DNB - July 2020

Data Innovation in Financial Services IN ASSOCIATION WITH

from D4t4 Solutions

DIGITAL REPORT 2020

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DNB: Data Innovation in Financial Services WRITTEN BY

WILLIAM SMITH PRODUCED BY

JUSTIN BRAND

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DNB

Aidan Millar, Chief Data and Analytics Officer at DNB, discusses the bank’s three-year journey to a data driven culture

D

NB is Norway’s leading financial services provider with a market capitalisation of NOK 258 billion at year-end 2019;

it is not just leading in regard to size, but also with its progressive data driven digital transformation program. In a Finalta benchmark analysis of the 04

international banking sector, DNB was ranked number one in the world based on the efficiency of its branch network. Over the last 15 years, DNB has gone from having 550 branch offices to 57.

The mobile bank has gone from a hundred thousand visits a year in 2010, to almost a million daily customer interactions in 2019. The success of the channel shift is remarkable.

Digitalisation is continuing to fuel an explosive growth in data, bringing new challenges and opportunities. For DNB the imperative is, and will always be, to stay relevant to customers in their daily digital lives. DNB recognised early on that it is important to capitalise and store data in a safe and secure manner. DNB’s ability to protect and extract insight from data not only has the potential to create better and more relevant customer experiences,

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Aidan Millar w w w. d n b . n o

DNB

“ Customers are talking to us every second on our digital channels – we just need to listen” — Aidan Millar, Chief Data and Analytics Officer, DNB

talking to us every second of the day on digital channels and must have the ability to listen and respond effectively to their needs,” he told us at the time..

This is the challenge of digitalisation that he believes is too often overlooked.

“Everyone talks about going digital, but if you’re not capitalising on data streams that are generated through

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but also to form the basis for new data

your digital channels, then you’re

driven business models. This is the new

going digital without listening.” Millar

reality for digital businesses.

explained that his role as the CDAO

In a previous article back in early

is to leverage digital interaction data

2019, we talked with Aidan Millar, the

to reconnect and stay relevant to our

newly appointed Chief Data and

customers on digital channels. We

Analytics Officer. “Our customers are

reconnected with Millar to see how far DNB have come on their three-year data transformation journey and to share any lessons learned on the way.

After two years, Millar remains highly energised in his role as the Chief Data & Analytics Officer (CDAO). “It has been hard work, but a lot of fun, DNB

DNB & Infosys on challenges faced by the Financial Service Industry CLICK TO WATCH

|

3:00

07 is now in the final leg of a three-year

changing how people think and act

DNB data transformation agenda and

towards data.

I feel that we are well positioned as a

Data is a challenging and formida-

front runner when it comes to data and

ble topic. “It is easy to underestimate

advanced analytics.” Millar says. “My

the amount of communication that’s

role as CDAO is focused on communi-

required to inform people on ‘the why’

cating the art of the possible and the

when it comes to data and analytics.”

need to inject more ‘I’ into IT solutions

It’s a challenge Millar likens to a musical

– going digital to the core. That means

orchestra. “You can make the anal-

understanding your data assets, and

ogy of the CDAO being a conductor,

how data flows through digital busi-

a Data Maestro. When you first arrive,

ness processes.” While strategies and

the organisation (the orchestra) is

detailed plans are important, Millar

playing out of sync! There’s a lot of

reiterates the importance of start-

people doing what they think is right, it

ing with promoting a ‘Data Culture’;

is a cacophony of un-orchestrated silo w w w. d n b . n o

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You can use it to help benchmark where you are on your journey and discover what still needs to be done to navigate to a fully automated, insights-driven, experience for all your customers across every channel.

If you prefer to hear direct from a real world client then join us for a webcast this month where Aidan Millar,

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DNB

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D N B S TAT S

1. 2.1 million personal customers.

thinking and behaviour, when it comes to data.” Millar explains. “The priority in a CDAO leadership role is to bring structure (the plan – the musical score),

2. 1.5 million internet banking users.

the organisation (people – the play-

3. 1 million mobile banking users.

(enabling data tools – the instruments)

4. 221,000 corporate customers.

5. 258 million payment transactions in 2019.

ers) and the right systematic solutions and most importantly the culture (the passion for data) to the table.”

