Building a new digital business for Mandatum Life, a key part of the firm’s strategy to become a fully fledged financial provider.

Mandatum Life is one of Finland's most respected financial services providers, offering wealth management, investment, savings and personal risk insurance as well as incentive and reward solutions through various insurance contracts. Mandatum Life has an estimated 300,000 private and 20,000 corporate customers.

As part of its digital strategy, Mandatum Life decided to expand its offering to include online trading services targeted at mass affluent, high net worth individuals and family offices, along with the retail market.

The decision to launch online trading services was made in order to attract new customers and move closer towards their financial cashflow, increase the share of wallet Mandatum Life had with existing and new customers and build a new digital business for Mandatum Life.  In addition, it was a key part of the firm's strategy to becoming a fully fledged financial service provider.

To execute this strategy as efficiently as possible, Mandatum Life agreed a profit-sharing partnership with Saxo, whereby the bank provided outsourced trading services and platforms, custodian services and all regulatory reporting (tax, statistics), while Mandatum Life was responsible for customer identification and first-line support in Mandatum Trader.

Solution: three branded platforms tailored to meet the needs of different client segments and local compliance

For Mandatum Life’s online trading service, it was decided to offer three trading applications suited for different client profiles, based on Saxo's existing offering.

These were, Mandatum ONE, which is an easy to use web and mobile app covering stocks, funds, ETFs and bonds; Mandatum GO, a web and mobile app which covers a full range of Saxo instruments and technical analyses; and Mandatum PRO, with a full range of Saxo instruments and multi-screens aimed at professional investors.

"The importance of digital services is growing all the time and we want to offer the very best tools for our clients. Clients can pick from several different investing and trading applications, so this is a very comprehensive offering catering to all investor segments with different levels of investment experience and wealth."

Niklas Odenwall
VP, Trading and Execution Services, Mandatum Life

One important aspect of the project was the need for the client experience on the online trading service to be tailored to the local market with features such as Finnish news being available. 

This requirement for a local service offering also applied in the back-office where, for example, Saxo set up the infrastructure for the local clearing of Finnish securities through Euroclear which allowed for local rules on segregation to be adhered to as well as creating local payment solutions for Mandatum Life clients. 

Furthermore, clients are verified using TUPAS which is a strong digital authentication method created by the Federation of Finnish Financial Services and again this was as a result of Saxo and Mandatum Life collaboration.

Find out how Mandatum Life used our front-to-back functionality to expand it’s product offering.