February 23, 2024
Ricardo Duron, Head of IT Development at Ikano Bank

Ricardo Duron, Head of IT Improvement at Ikano Financial institution

In the previous couple of years, we’ve got seen a rising and overwhelming stress for banks to compete with fintechs. A rising demand to turn out to be agile in what’s, traditionally, a inflexible and controlled atmosphere. With the price of residing growing internationally and international occasions impacting the way in which we use and devour finance, clients are searching for new and progressive methods to finance their purchases and make extra knowledgeable spending selections.

The tipping level

Simply three years in the past, on the unwitting fringe of a world pandemic, the wheels started to show in Ikano Financial institution’s transformation journey. The services and products on provide weren’t practically quick sufficient to market. The flexibility to adapt to buyer wants and wishes was reactionary and IT prices had been working away, rising in technical debt and complexity.

Issues wanted to vary for us to compete within the aggressive monetary e-commerce house in a sustainable and scalable method, and alter they’ve. 

Beginning small

Within the enterprise aspect, a compelling industrial alternative arose for Ikano Financial institution to assist IKEA in strengthening their UK e-commerce and in-store providing. In the meantime in digital, a robust demand to mitigate the technical complexity of the financial institution meant the trail was set for our journey to start.

Embracing the precept of delivering early and sometimes, it was essential to start out small and construct upon stable foundations. In April 2020, our journey began. With a industrial drive and an architecturally led imaginative and prescient for a scalable know-how platform, a small variety of agile groups had been born to prototype this seemingly radical supply method. Not less than it appeared that manner for these of us within the banking group.


For a few years, tasks had adopted a formulaic and episodical sample. This extra typically resulted in large bang deliveries into markets that had advanced, the place client wants had modified through the course of supply. The main target had been on hitting budgets and launch dates with cumbersome, siloed actions. Transparency and suggestions had been typically restricted to limiting groups on their highway to success. Success was measured within the completion of a challenge and customarily not worth pushed or consequence based mostly.

“With a industrial drive and an architecturally led imaginative and prescient for a scalable know-how platform, a small variety of agile groups had been born to prototype this seemingly radical supply method.”

This is perhaps applicable and much more appropriate in some environments, however digital banking was evolving. We had been, and are, lucky to have the assist and perception from our homeowners and the administration in being a part of that evolution. 

Proof is within the pudding

The proof was clear for us, after solely seven months of the journey commencing, the groups had scaled to over 100 individuals. We deployed the pilot product on a model new cloud-based banking platform to manufacturing, accessible to family and friends by Christmas that very same 12 months.

The change was seismic and by the top of 2021, simply seven months after the industrial launch, we had onboarded greater than 30,000 distinctive clients.

The challenges

The highway has been filled with twists and turns, and we’ve got navigated hurdles alongside the way in which.

The transfer from on-premise to public cloud was one which required technique and consideration to make sure compliance and regulatory wants had been met.

Increasing merchandise from one to many, scaling throughout the organisation and markets in a sustainable and environment friendly manner required a basic understanding of our clients’ wants while sustaining a relentless eye on technical integrity.

Arguably the most important problem of all was crucial one, the individuals, their methods of working, the tradition, and alter administration features which can be all too typically missed or underestimated. Residing certainly one of our key values of working collectively, with common reflections, classes and learnings alongside the way in which, we’ve got strived to construct a brand new atmosphere the place Enterprise and Expertise work aspect by aspect. 

Diversifying and experimenting

Our values and essence are core to how we function and evolve. Which means our technique has been to embrace and study from completely different approaches. We make value-based assessments, utilizing knowledge and fact-based info to find out which path works for us in each our merchandise and the way in which we function.

Working with completely different distributors in each dimension and placement has enabled us to attempt completely different constellations and set ups while sustaining among the core obligations internally; Ikano Financial institution continues to personal the governance and working mannequin, making certain staff maintain key positions.

We search crew members with the fitting competences, experience, and attitudes to work along with us as a part of the Ikano Financial institution crew, spreading the Ikano tradition and mindset throughout our many areas across the globe.

How far we’ve got come

While the know-how features of our agile journey have been important, the success of this agile method to our product improvement has solely really been doable due to the individuals. The groups, attitudes and belief we’ve got constructed are our most precious achievement.

We are actually following a decoupled architectural method, specializing in SaaS options with minimal customisation. We’re cloud based mostly with native providers and take a greenfield method while limiting publicity to the prevailing infrastructure.

Working collectively to create, plan and obtain widespread objectives have aligned us to our buyer and companion wants and allowed us to stay related and aggressive out there.


It’s exceptional how far you’ll be able to are available in solely three brief years. A change spanning a whole ecosystem of individuals, the merchandise supplied, and applied sciences used. Now we have created the flexibility to adapt to vary, incorporating quick suggestions loops and scale, in a manner not beforehand doable.

Our roots and bond to our founder, Ingvar Kamprad, have inspired us to be progressive, daring, and to attempt for agility at scale in a fast-paced atmosphere. Whether or not you name it agile or debate the advantages and downfalls of methodologies and frameworks, this fashion of working has been transformative for the way in which we at Ikano Financial institution work.

With out a shadow of a doubt, our tradition and folks have led us to turn out to be a greater and nimbler financial institution for our clients.

About Ikano Financial institution

Ikano Financial institution creates potentialities for higher residing by providing easy, honest, and inexpensive providers, enabling a wholesome economic system for the many individuals and companies. Our provide consists of financial savings and mortgage merchandise for shoppers, gross sales assist providers for retailers, and leasing and factoring options for companies. We conduct enterprise in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany, and Austria. Ikano Financial institution is part of the Ikano Group who owns 51 % of Ikano Financial institution. Ingka Group, the biggest IKEA retailer, owns the remaining 49 % of the Financial institution. Ikano Financial institution’s head workplace is situated in Malmö, Sweden and the corporate is registered in Älmhult, Sweden the place the enterprise was as soon as based by Ingvar Kamprad.