Millar underlines the importance of simple messaging when developing your CDAO plan and story line – it must be put into a digital business context,

“ We have to stay relevant and add value to customers in their daily digital lives” — Aidan Millar, Chief Data and Analytics Officer, DNB

The second leg (2019) was all about operationalising processes and ways of working – ‘Making it Stick’, this was

so it is easy for business leaders to

the hardest part,” Millar says. “The final

relate. “It all starts with people and

leg (2020), ‘Grow the Bank’, is all about

organisational culture. Culture eats

capitalising on shared data assets,

strategy for breakfast every time,

new data models and advanced ana-

you have to fuel your enterprise data

lytics to generate top line revenue

strategy with an organisational

growth and data driven efficiencies.”

passion for data,” says Millar.

2019 was the year DNB capitalised

“The first leg of the DNB three-

on the opportunities that came with

year transformation (2018) was

building customer channels and ana-

focused on ‘Protecting the Bank’.

lytics capabilities in the cloud; including

E X E C U T I V E P R OF IL E :

Aidan Millar Title: Chief Data and Analytics Officer Industry: Financial Services

Location: Norway

Passionate about the positive disruption of technology and advanced analytics on the financial services industry, Aidan is an experienced leader with the courage to make things happen. He offers 30+ years of professional experience – with eight years of top-tier consulting experience complemented with 22 years’ industry experience delivering sustainable change within large financial services organisations. w w w. d n b . n o

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Your customers are talking to you every second of the day via digital channels.

Are you listening?

The right way to connect to the digital customer through data

The way people bank and how banks

With the appointment of Aidan Millar

provide immediate business value was

provide services to customers has

as the bank’s Chief Data and Analytics

crucial to validating the company’s data

changed. Commercial banks need to

Officer, DNB launched a three-year

strategy.

evolve to bring customers value and a

data strategy aimed at reconnecting

better customer experience.

with its customers. In year one the

Year three will allow Aidan and his team

focus was on cultural transformation

to start having fun and see the fruits

Digital savvy financial institutions

– requiring people to understand the

of their labour as the real added value

are demonstrating that growth is

data strategy, commit to its success

for customers will be delivered and the

achievable by adapting their offerings

and embed a data culture into the

customer insights will allow the much

to meet the customer demand,

organisation.

sought-after reconnection.

Year two focused on the technology

Listen to the conversation with Aidan

infrastructure and new tools and

and Steve Neat, VP in EMEA, to hear

DNB Bank is on a mission to reconnect

techniques. To better understand

how DNB Bank is harnessing data to

with its customers through its mobile

how data is being used, DNB opted

deliver business transformation and

bank, which increased from 700,000

for data governance and data catalog

innovation.

visits to 17 million visits per month in the

products on the Collibra platform.

last three years.

Finding the use cases that would

drive engagement and build trusted relationships.

“I think data is central to everything we’re doing in DNB.” - Aidan Millar, Chief Data & Analytics Officer, DNB Bank

DNB

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DNB & Infosys: A Partnership beyond commitment CLICK TO WATCH

|

3:57

“ My role as CDAO is focused on communicating the art of the possible and the importance of injecting more ‘I’ into IT solutions – going digital to the core” — Aidan Millar, Chief Data and Analytics Officer, DNB

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“ Our analytics capabilities are focused on delivering the right product, at the right price, through the right channel, at the right time” — Aidan Millar, Chief Data and Analytics Officer, DNB

One area that has benefitted from such insights is the continued development of DNB’s online and mobile digital services. “We’re looking at digital channel interaction data to assess customer journeys on our digital channels using a leading-edge real-time digital capture solution,” Millar explains. “We can assess whether our digital channels are aligned to customer preferences

a new DNB mobile bank, a savings

and continuously improve the digital

app Spare, DNB Puls a management

experience.” The platforms can also

tool for small and medium-sized

be optimised to deliver highly tailored

enterprises and IPA Insight Platform

digital offerings to meet anticipated

for Analytics to support data driven

customer needs and wants, he says.

actionable insights. All this advanced

“Our analytics capabilities are focused

technology underpinned by data and

on delivering the right product, at the

analytics is taking digital customer-

right price, through the right channel,

centricity to the next level.

at the right time,” says Millar.

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DNB

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“ We work closely together with our vendors to foster a trusted-partnerships where we co-create and deliver value together” — Aidan Millar, Chief Data and Analytics Officer, DNB

With the foundations in place, numerous tangible data-driven projects have come into effect – with data compliance and ethical considerations always at the top of the agenda.

“Everything we do at DNB is not just compliant, it’s ethically compliant.

We’re a trusted financial custodian and now a trusted data custodian; and must not break that trust. Doing the right thing for our customers, is a core tenant of everything we do at DNB. DNB’s ability to extract insight from data not only has the potential to create better and more relevant customer experiences, but also form the basis for new data driven business models.”

Millar elaborates on a variety of projects that capitalise on data and ensure that DNB stays relevant in the daily digital lives of our customers.

