Saxo Bank teams up with Thoughtworks to leverage business data

Global technology consultancy Thoughtworks and Saxo Bank, one of the largest online investment banks in Europe, have announced their partnership. Thoughtworks will assist Saxo towards its goal to become a data driven, open banking financial institution.

Saxo aims to develop an ecosystem of multiple stakeholders – traders, institutional investors and more than 300 investment banks. Thoughtworks will help with that by building a data governance platform which provides a self-service data catalogue of data assets. The new platform fits well with Saxo’s new stream-first data platform and enables the creation and consumption of data assets.

With the company’s implementation of data governance with data mesh principles, Thoughtworks overcame challenges such as data visibility, quality and access and building data trust and self-service capabilities.

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The data governance solution, developed during the course of the digital partnership, enabled teams and decentralized decision making. As a result, Saxo has been able to move their open banking objective ahead and to improve upon it.

Graham Stirling, Head of Data Platforms at Saxo Bank, said:

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.

Sudhir Tiwari, managing director for Thoughtworks in India, added:

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.

Earlier in July, Saxo Bank expanded its offering on social trading platform TradingView with the addition of stocks and CFDs on US exchanges.

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