Nordnet featured in The CEO Magazine
“We are not only a bank, but we are an insurance company and every one that work in the business knows that re regulators are coming with a flood stream of new regulations – So that is one element of the challenges – to actually adopt all of those new regulations and be compliant without losing focus on our customers and doing good things for them.” says Håkan Nyberg CEO at Nordnet from August 2012 in an article in the July issue of The CEO Magazine.
We cannot agree more. Traditional banking and insurance product are now viewed similar or the same by customers. Regulations and tax differences makes it difficult for customers to understand the differences and advantages of offerings. Itello focuses on the similarities in the process of administration the products making it easier for us to develop configurations of what is required to be configurable. Since 2005, Nordnet offers insurance and retirement savings, both for private saving and occupational pensions in Sweden with the support from Itello. From 2008 and 2009 Nordnet also offers pension savings in Norway and Denmark, also supported by Itello.
““I think Nordnet is technology, and I usually say that banking is IT and people. And that is still the case. Without technology, we would not have been able to build Nordnet. We started out as a digital company and we still are a digital company; that is, based on technology. The challenge going forward is to continuously modernise our technology platform and try to avoid coming to a cliff where we need to climb a mountain; instead, we continually modernise it so it’s up to date and can deliver good things for our customers.” Continue Mr Nyberg in the article.
When we started our relation back in 2005, Nordnet wanted a complete business system for their long term saving procts when they decided to go into the insurance and pensions market. The company saw Itello’s system Inca and our expertise as the only alternative that could offer the features and modules needed. It took 6 months from the decision being made until the system was up and running for Nordnet.
Mr Nyberg continues in the same article – “Our suppliers are essential. Whether they are only technology providers or if we use them to help leverage their technology, they are vital. In terms of what we should be really good at, it’s understanding our customers through analytics and also designing and building a great, superior customer experience. And then we are dependent on our suppliers to help us do that—provide the technology but also help provide better services to our customers.”
Focusing on creating customer value Nordnet has the advantage of having “one single platform”. Low operational and cost are cornerstones, so our product Inca’s ability to manage all pension and insurance products as well as all insurance administrative processes, combined with support for so-called “multi-legal entity”, suits Nordnet’s strategy very well. Inca is used as a business system for Danish, Norwegian and Swedish operations where large parts are consolidated and shared across Nordnet, and where automation and self-service are key terms.
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