Danske Bank, Denmark's largest bank, got its wake-up call in 2013, when it launched a P2P payment smartphone app that blew past its expectations for adoption, garnering the same number users in its first year that would have taken a decade to acquire before the advent of smartphones. (Almost half the country's entire population uses it today.)
"We'd never seen a trajectory like that before," said Tonny Thierry Andersen, Head of Personal Banking & Member of the Executive Board. "But then we asked ourselves a frightening question."
"What would we have done if the innovation had come from a competitor?"
Recommended For You
So Danske Bank scrambled, according to Andersen, dispatching teams around the world to seek out the latest changes in technology and consumer behavior, and then pose as many additional difficult questions as possible.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
