The 200-year-old Nordea Bank, a legacy bank in the Scandinavian region with some 9 million customers, had taken a bold step of digital transformation and overhaul of its entire infrastructure way back in 2019 to futureproof itself and be ready for the digital upheaval that the banking industry as a whole was about to undergo. The first step that the bank took in this direction was described a 'group simplification program' by gradually getting rid of the legacy infrastructure, that is indeed a legacy of what has been a number of mergers and acquisitions involving some 300 banks across the region. The main intention was to create a powerful digital offerings platform and quite understandably the bank went about doing this with the help of fintechs, big techs and other tech players.
Nordea Bank is a blend of the words 'Nordic' and 'idea' and came into being after a series of mergers and acquisitions of the Finnish, Swedish, Danish, and Norwegian banks during 1997-2001.
This story is from the February 2023 edition of Banking Frontiers.
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This story is from the February 2023 edition of Banking Frontiers.
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