This successful system modernization project will help transform the bank’s business. By implementing WealthSuite, Temenos’ integrated wealth management solution combining back office standardisation with front office differentiation, Nordea will be able to drive efficiency in its operations at the same time as transforming its customers’ banking experience, providing an ideal platform for growth.

WealthSuite has significantly reduced complexity in Nordea’s operations. The platform offers integrated functionality across back-office, front-office, e-banking and client reporting. As such, Nordea has been able to more than halve the number of separate systems and interfaces it runs, allowing for much higher levels of automation as well as much reduced IT maintenance expenditure.

WealthSuite is also helping to transform customers’ banking experiences. The bank has replaced its complex ‘multi-system’ front-office workspace in favour of a single workstation giving a 360o client view, leading to better relationship management and client service efficiency. In addition, WealthSuite gives customers complete access to their banking information, which they will soon be able to access across any device and, since fully integrated, in real-time.

The bank was supported in its implementation of WealthSuite by a team comprising consultants from Temenos and its partners Deloitte and Syncordis.

Steen Jensen, Regional Director Northern Europe at Temenos, commented: “We are delighted that Nordea is now live with WealthSuite. It offers the bank a cutting-edge, integrated platform that will enable them to increasingly differentiate their customer proposition in a market undergoing significant regulatory, competitive and customer changes. We’re excited to see the results.”

Jean-Philippe Bailly, COO Nordea Bank S.A., said: “This success is the result of true teamwork between Nordea, Temenos and their implementation partners. Considering the scope of what has been achieved, to deliver such a level of transformation in 3 years ‘from decision to production’ is a remarkable result. We have paved the way for ongoing client service innovation while running the bank in a simpler and cost-effective way, in full compliance with present and future regulatory requirements. We are developing the future ‘relationship bank’, and our aim is to stay connected with our customers in all touchpoints, allowing us to engage with them anywhere, anytime.”

Aite Group’s Alois Pirker stated: “To succeed in a changing competitive environment, firms will need to take a broad perspective when constructing their technology strategies, looking at how capabilities can benefit clients, prospects, and client-facing staff. Leaders possess integrated platforms and digital capabilities that improve processes across the firm. Capabilities used by clients should connect into advisor processes, which should then flow through to managerial and corporate departments. Nordea’s implementation of Temenos’ WealthSuite is a prime example of a winning strategy.”