Digital banking Bank on
From digital self-service solutions to shifting offerings online, Nordea is clearly an institution on the move. But after a chaotic 18 months, do established fi nancial institutions really have the money to jump into a fully digital world? And beyond the cliches, what will that world actually look like? Isabel Ellis talks to Tino Kam, Nordea’s head of product management, transaction banking, to learn about the Finnish bank’s new customer-facing digital services, how data analytics is the key to the company’s monetisation efforts – and how working with fi ntechs might be the key to pushing change forward, even in an uncertain economic environment.
ome pandemics are a punishment for what’s gone before. Through a certain lens, this one might have shown that people knew what they were doing. Where once there was divine judgement, now there is acceleration. Nordea didn’t embrace digital transformation in the mid-2010s with this specific scenario in mind, but chief portfolio officer Jukka Salonen can look back on his speech at MoneyLIVE Digital Banking 2019 with more than the usual pride. “We realise that you don’t always know what is going to happen in the coming years,” he told a London crowd, blissfully unaware that it would not be returning in 12 months. “And, so, one of our cornerstones has been to build up capabilities to be adaptive to different kinds of futures, so we have flexibility in what we do.”
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Flexibility is one way to put it. The striking thing about what Tino Kam, Nordea’s head of product management, transaction banking, has to say of his employer’s plague year is how little it offers in the way of twists and surprises.
Of course, that comes with caveats. No one is emerging from Covid-19 the same way they went in – certainly not after a 66% fall in operating profits between Q1 and Q2 2020. “It was definitely an interesting period for the industry,” Kam says – with a pause before ‘interesting’ long enough to raise the suspicion it might be caused by connectivity issues. As it turns out, he’s just thinking. The pandemic has led to a lot of that. For better and worse, one thing that has become clear to anyone who took a moment to reflect is how few of life’s practicalities
Future Banking /
www.nsbanking.com
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