“DNB is starting to harvest the value of data in a compliant and ethical way.” One such project involved an advanced online chat-bot, enhancing service quality and efficiency thanks to sophisticated natural language processing solutions to improve the digital services provided to our w w w. d n b . n o

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DNB

The next frontier for DNB & Infosys CLICK TO WATCH

|

5:17

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customers. Millar continues, another focuses on leveraging real-time digital behaviour to identify possible fraudulent digital activities on customer accounts or providing relevant digital offerings.

DNB has also deployed new innovative data driven products that provide market-based analysis and benchmarking

“ COVID has accelerated digitalisation and the realisation that data and analytics is the new normal” — Aidan Millar, Chief Data and Analytics Officer, DNB

1822

Year founded

€5.5bn+ Revenue in euros (2019)

9,336

Number of employees (2019)

to small business and large corporates.

The data itself is managed within

DNB has also played an important role

DNB’s multi-cloud solution. “From a data

in supporting Norwegian society and the

perspective the cloud platforms provide

Government during the pandemic, by

highly secure, massively scalable and

providing contextual data insights (at an

agile delivery solutions,” says Millar. The

aggregated level) to assess the impact

cornerstone of DNB enterprise data and

of the crisis and remediating policies

analytics platform, Millar says, has been

on the economy.

the establishment of DNB’s advanced w w w. d n b . n o

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cloud-based data science laboratory

Infosys as the strategic data part-

(IPA) which provides the analytics

ner leveraging their capabilities and

capability and the technical scalability

accelerators related to shaping data

to over 40 data scientists across the

strategy, data governance tooling,

organisation. Millar is quick to add that

analytics tooling and data engineering.

DNB takes a holistic approach to its

When it comes to managing this array

vendor partnerships, representing

of vendors, Millar believes that DNB’s

a break from the approach the sector

approach promotes reciprocity. “I see

has taken in the past. DNB has taken

our technology solution vendors as

a different route, bringing in the flex-

trusted solution partners,” he says.

ible, best of breed solutions: R-Studio,

“We work closely together with our

Jupyter Notebook, Spark, Neo4j

vendors to foster a trusted-partner-

among others, for their data science

ships where we co-create and deliver

capabilities; Trillium for data quality

value together.”

and Collibra for its crowdsourcing,

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DNB’s data transformation remains

‘business orientated’, data governance

on course, despite the headwinds of the

toolset; and the Celebrus platform

COVID-19 pandemic. Millar believes

from D4T4 for real-time, tag-free data

DNB has been well positioned to cope

capture across our digital channels;

with the challenges of the pandemic

“ 2020 is the year for DNB to harvest the value of data and be even more relevant to our customers in their daily digital lives” — Aidan Millar, Chief Data and Analytics Officer, DNB

and the next frontier of digitalisation.

“The investments made in data, underpinned by a data driven culture have enabled DNB to respond to these types of global crises much more effectively.”

Millar has observed that IT solutions now have data and information at the core.

“2020 is the year for DNB to harvest the value of data to be even more relevant to our customers in their daily digital lives,” says Millar. “Looking forward, our w w w. d n b . n o

DNB

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‘Next Frontier’ data strategy centres

time and resources required to com-

on the concept of connected data eco-

municate. To be effective, a CDAO

systems, ‘Wide Data’ and the adoption

must communicate, communicate,

of advanced AI solutions to continue

communicate and constantly refine

to optimise service delivery.”

the messaging to be relevant to the

As a final question, we asked Millar

audience. You cannot overcommunicate

if there was one thing he would do dif-

when it comes to the importance of data

ferently if he could take a step back in

and analytics in new digital business

time… “What mistakes did I make…that’s

models,” he concludes.

what you want to know!” Millar chuckles.

The focus on reconnecting with cus-

“I would stress the importance of invest-

tomers, not only to deliver added value

ing in an effective data literacy training

but also to generate impactful insights

program and not to underestimate the

to steer strategy effectively, is bolstered

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“ Promoting a data driven culture – to change the way people think and act towards data is all about communication and reframing the conversation to be business relevant” — Aidan Millar, Chief Data and Analytics Officer, DNB

by Millar’s focus on maintaining DNB’s reputation as a trusted data custodian.

Through the application of data analytics and advanced technologies to optimise both internal efficiency and the customer experience, DNB is well on its way to maximising the value of the bank’s digital transformation to become both a trusted financial and data custodian.

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DRONNING EUFEMIAS GATE 30 0191 OSLO

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T + (47) 00 47 915 04 800

www.dnb.no