Saxo Bank Drives Compliant, Collaborative Customer Engagement with Verint

Saxo Bank is reimagining compliance recording with Verint. The leading Danish investment bank has deployed Verint Financial Compliance to record, store, monitor, and analyze millions of regulated interactions among almost 2,000 staff. The platform drives compliant financial services in text, video, screen, and voice communication across the organization’s Microsoft Teams and Cisco telephony.

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The results

  • Ensures unified, standardized compliance.

  • Delivers an agile, intuitive user experience.

  • Drives trusted, rigorous security.

About Saxo Bank

Saxo Bank is a Danish investment bank specializing in online trading and investment. Banks, brokers, financial advisors, fintechs, and other partners use Saxo’s capital markets solutions to provide trading and investment services to their clients. Saxo has more than one million clients worldwide and £70+ billion in client assets.

Digital transformation, hybrid working, and other factors are forcing financial services organizations to shift their compliance strategies up a gear. Regulatory compliance is a significant challenge that carries significant risks and requires more than recording devices and interactions to effectively address it.

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Regulatory compliance underpins everything

For Saxo Bank, the challenge has been to shift the focus from technologies to the alignment of data around people. The aim is to place employees – regardless of where they’re located, when they’re working, and how they’re communicating – at the center of the bank’s compliance efforts.

“We’ve been recording calls for years,” explains Thomas Ulrich, Global Head of Infrastructure and Workplace Technology at Saxo Bank. “Traditionally, we were maintaining local recorders in each office, which was expensive to maintain.”

Interaction recording has evolved quickly, and Saxo Bank needed to adapt. “Financial regulations have tightened the rules for trade-related recordkeeping, monitoring, evidencing, and reporting,” says Ulrich. “Penalties for compliance failures are high. Plus, if you operate in multiple regions with different jurisdictions, these challenges are multiplied.”

Ulrich continues, “At the time, Skype was also becoming more relevant, so we needed to address this as a new recording channel alongside our Cisco telephony. The predominant requirement for recording was compliance, although we also perform some quality checks on the recorded calls.”

One standard, unified recording system worldwide

Saxo Bank deployed Verint Financial Compliance to transform its compliance operations and navigate through financial services and trading regulations. “Verint Financial Compliance is a trusted platform,” adds Ulrich. “It gives us the flexibility to record existing and potential new channels, allows us to standardize worldwide on a single, unified recording system, and adapts well within our Windows environment.”

The modern Verint solution enables the bank to capture and record text, video, screen, and voice across its Microsoft Teams and Cisco telephony. Nearly 2,000 users are connected to the intelligent voice solution across more than a dozen countries.

Innovative features such as role-based access control enable Saxo Bank to ensure the integrity and security of the recorded data and associated metadata. “With Verint Financial Compliance Capture, we can record, secure, analyze, and understand all our regulated interactions across leading communication and collaboration platforms,” Ulrich notes.

Axcess Nordic has been an inspiring Verint partner to work with – proactively guiding Ulrich and his four-person IP team to manage compliance recording. “We recently added Axcess Nordic as we needed more insights from the data,” explains Ulrich. “Their skills, professionalism, and understanding of our business objectives have been instrumental in driving our compliance strategy forward in the right direction.”

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Ensuring an intuitive, engaging experience

Saxo Bank is building for the future with Verint. Unified, risk-based compliance recording ensures the bank meets its MiFID II and other regulatory obligations, while ensuring an intuitive, engaging experience.

The benefits include:

  • Unified compliance: A single, connected Verint solution provides Saxo Bank with full compliance – from basic telephony and contact center (Cisco) to Microsoft Teams (voice, video meetings, etc.) and trading floor compliance needs.
  • Useability: Verint Financial Compliance is easy to use, both from an IT administration and end-user perspective. It is easy to find and listen to any type of “We don’t have any complaints from users,” boasts Ulrich. “And no news is generally good news.”
  • Rigorous security: Saxo Bank can ensure the right people have access to the right recorded interactions. This enables the bank’s system administrators to make sure its almost 2,000-strong staff only have access to the data most pertinent to effectively do their jobs.
  • Hybrid working: Ulrich explains, “Our teams are increasingly comprised of remote workers dispersed around the globe. Verint Financial Compliance gives us a flexible, collaborative platform for growth.”
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