Saxo Bank Partners With Other Banks For Better Customer Service

Saxo Bank has partnered with five other banks in what it says is a way to help more customers access Saxo’s trading and investment solutions, a press release says.

Saxo Bank has partnered with five Danish SDC member banks, Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse and Jutlander Bank, the release states. Those banks have 500,000 clients combined who will now be able to utilize Saxo’s services.

SDC is jointly-owned by 120 member banks for the purpose of using IT and other such services, and by integrating with that system, member banks can offer certain digital investing and advisory solutions for clients, the release says.

Saxo, for its part, will be developing a digital advisory tool which the company says will strive to give users a full and detailed overview of clients’ finance portfolios.

The press release says companies utilizing Saxo’s solution will be able to “cut costs and complexity while providing their clients with a state-of-the-art investment experience with broad access to stocks, bonds, mutual funds and ETFs,” which will help to build more individual experiences tailored to each client.

Saxo Bank CEO and founder Kim Fournais said he was proud of the partnership and hoped it would be a win-win for everyone.

“It has been a very constructive process, where we have leveraged our expertise of building white label solutions and worked closely with the participating banks to fully understand their clients’ and advisors’ needs,” he said, according to the press release.

Saxo’s integration with the other banks will begin in the second half of 2020, with the solutions for customers becoming available in the first half of 2021, the press release says.

The move to digital banking has only been expedited during the pandemic, as customers would rather stay away from public gathering places. In the shift, customers are also looking for more flexible, personalized solutions to get things done. And the pandemic’s mass uncertainty has made it necessary for up-to-date looks at a business’s finances.