation” might lead you to think of a slow change into something slightly different than before. But when Chief Digital Officer Johan Bjurup talks about the digital transformation of Ikano Bank, he paints the picture of something entirely new.
The new platform is cloud-based and event-driven, which means transforming Ikano Bank from a traditional transaction-based operation to something that can be described as a “streaming bank,” based on the same technology as Netflix or Spotify.
This means that Ikano Bank customers have easier access to financial services and can start their loan application on one device and finish it on another with personalised interactions. The event-driven technology also enables much faster response and personalised communication with customers.
In May, Ikano Bank launched a new solution for consumer credit at IKEA stores and online in the UK. This is the first product based on the new technology platform, making life easier for both customers and co-workers at IKEA.
“With our new digital credit solution, customers get a response on a loan application in under 60 seconds, with no paperwork needed,” says Dominic Sweeney, Head of Marketing at Ikano Bank in the UK. “It has completely revolutionised IKEA’s credit offering in the UK, and the timing was perfect as the stores re-opened after the Covid-19 lockdown.”
The new digital consumer credit solution will now be rolled out in more markets and followed by other products based on the new platform. Because the journey of digital transformation has just begun.
Johan Bjurup continues:“We recently had an external company do a health check review of our digital performance and they were very impressed by the significant progress we’ve made across all areas during the past year. And we’re only accelerating from here.”
A bank for the future