Nordea has selected Temenos to provide it with a new, modern core banking platform. The system integration and consulting services around the core replacement will be provided by Accenture.
“Digitalisation and the rapid change in customers’ preferences towards using online and mobile solutions, as well as the increasing operational regulation, is transforming the banking industry,” said Jukka Salonen, head of group simplification at Nordea. “The new core banking platform is a key part of Nordea’s Simplification Programme, aimed at meeting the bank’s 11 million customers’ needs going forwards. The migration to the new platform will be done gradually over the next four to five years. Along with simplified processes and products, the new platform provides the framework for an end-to-end digital business model, improving agility and benefits of scale.”
Temenos will provide its core banking platform for customer loans, deposits and transaction accounts. The solution will be provided by implementing a common architecture across all the Nordic countries, significantly reducing the number of IT systems in use. In addition, it will give Nordea the real-time, customer-centric platform that will allow it to provide highly personalised and interactive digital experiences.
Temenos executive chairman Andreas Andreades said: “We are delighted to be partnering with Nordea for its core replacement programme. The decision builds on a successful relationship with the bank lasting more than a decade. Like Nordea, we believe that all major banks will need to introduce modern core banking systems if they want to offer the compelling, personalised digital experience that customers expect; revamping the front office won’t be enough. Temenos’ unique packaged solution allows banks to stay up to date with new technology and evolving functional needs in a fast changing environment, while our open architecture allows the solution to be integrated seamlessly within a best of breed environment as well as facilitate real time campaign management and customer fulfilment. Working together with partners such as Accenture, we believe we are uniquely placed to deliver rapid and low risk projects generating significant value.”
Accenture, a partner of both Temenos and Microsoft, has been chosen to provide consulting and system integration services for the project, which will see multiple core systems replaced across the bank’s operations in Norway, Sweden, Denmark and Finland.
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