Nordic pan-European firm Nordea Bank has selected Temenos product suite to upgrade its technology infrastructure.
The lender has deployed various new technologies including TEMENOS T24 (T24) for middle and back-office transaction processing and settlement, Insight for business intelligence, AML for compliance and Temenos Connect for internet banking.
The fully interacting and integrated applications will help the bank to replace its various legacy systems, thus improving its operational efficiency and minimizing IT and back-office expenses through process automation.
The bank decided to adopt the new technology due to rapidly changing business scenario, and demand of highly differentiated products and services, combined with significant regulatory, competitive and customer changes.
Following installation of the integrated platform in Luxembourg, the bank will be able to view real-time customer analytics, risk, compelling and interactive internet banking experience and advanced portfolio management and reporting tools.
Nordea Bank COO Jean-Philippe Bailly said, "It will provide us with a flexible architecture to support our organic and international growth and will help us keep up with the industry’s rapid changes."
Serving more than 11 million customers with the help of 32,000 staff, Nordea Bank offers a number of private banking products and services including wealth management and wealth planning.