Temenos-CEO David Arnott. (Foto: Temenos)
Geneva – Temenos, the software specialist for banking and finance, today announces that Nordea Bank SA, the international private banking arm of the Nordea group, has gone live with its award-winning WealthSuite.
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 is 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.
WealthSuite 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 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.” (Temenos/mc)
Temenos
Nordea Group
Aite Group
About Temenos
Temenos Group AG, headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: in the period 2008-2014, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
About Nordea International Private Banking
Nordea International Private Banking, headquartered in Luxembourg with branches in Singapore and Switzerland, is part of the Nordea Group With almost 400 employees in Nordea International Private Banking and 40 years of constant growth the bank provides private banking solutions to wealthy clients with international needs in a range of markets in Europe and Asia. Nordea International Private Banking offers services such as wealth planning, investment advice and portfolio management.
About Nordea Group
The Nordea Group has a very strong capital base and benefits from an excellent credit rating (AA-), and is the leading financial services provider in the Nordic area. For seven consecutive years, Nordea was named the best provider of private banking services in the Nordic region by the international financial magazine Euromoney. Nordea is among the ten largest universal banks in Europe in terms of total market capitalisation. The Group has 11 million clients and 30.000 employees, is the largest Wealth Manager and Private Banker in Northern Europa.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.