Nordea 2021 - Enterprise Tech Ecosystem Series

Nordea 2021 - Enterprise Tech Ecosystem Series

Summary

This report provides insight into Nordea’s fintech activities, including its digital transformation strategies, innovation programs, technology initiatives, estimated ICT budget, and major ICT contracts.

Nordea, along with its subsidiaries, offers a range of financial products and services such as savings and currents accounts, consumer and personal loans, vehicle loans, overdrafts, payments and cards, corporate finance services, trade finance services, investment management, structured products, investment funds, asset management, pension schemes, private banking, and life, health, and non-life insurance. It also provides international banking, internet and telephone banking, online trading services, foreign exchange and money market services, and debt capital market services. In addition, the bank provides domestic and cross-border payment services. The bank has operations in Europe, the Americas, and Asia. Nordea is headquartered in Helsinki, Finland.

In 2016, Nordea launched its Group Digital unit, which oversees Nordea’s digital strategies worldwide. The unit also manages Nordea’s Simplification Program. Group Digital aligns each of Nordea’s digital projects and builds synergies between them, helping the company become more efficient in delivering digital solutions.

In 2017, Nordea established the Data Science Lab to develop and evaluate machine learning and AI solutions that can help improve its operations. In November 2017, the lab hosted an event for the Danish machine learning community to discuss current projects and their real-world implications.

In 2016, Nordea launched TheFactory, which is a leading accelerator program in Norway. The three-month program provides selected startups with access to a community of partners and mentors. These startups receive seed funding of up to NOK400,000 ($45,502) as well as software and perks worth as much as $1 million from Global Accelerator Network. In 2018, it announced plans to expand its infrastructure to accommodate 100 startups. The key focus areas are alternative finance, blockchain, AI, and data analytics.

Scope

• Nordea is transforming itself by launching in-house solutions and creating partnerships to access external talent. The company has partnered with various fintech companies to help improve its services.
• Nordea has made investments in IT and technology to expand digital offerings to customers. It has also been investing in creating omnichannel experiences to provide banking services to customers across various channels.
• Through Nordea’s Simplification Program, the company is developing modern platforms in a bid to become a truly digital bank. The initiative involves developing a new core banking platform, a modern payment platform, a common data platform, and a customer and counterparty data platform.
• Nordea is exploring advanced technologies such as blockchain, AI, big data, and robotics to improve its operational flexibility, business agility, and customer experiences. The company is also enhancing its mobile capabilities, offering most of its services via mobile banking and adding payment solutions such as Google Pay. Nordea is also integrating end-to-end security solutions to defend against cyberattacks and protect data, processes, and systems.

• Gain insights into Nordea’s tech operations.
• Gain insights into its fintech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into its various product launches, partnerships, investments, and acquisition strategies.

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ReceiptHero
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LendMe
Fjuul