Nordea Investment Funds have made a first attempt in the digital space by introducing a smartphone application that offers basic functionalities such as customizing watchlists

Country: FinlandNordea
Year: 2001

Nordea Asset Management has a global business model and manages asset classes across the full investment spectrum. Their client base is equally split between captive and non-captive clients

Digital Vision

  • Nordea’s Investment funds attempted an entry in the digital space with the launch of a smartphone application. However, on a global level, Nordea IM is still lagging behind several other asset managers in the digital transformation. For the launch of the application, Nordea didn’t mobilise an internal team but rather engaged an external service provider
  • Nonetheless, Nordea Group is clearly aware of the benefits of digital, and has launched a huge campaign of digital transformation but primarily focused on the Retail Banking business, which has seen a lot of success
  • This also means that it won’t be long before Nordea dives in to the Asset Management space to introduce digital initiatives

Recent Initiatives

  • Nordea Group has launched a digital transformation drive but mainly focused on the Retail Banking business. Transactions in Mobile Bank increased 90% from 2013 to 2014 and number of active mobile banking users increases by 1000 daily
  • To meet the swiftly changing demands of customers, Nordea Bank initiated Nordea Next, an experimentation lab in Norway and Finland, to involve and engage customers in validating ideas for new digital services
  • Nordea Bank will increase total IT investments with 30-35 percent per year the coming years in order to improve their digital services. The use of new channels such as chats, mobile banking, web meetings and social media requires investments to face demands from customers
  • Nordea Investment Funds partnered with Rio Mobile to develop Nordea 1 Fund App that provides users with current fund prices and performance, ability for users to create their own customizable watch lists, online access to Nordea funds, current fund of the month and detailed information on each investment manager and their portfolio. In short video educational interviews, the managers also introduce their funds and underlying investment strategy

Keywords: investment funds; retail banking business; mobile bank; digital services

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