Danske Bank, Denmark's largest bank, got its wake-up call in 2013, when it launched a P2P payment smartphone app that blew past its expectations for adoption, garnering the same number users in its first year that would have taken a decade to acquire before the advent of smartphones. (Almost half the country's entire population uses it today.)
"We'd never seen a trajectory like that before," said Tonny Thierry Andersen, Head of Personal Banking & Member of the Executive Board. "But then we asked ourselves a frightening question."
"What would we have done if the innovation had come from a competitor?"
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