Avanza Bank

Eliminating mistakes, with Daymi

Location: Stockholm
Website: www.avanza.se
Industry: Banking
Company size: 707 people

The challenge

Avanza was one of the first online banks in Sweden and is today helping more than 1 500 000 Swedes to manage their savings – whether it be funds, equities, or other financial products including mortgages. Avanza’s customer-first approach has earned them the title of having Sweden’s most satisfied savers within retail investment for 11 years straight and has also been awarded the best bank in Sweden several times in the past few years.

Last year the company grew its customer base by 30% with the number of transactions more than doubled, and this trend continues. This growth has been a challenge for Avanza as well as many other banks too. When they met with us, managing rapid growth alongside maintaining quality was at the forefront of Avanza’s team’s mind.

We had a conversation with Cintia Bodin, Head of Cash Management and Corporate Actions at Avanza Bank, to understand how they managed to handle the substantial increase in transactions without doubling their staff. Additionally, being able to deliver on time and eliminate mistakes.

Manually gathering information from different systems and spreadsheets for reporting.

Rabidly growing number of transactions and customers.

Spreadsheets with different tasks connected to an individual staff member and general checklists.

Manual handovers and challenges in communication.

Before using Daymi, Avanza’s team also struggled with internal reporting.

“Our Operations team is servicing many different business units at Avanza, and we have SLAs towards them. Before Daymi we had to gather all that information manually from different systems. We also tracked it manually in spreadsheets. With Daymi we can just print the report and be done with it.”

Now, there is no need for manual data entry as all their activity is logged and tracked automatically in Daymi – the data can easily be exported with one of the PDF or Excel reports.

The solution

Smooth transition to WFH set-up during the pandemic, with Daymi’s help.

Automatically generated reports and easy access to historical data.

Managing operations and growth with certainty.

Daymi became a game-changer for us. Ever since the implementation we haven’t missed a single task. We are now in control in real-time. Daymi gives us an overview of everything that needs to be done and the actual progress. I’ve never encountered a system that can provide this, and it’s so easy to use. Cintia Bodin, Head of Cash Management and Corporate Actions

Streamlining all processes

Years of focus on scaleable processes

Recently, Avanza’s team has put a lot of emphasis on creating automated and scalable processes. The whole team has been involved in the mapping of processes, analyzing the risk associated with them, and challenging the way they work. Even though the number of transactions and customers greatly increased, the staff grew by 10% only. It shows how well-prepared Avanza was for the challenge imposed by Covid-19 and changing consumer behaviour.

“Without Daymi we wouldn’t have been able to manage this growth this well. Before Daymi we had spreadsheets with different tasks connected to an individual staff member and then a general checklist coupled with a set of checkpoints during the day.”

Thanks to Daymi, Avanza has been much better equipped to manage its growth while maintaining quality. And even though the workload doubled, they were able to keep track of everything in real-time and facilitate the work in order to never miss a single task or process.