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IBM deal to drive Nordea’s IT-led transformation
This article is part of the CW Nordics issue of May-July 2019
IBM’s €473m managed services contract with Nordea reflects an increasing trend among Nordic banks to outsource more of their IT. Increasing competition from tech-led organisations is forcing banks to tap the skills and resources of IT service providers. Nordea’s rival financial groups Swedbank and Handelsbanken are also moving in the same direction, driven by a lack of in-house capability and the huge costs associated with implementing IT-projects with internal teams. At its core, the multi-year agreement reached between Nordea and IBM in January will outsource the bulk of the bank’s IBM Z mainframe operations in five countries. This deal deepens a relationship that dates back to 2003. For Nordea, the expanded alliance with IBM ensures the bank will have access to the most advanced technologies such as AI and customer-service robotics. It will, for example, support Nordea’s focus on cognitive technology and robotics. This has seen the bank invest in automated and interactive virtual customer service solutions such as Nora and ...
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Features in this issue
Nordea is expanding its relationship with IBM through a deal that will give it access to the skills and resources required to keep pace with the digital revolution in banking
The government in Norway is launching a regulatory sandbox, which it hopes will help the country's fintech sector catch up on those in other Nordic countries
AstaZero facility will “road-test” next-generation 5G and digital innovations to support the development of self-driving cars and other vehicles