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Swedish bank cuts branches and jobs, increases IT spend
This article is part of the CW Nordics issue of November 2020 - January 2021
Sweden’s Handelsbanken is set to cut its branch network by nearly half, but plan to invest heavily in IT to offer customers digital alternatives. The bank said it will reduce its branch network from 380 to about 200 by the end of next year. At the same time, the bank said it will invest SEK1bn (€87m) “in IT to take its digital customer offering to an entirely new level”. About 1,000 jobs in Sweden will be cut as part of the plan that will see operating costs reduced. Handelsbanken said that, despite the branch reduction, it will be enabling customers that use remaining branches to do more within them. “Handelsbanken is now strengthening its presence at the branches to meet the demands of, for example, corporate customers and private banking customers. This will be achieved through the granting of an even greater degree of decision-making authority and increased accessibility to specialist expertise, although in fewer locations,” the bank said in a statement. The decision to implement the change came after the result of the ...
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Features in this issue
Swedish bank is increasing investment IT to improve digital banking as it reduces its branch network
Government gives telecoms companies responsibility to choose their equipment suppliers, which could include Huawei
The CIO of Swedish retail giant ICA Gruppen, Maria Lundberg, who is overseeing the digitisation of four retail sectors, tells Computer Weekly about the challenges of providing shared IT services for localised needs