In early January, Nordea International Private Banking launched Temenos’ WealthSuite management solution to modernise the bank’s business and build the future relationship bank.
By implementing the WealthSuite, 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 which combines back office standardisation with front office differentiation. This successful system modernisation project will help transform the bank’s business.
Describing the scale of the project, Jean-Philippe Bailly, COO at 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 on-going 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 touch points, allowing us to engage with them anywhere, anytime.”
New platform helps Nordea to simplify its business operations
The new system allows the bank to replace its complex ‘multi-system’ front-office workspace in favour of a single workstation giving a 360-degree client view, leading to better relationship management and client service efficiency. In addition, the platform 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 wealth management solution has also 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.
The project has been implemented by the bank over 3 years and was supported by an external team comprising consultants from Temenos and its partners Deloitte and Syncordis.
