Deutsche Bank has hired one of the pioneers of the digital world for its global transaction banking (GTB) business, as custody banks continue to poach the best from Silicon Valley for key leadership roles.
Thomas Nielsen joins as chief digital officer to lead the digital strategy for GTB, which combines some of the bank’s core business lines including cash management, securities services, and trade finance.
Nielsen was previously chief digital officer at Tesco, the UK’s largest multi-channel retailer, where he was responsible for its digital platforms, including Tesco’s loyalty clubcard programme.
The announcement of Nielsen follows the appointment of Visa’s former chief executive, Charles Scharf, as BNY Mellon’s new CEO, as custodians shift their traditional services to become fully-fledged digital service providers.
At the end of last year, HSBC Securities Services appointed Paul Clark in a newly created role as global head of data and digital, combining the existing activities of the head of eCommerce with new initiatives in the digital space.
“Data and technology are key to innovation, in particular for financial services. The consumer sector has been driving this for many years” said Deutsche Bank’s John Gibbons, head of GTB, Deutsche Bank.
The demand for data has driven an overwhelming need for digital solutions within securities and asset servicing. This has resulted in many custodians turning to new technologies, such as artificial intelligence and cloud-based technology, to meet that need.
“By virtue of being the holder of assets, custodians are creating, managing and storing a whole world of data, and the value of that data has become significant in delivering to the need of the client,” said Margaret Harwood-Jones, global head of securities services, Standard Chartered.