Digital workflow and uniform information provides an administrative benefit for the fund manager Danske Bank Forvaltningsafdeling, which has helped entrepreneurial company Grant develop an IT solution.
"Today we have manual entry of information for distribution. It is a time-consuming work process. Now we can retrieve the distribution list from Grant and check the information before disbursing. It's more effective for us," writes Kim Lindberg, head of accounting & business support, who does not wish to be interviewed by telephone, in an email to ITWatch, an AMWatch sister site.
The Grant system is a platform for fund managing boards that digitizes an otherwise traditionally paper based industry. This also means that the mail is sent electronically and not as a letter when reports and disbursement lists are sent from the board of directors to the manager.
"It's much faster handled digitally," Kim Lindberg writes.
According to Kim Lindberg, one of Grant's biggest strengths is that there is a clear focus on the administration of the fund, which will ease the board’s workload. For example, the platform does not offer an economy system, which is already available through the Danske Bank Forvaltningsafdeling.
Furthermore, the IT solution can be adapted to different funds with different needs because it is based on a building block principle, which means that additional features can be purchased. At the same time, according to the founders, the solution’s structure is based on the upcoming personal data regulation, GDPR.
"With the upcoming personal data regulation, now is the time for fund managers to consider how they will store and process personal data in the future – and whether a digital platform can help them comply with the upcoming rules," Kim Lindberg writes.
Has not prioritized development
Danske Bank Forvaltningsafdeling is a subsidiary of Danske Bank, which has developed the mobile payment solution Mobilepay. The company also owns the Mobilelife development and innovation environment, yet the company still has not developed a solution for funds.
"Danske Bank is continuously assessing whether we can solve needs through innovation and digitization. But we have not prioritized this specific area yet – among other reasons because there are already players on the market who are better at providing flexible system development in close dialogue with the funds," Kim Lindberg writes.
Entrepreneurs create breakthrough with IT-solution for Danske Bank
English Edit: Marie Honoré