24 August 2017
Visit http://response.ncr.com

Nordea selects Accenture and Temenos for core banking overhaul

11 September 2015  |  12267 views  |  2 Nordea branch signage 1

Nordea has selected Accenture and Temenos to help the bank replace its core banking systems across the Nordics as part of a wide-reaching “simplification” programme.

Accenture will assist with implementation of the new platform, which will be based on Temenos’ core banking software, replacing ageing systems from Misys and Tieto.

The Stockholm-based bank took a EUR344 million impairment charge on its current IT systems in Q3 as it outlined plans to embark on a major project to rip and replace its core banking and payments systems.

The bank said it intended to boost IT spending by 30-35% over the next four-to-five years, moving all accounts across to the new core platform, consolidating its existing data warehouses and implementing a unified payments hub capable of handling domestic, international and Sepa payments.

Jukka Salonen, head of group simplification at Nordea, says the new platform will provide the framework for an end-to-end digital business model.

“Digitalisation and the rapid change in customers’ preferences toward using online and mobile solutions, as well as the increasing operational regulation, are transforming the banking industry," he says. "The new core banking platform is a key part of Nordea’s Simplification Programme, aimed at meeting the current and future needs of our bank’s 11 million customers"

Comments: (2)

Roger G LeBlond
Roger G LeBlond - Roger G Leblond - Corpus Christi | 14 September, 2015, 15:57

This appears to be a challenging project. What is your timeframe from planning to converting customers to use the new processes.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Igor Ageyev
Igor Ageyev - GMIA - London | 14 September, 2015, 21:21

A Delicate  and complex one. It would be interesting to see business and technology drivers and goals.

Sometime such programmes don't deliver what is expected because of wrong focus.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nordea sets up fintech accelerator

Nordea sets up fintech accelerator

03 July 2015  |  13863 views  |  0 comments | 24 tweets | 15 linkedin
Nordea hires mBank's Panowicz to aid digital transformation

Nordea hires mBank's Panowicz to aid digital transformation

27 April 2015  |  7164 views  |  0 comments | 7 tweets | 4 linkedin
Nordea customers plagued by two-day IT glitch

Nordea customers plagued by two-day IT glitch

10 April 2015  |  5805 views  |  0 comments | 8 tweets | 4 linkedin
Nordea to take EUR344 million IT charge as core platforms are upgraded

Nordea to take EUR344 million IT charge as core platforms are upgraded

22 October 2014  |  18385 views  |  0 comments | 7 tweets | 6 linkedin
Nordea inks five year Web application outsourcing deal with Accenture

Nordea inks five year Web application outsourcing deal with Accenture

07 April 2010  |  9220 views  |  0 comments

Related company news

 

Related company information

Temenos – The Banking Software Company

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
21346 views comments | 44 tweets | 88 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
12099 views comments | 22 tweets | 35 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
11483 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
11270 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10909 views 0 | 7 tweets | 1 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job