In 2002, JN Data was formed when two of Denmark’s financial titans, Jyske Bank and Nykredit, merged their IT service departments and internal production infrastructure. The merger allowed the two banks to consolidate their technological infrastructure and to build a common IT platform with the goal of greater efficiency and reducing costs.
In 2010, JN Data joined with Nordisk Finans IT. The company took over the IT operation and technical infrastructure of BEC and SDC, both large Danish firms, in 2010 and 2012, respectively. Furthermore, JN Data took on the infrastructural operations of Bankdata after that company and Jyske Bank partnered to combine their development of IT systems.
In the future, JN Data has set its sights on further consolidation. Despite its move towards technological standardisation, the company has not lost sight of the individual needs of each of its clients and differentiates its operations where it is necessary. In addition to providing information solutions for its parent companies, JN Data has around a hundred customers consisting of small and medium- sized banks.
The two large financial players in Denmark are Nordea and Danske Bank. These companies rely upon IBM for their IT infrastructure. The two companies are comparable in terms of the services they provide, but JN Data works more closely with its customers. Consequently, it knows the ins and outs of its customers’ processes and operations and focuses on building long-term relationships. Their contracts with clients typically run for five to six years or longer. This distinguishes JN Data and has helped to foster its reputation for stability.
“We are not simply designed for growth as a profit centre” says Erling Jensen, managing director of JN Data. “Our focus is on cutting costs for our customers and optimising their IT processes”. This unique approach to business puts customers first. Whether a customer wishes to increase savings, cut costs or improve efficiency, JN Data provides solutions tailor made to its specific needs, ensuring the highest amount of discretion.
Even though the company works with numerous banks, many of which are competitors, each receives personalised service unique to its situation, completely separating every customer. However unique the IT solutions for each customer, JN Data provides stable banking operations all day, every day throughout the year. That much is standard. A big part of the success enjoyed by JN Data can be attributed to the healthy work environment fostered by the company.
Feedback is strongly encouraged between workers, resulting in a vibrant, positive working atmosphere. In its employees, the company values openness, honesty, integrity, a sense of responsibility and the utmost professionalism. Effectiveness as a company is measured yearly through comparisons with European competitors. Revenue continues to rise, and JN Data was recently named company of the year in the region of Silkeborg. All of this confirms that the company has and continues to successfully implement its mission to build the competitive power of its customers and to become a technological hub in the Danish financial sector.
“We want to be the best and do the best for our customers” Mr. Jensen goes on to say. “When we make a mistake, we don’t pay any penalties, but focus on correcting the errors”. The fact that JN Data does not focus squarely on profits makes this possible. Ultimately, it demonstrates a level of integrity that allows the company to stand apart from rivals. It also confirms Mr. Jensen’s claim that the company focuses primarily on the long-term health and prosperity of its customers. By absorbing any unexpected costs, JN Data truly represents a leap forward in terms of a business doing right by its clients.
Information is power. In the financial sector, the efficient flow of information helps a company remain competitive in a fast-paced environment. JN Data keeps information moving, effectively managing the IT infrastructures of its clients while always looking for new ways to reduce costs. Future consolidations mean that JN Data will grow. However, with the company’s individualized approach to the smooth operation of its clients’ IT systems and its synergetic tack with regard to resource allocation and cost-saving strategies, its mission will only be enhanced by growth.