The need to bring about a radical digital transformation continues to bother traditional Nordic banks across Sweden, Finland, Norway and Denmark, as does their search for the best technology to support their transformation.
Disruption is here! And the banks need to rise to the digital transformation challenge.
BREAKING THE MOLD OF TRADITIONAL BANKING
Traditional banks are challenged with evolving customer behavior, increasing expectations, channel proliferation, widespread disruption, innovative adoption of new technologies, and digitization.
Nordic banks are running very profitable businesses, especially compared to other European players. However, they are not fully addressing the rapidly evolving customer behavior as the digital disruptors continue to attack the entire banking value chain and banks in other parts of Europe transform much more rapidly.
Disruption is already a fact in the Nordics, with 1/3 of their banking revenues at risk if banks don’t act quickly!
A KEY TO DIGITAL BANKING TRANSFORMATION
Choosing the right partner for the front-to-back digitalization, is the key!
For banks to be an integral part of this new age of ‘Lifestyle Banking,’ they need a partner that can help them master all aspects of the value chain:
Moving them from product-centered to customer-centric thinking.
Enabling them with the right technology to provide an engaging customer journey and seamless experiences across every channel.
Providing a flexible and agile environment that is future-proof so they can adapt to continuously changing business needs.
"Banks have several options on how to achieve their future digital business model, where partnering will be crucial to add important capabilities in the new digital context and shorten time-to-market by up to 60%."
-Digital Disruption in Nordic Retail Banking-
TRANSFORMATION IN ACTION
The pandemic has accelerated the need for banks to embrace digital transformation and be future-ready. Regardless of a bank’s digital ambition, there are capabilities required to stay relevant and move in the right direction by capitalizing on all digital technologies.
that is SaaS-based, Cloud-native
provides end-to-end & third-party integrations
scales easily with API-driven microservices
uses data analytics & AI for actionable customer insights
offers omnichannel banking to drive customer engagement and loyalty
NEXT-GEN BANKING: What is your vision for the future?
Next-gen banking refers to a perfect mix of APIs, microservices, cloud services and more, to enable banks with faster time-to-market and provide customers with hyper-personalized experiences.
Experienced industry players like Temenos and LTI formed a partnership with unmatched expertise and passion for open innovation to launch the Next-Gen Digital Banking Platform:
This partnership heralds a new era for Nordic banks as it brings together LTI’s expertise in global technology consulting and Temenos' advanced cloud-native, AI and API-first banking solutions, enjoyed by more than 3,000 banks across 150 countries.
ANALYST STUDIES INDICATE:
"Banks that embrace digital as an access facilitator and an advice provider, offer customers approximately 50% time savings in their buying process and 3-4 percent savings on annual consumption.
In addition to that, bank partners increase in-store traffic by 10% to 15% and can double conversion rates thanks to better profiling of their customers through data and analytic engines."