According to Alexander Sundström, Head of Finance IT development, the competitive financial technology of the future will be developed by those who are brave and skilled enough to challenge existing ways of thinking.       

OP Financial Group is the largest financial actor in Finland and one of the largest technology companies in the country. OP’s Development & Technologies organization supports the company’s goals of being a pioneer in both the financial sector and various IT areas. When future banking, investment, and insurance services are strongly based on technology, OP’s developers and other ICT professionals will play a key role in driving the company’s success.     
  
Focus on data, analytics, and machine learning  

OP is the largest owner of data capital in the country after the Finnish government. The management and development of data capital is a prerequisite to success for every company and OP will focus on data and its further refinement into value now and in the future. AI and data analytics will be important in future product development, which is something that Alexander also emphasises.    

“By parsing data, we can improve customer understanding and develop increasingly functional solutions to improve our operations and make the customer experience smoother. To get the most out of the data we have, we must improve our ability to publish, productise, and manage it. We are also focusing strongly on the development of analytics and machine learning.”    

The significance of analytics and machine learning is also emphasised in the volatile world situation, where wars and pandemics remind us of the importance of data security and security of supply. Adequate anticipation and response to cyber threats are already a daily reality for OP and will become even more important in the coming years.    

In addition to information overload and cyber threats, financial technology is also impacted by increasing regulation, which is often considered an impediment to progress. However, Alexander has decided to focus on the positive and says that he sees good things in strict regulation.   

“The methods with which we answer the challenges set by regulation are largely the same methods with which we create opportunities of utilising data capital and thereby develop new solutions and products.”        

Everyone has a say in a software company with many opportunities 

Approximately 4,500 of OP’s 13,000 employees work in development and technology, including cybersecurity, data management, and software development. The wellbeing and commitment of employees is affected by significant and challenging tasks as well as by various opportunities for developing individual career paths. Professional development is actively encouraged throughout the entire organisation, of which Alexander himself is a shining example: the economist started working at OP as a consultant and an HRIS program director and has advanced to his current position through various projects thanks to his curiosity and eagerness to learn.  

“At OP, all competencies are considered a benefit. Even those that I used 15 years ago. Matters that were learned long ago may seem insignificant from the perspective of a job applicant, but from an employer’s point of view, they may be critical. However, experience is not everything, as we also appreciate employees’ ability and willingness to try new things. Solid and competitive operations are based on competence, but also eagerness and the right attitude.”    
   
Alexander describes OP as having a good work atmosphere, where experts and teams are given the freedom and responsibility to decide their ways of working without unnecessary bureaucracy. Although the bank with long traditions may not appear to be a low-hierarchy organization from the outside, Alexander considers it to be just that: there is no room for hierarchy let alone a need for it if decision-making takes place where the expertise is.    

“Wisdom does not always come from above. We listen to those who actually know about things.”