Nordea Bank Luxembourg goes live with Temenos’ WealthSuite, reducing operational complexity by half
Nordea Bank Luxembourg has gone live with Temenos' integrated wealth management platform, WealthSuite.
Nordea Bank SA, the international private banking arm of the Nordea group, has gone live with Temenos’ integrated wealth management platform, WealthSuite. This has allowed the bank to more than halve the number of separate systems and interfaces it runs, significantly reducing complexity and resulting in higher levels of automation as well as much reduced IT maintenance expenditure.
According to the Switzerland-headquartered banking software vendor, the implementation of WealthSuite – offering integrated functionality across back-office, front-office, e-banking and client reporting integrated – has also enabled Nordea Bank SA to replace its ‘multi-system’ front-office workspace for a single workstation, providing a 360 degree client view. This ensures better customer experience due to enhanced relationship management and client service efficiency by the bank.
Additionally, private banking customers will soon be able to have complete access to their banking information across any device and in real-time, as a result of the WealthSuite integration.
Headquartered in Luxembourg, Nordea Bank SA has branches in Singapore and Switzerland. Jean-Philippe Bailly, COO, Nordea Bank SA, said that, with the system modernisation project, the bank has paved the way for ongoing client service innovation while running “in a simpler and cost-effective way, in full compliance with present and future regulatory requirements”.
“Considering the scope of what has been achieved, to deliver such a level of transformation in three years ‘from decision to production’ is a remarkable result,” he added.
Steen Jensen, regional director Northern Europe at Temenos, said going live with WealthSuite will enable Nordea Bank SA to “increasingly differentiate their customer proposition in a market undergoing significant regulatory, competitive and customer changes.”
Bailly further added: “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.”
In May 2015, Dutch lender ABN AMRO adopted the Temenos’ WealthSuite for its international private banking business.