Nordea Selects Accenture and Temenos to Transform Its Core Banking Technology and Enhance Its Digital Banking Capabilities
Accenture will help Nordea implement a new core banking system from Temenos
STOCKHOLM; Sept. 11, 2015 – Nordea has selected Accenture (NYSE: ACN) and Temenos (SIX: TEMN) to help the bank replace its core banking systems across the Nordics as part of its broader “simplification” program. Accenture will help implement the new core banking platform, which will be based on Temenos’ core banking software.
Jukka Salonen, Head of Group Simplification at Nordea, said, “Digitalization and the rapid change in customers’ preferences toward using online and mobile solutions, as well as the increasing operational regulation, are transforming the banking industry. The new Core Banking Platform is a key part of Nordea’s Simplification Program, aimed at meeting the current and future needs of our bank’s 11 million customers. 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 will provide the framework for an end-to-end digital business model, improving our operational agility and delivering the benefits of scale.”
Accenture will provide consulting and systems integration services on the program. Services will be delivered through Accenture Core Banking Services, a business service within Accenture’s Financial Services operating group that has helped design and implement core banking systems for more than 200 institutions globally.
“In today’s fast-changing environment driven by the digital revolution, banks need to be as agile as startups,” said Mads Raahede, a managing director in Accenture’s Financial Services operating group. “It is vital for banks to exploit the business potential of digital and to innovate at a faster pace, but most banks are hampered by their legacy systems.”
Peter Ekdahl, a managing director at Accenture and the company’s client director for Nordea, added, “Nordea shows vision in replacing its core banking systems, as it will be even better equipped to meet current and future business needs. We are proud and excited to help Nordea implement a cornerstone in their digital journey.”
Andreas Andreades, Temenos Executive Chairman, said, “Customer expectations are changing fast. More and more, banks are realizing that delivering the desired level of customer experience requires a core banking infrastructure that is real-time, integrated and provides rich, consolidated information - regardless of how much banks spend on front-end capabilities. However, these are large and complex projects that need significant consulting and systems integration expertise. That is why we believe, to address the needs of the largest banks, the value proposition of Temenos’ software is significantly enhanced when we work together with global partners, such as Accenture, who bring the experience of major transformation projects to help us deliver fast, predictable outcomes.”
Nordea’s vision is to be a Great European bank, acknowledged for its people, creating superior value for customers and shareholders. We are making it possible for our customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 11 million customers, approximately 650 branch office locations and is among the ten largest universal banks in Europe in terms of total market capitalisation. The Nordea share is listed on the Nasdaq Stockholm, Nasdaq Helsinki and Nasdaq Copenhagen exchanges.
Accenture is a global management consulting, technology services and outsourcing company, with more than 336,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$30.0 billion for the fiscal year ended Aug. 31, 2014. Its home page is www.accenture.com.
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: in the period 2008-2012, they enjoyed on average a 32% higher return on assets, a 42% higher return on equity and an 8.1 percentage point lower cost/income ratio than banks running legacy applications
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