This week, Kim Oestergaard, Head of Digital Business Development and Innovation at Spar Nord Bank, Denmark, shared his insight on the new digital solutions used in the banking industry, using a video case study specifically developed for students on the UCL Digital Conversations & Marketing module.
The Digital Conversations & Marketing module is led by Dr Rikke Duus and it explores the transformation of marketing, communications and value creation in digital spheres. The Spar Nord video case study was developed for this module to explore the concept of digital value co-creation and to provide students with an opportunity to work on a ‘live’ case.
Spar Nord Bank
Spar Nord Bank prides itself on being “The personal bank in a digital world”, focused on meeting new digitally-driven customer demands and aspirations, while at the same time ensuring that trust and relationships are at the core of the organisation’s DNA and engagement with customers.
Kim Oestergaard is responsible for driving new digital business opportunities and innovation. He shared how Spar Nord has embraced co-creation with customers, startups and other large banks in Denmark to bring to market new digital solutions.
Specifically, students learned about the digital initiative, Young Money, which is developed in collaboration with Nykredit, a large Danish bank. This initiative provides the digital infrastructure through an app to help young people to learn about the value of money, manage their spending – and even request more pocket money from their parents – which Kim revealed is one of the most used features in the app.
Spar Nord is on a forward march to challenge the status quo and identify new business model opportunities. Creating a collaborative ecosystem with customers, startups and other large banks to enable co-creation is a major step in this direction.
Based on the video case study, students were given the opportunity to collaborate on new co-creation initiatives to help Spar Nord propel its relevance and strengthen engagement with customers.