BEC accelerates new IT development after another year of stable costs

BEC Financial Technologies, the largest full-service IT provider for Danish banks, again in 2023, delivered more development hours at a lower hourly price and without additional costs to the member banks. The revenue – and thus the banks’ costs – landed as planned at DKK 2.2 billion and is on par with the previous year.

“In 2023, BEC again became more efficient. We have kept our owners’ costs to BEC at a steady level, while we have taken significant strategic steps forward that release even more capacity for IT development despite lurking inflation,” says Jesper Nielsen, CEO of BEC.

In 2023, BEC reduced its unit costs for IT operations by 3 percent and IT development by 4 percent.

BEC is owned by and supplies IT to Danish banks. Again in 2023, BEC’s income balanced with costs, and the result was, as expected, DKK 3.4 million.

One billion kroner returned to BEC’s members

On top of that, BEC has paid DKK 938 million in 2023 back to its 17 member banks.

“BEC is in a particularly strong financial position with high solidity and absolutely no interest-bearing debt. Therefore, we have been able to reduce the member banks’ capital contribution to BEC and have sent almost a billion kroner back to our members,” explains Jesper Nielsen.

With an equity capital of DKK 1.6 billion, BEC continues to have a very high solidity.

New organization to accelerate BEC

“On the way out of 2023, we have entered a new strategy phase and have executed a number of strategic shifts to accelerate our IT development and transformation to new technologies,” says Jesper Nielsen.

In November 2023, BEC announced a new product-focused organization, increased outsourcing of IT operations, and the innovation and development hub Scoutz. At the same time, BEC expanded its management to three people with Jesper Andersen in a new role as CTO.

The new tech hub Scoutz will boost the IT development for the BEC banks with the newly appointed director Peter Smith at the helm and 114 employees from BEC, Arbejdernes Landsbank, Nykredit and Spar Nord. The development hubs in Copenhagen, Aalborg and Warsaw will accelerate the development of the BEC banks’ joint advisory universe in the Salesforce cloud platform.

“We have strengthened the commercial capabilities and technical competences in BEC, and we are speeding up the development of new, strong IT solutions in the BEC community. In 2024, we will, among other things, step up the development of business solutions, more user-friendly credit processes, stronger digital channels for bank customers and a significant boost to our adviser universe, which Scoutz will drive forward,” says Jesper Nielsen.

BEC increases outsourcing

With a strategic decision to place as much operations as possible with partners, BEC has from January 1 transferred new tasks to the long-standing operating partner JN Data, of which BEC is a co-owner. 70 employees have moved to JN Data together with the tasks.

“We are sharpening BEC as a simpler IT supplier that must focus on buying, developing, and integrating market-leading IT solutions for Danish banks. At the same time, we strengthen the operation of our customers’ IT solutions by giving JN Data even more volume to optimize rock-solid IT operations,” says Jesper Nielsen.

Download BEC’s annual report 2023.

At the same time as the annual report, BEC publishes for the 10th year in a row an independent CSR report that explains our social responsibility, talks about, among other things, our work with ensuring diversity and inclusion in the workplace, getting involved in the local community and minimizing our environmental impact.

Download BEC’s CSR report 2023.