Bank + Fintech love story: Caixa Geral de Depósitos + Tink
Rui Negrões Soares from Caixa Geral de Depósitos (CGD) and Viktor Möllborg from Tink spoke with Efma’s Boris Plantier about how their fruitful collaboration all came from meeting at an Efma event back in 2018.
How did the two of you meet?
Rui: Our first contact was actually at an Efma Congress. More precisely at the 46th Efma Congress about “Banking Transformation” in Lisbon in October 2018. We saw an inspiring presentation of Tink and after we started to exchange some ideas and decided to get to know each other better.
Viktor: It was a perfect match from the start and our relationship developed quickly after our first point of contact. Our teams actually got together for a first meet and greet just a few weeks after our presentation at the 46th Efma Congress.
Could you tell us about your first date?
Rui: That very first meet and greet took place via a video-conference that connected our team in Lisbon with Tink’s team in Stockholm. In our first “date” we touched upon topics such as CGD’s history (that stretches back to 1876), our vision on open banking and how we together with Tink could collaborate to deliver an innovative open banking approach for the Portuguese market. I think from the beginning we understood that we could collaborate as we shared common ideas.
Viktor: Our first meeting proved that in CGD we had a perfect partner that we have a lot in common with, especially when it comes to breaking ground in Portugal, which was a new market for us at the time.
What made you realize that you were perfectly matched?
Rui: Even if it seems a little bit counterintuitive to match a 144-year-old company with an 8-year-old one, the really positive interactions between Tink’s open banking team and ours quickly made us realize that we could work together and deliver something that seemed almost impossible from the beginning: a PFM app that aggregates information from every bank in Portugal. And in addition, to be able to deliver that PFM app to our customers in less than 6 months’ time. The focus and commitment of both companies guided by the common project team, overcoming all the obstacles and involving all the internal stakeholders on both companies, was the cornerstone of this relationship. One common goal, working together as one team, and always strongly believing in what we were going to deliver. And all this was done with a great mixture of Portuguese and Swedish joy. I must say we really had fun together.
Viktor: I totally agree. I’m also glad to say that our joyful relationship continues and that we are looking forward to making new ideas come alive together with CGD.
What is the fruit of your relationship?
Rui: In less than 6 months we went from contract negotiation to delivering our app DABOX, the first open banking app in Portugal. We had a rough start because not all banks were fully ready for this new ecosystem but by the end of 2019, we had reached our KPIs and our MVP was a success. Especially if we consider the fact that DABOX has attracted almost 50,000 users in 4 months.
Viktor: Since our first meeting, we’ve been honored to be working with a partner as forward-thinking as CGD. In this relationship we really have been able to combine CGD’s expertise with ours with the common vision to help Portuguese bank customers manage their money more effectively and make smarter financial choices.
What makes your relationship work?
Rui: The same ingredients that make every relationship work: hard work, commitment and respect. Some might say that we have a lot working against us, especially when considering that we are from very different cultures and that we have a rather long geographical distance in between us. But I think it is very important to keep in mind that we are part of the same team and that we want the same thing: to create a successful partnership with one common goal - to successfully bring the DABOX app to market. To succeed, I think it is very important to talk and to listen on a regular basis and to always keep our common goals and challenges in mind. We have always worked as one team, and for us it does not matter if you are from CGD or Tink - because together we are DABOX.
Viktor: We always aim to stay close to our customers, and really work together as a team with common goals and visions. By enabling our customers to get better access to financial data, we allow them to focus on the development of their core business idea, bringing their vision to life, and ultimately creating better experiences for their end users. CGD is a great example of this that really ticks all the boxes of what a successful relationship should feel like.
What are your plans for the future?
Rui: The DABOX app as of today is still only taking its first steps. Our challenge for 2020 is to set up the foundations for the unique value proposition of DABOX. We will be leveraging Tink’s services and technology and of course expertise on open banking and data analytics to deliver the best financial “personal trainer” the Portuguese customers have ever seen and experienced.
Viktor: We’ll continue to develop our relationship, expand coverage in Portugal and support CGD in developing DABOX.
Want to hear more about the collaboration between Caixa Geral de Depósitos and Tink? Register for Bank+Fintech on 21-23 April in Berlin.