Q: Talk about a highlight in your career or a project that was particularly successful. How do you bring that to bear on Kony DBX customers?
A: A definite highlight in my career was realising that today the technology is not the bottleneck anymore as much to building complete digital banks. For instance – you can set up the technical architecture necessary to support a retail lending-oriented bank in a matter of hours, combining Kony and, for instance, Mambu – a cloud-based core banking service (disclaimer; I used to work with them).
Philip's favorite quote:
Work hard in silence, let success be your noise.
In fact, we set this up preparing for a customer visit – incredible fun and it really blew the prospects away to be looking at an end-to-end working solution immediately even though the request was quite unique. Instead of using the workshop to talk about Kony capabilities we ended up fine-tuning their business proposition - which in turn helped them tremendously in understanding how to move forward with their business. Technology has gotten to the point where it’s possible to have better conversations on how to create value instead of worrying about if the tech will be able to support the business.
Q: Describe your career in a few short sentences.
A: Career-and interest-wise I’ve combined finance and tech – two, in my view, quite different and sometimes conflicting domains. Software favours moving fast and introducing healthy chaos while finance favours perfection, correctness and rigid frameworks aiming at stability. I’ve spent about 10 years in software and the last 5 related to fintech where I found what I’m supposed to do - bridge the worlds of finance and tech to achieve positive cross- pollination and thus move our civilisation forward.
Q: Describe how work gets done at Kony —and why it matters to customers.
A: Kony is more walk and less talk. We like to do and get things done as early as possible which is why we’ve built the solutions to support this mindset practically. This matters a lot because it means that my prospects can move and learn faster with less resources when working with Kony’s technology and people.
Q: Why does the market today need Kony DBX?
A: Kony DBX allows any financial institution to, from a flip of the proverbial switch, enjoy a full omni-channel Digital Banking Experience not only fit for the challenges today’s market brings but also capable of responding timely and efficiently to what the future holds. As mentioned above - this is not just talk. It’s all walk. With Solutions Engineering as my craft I put my reputation on the line when backing up the solutions I’m involved in proposing. I am confident that Kony can deliver, which is a big reason why I’m with this organisation.
Q: What’s your advice to someone looking for a partner in their digital banking transformation? What core attributes should they seek—and what potholes should they avoid?
A: Look for substance, an attitude of moving fast while favouring learning over perfection, humility, care of craft and the partner’s love for what they do and who they represent.
Q: Where do you see digital banking taking us in the next five years? What should people be preparing for now that is yet to come?
A: Digital banking will move into the space of Lifestyle banking where branding will become increasingly important as the core (and thus the product offerings) becomes commoditised. We’ll see successful digital banks gather followings akin to Apple- followers as they improve their marketing, branding and personalised services and as differentiation on the product-level becomes harder. Fintechs and eager neo- banks are doing a good job at pushing the overall industry in this way, but we’ll really start accelerating when the incumbents have successfully transformed themselves digitally and are using their massive means in a more efficient manner and hopefully by then will also be moving faster.
With the PSD2-reality in Europe we already see a huge shift in how banks treat their end- user experience (in the beginning, mostly on the retail and SME side), and I believe that other markets will follow suit as they see the positive effect on the industry overall. I also have faith in that the services of what’s traditionally seen as Wealth Management will become more accessible and relevant also to the less high-net worth clients as Robo- Advisory gains traction and the underlying systems, like Portfolio Management Systems, become commoditised. We have already seen this trend grow stronger and stronger the last couple of years, and you’ll see it reflected in the likes of Wealthfront and Betterment.
The Kony DBXpert Profile Series introduces you to our team and provides insight into how we think and work. See Philip Nordenfelt’s complete work history on LinkedIn by clicking here.
Survey of Global Financial Services Institutions Shows Use of Data and Advanced Analytics as Well...Read More