How BankID benefits Nordea Bank and their customers

How e-ID benefits Nordea Bank and their customers

Electronic IDs gained the same legitimacy as a passport in the European Union some 20 years ago. The transformative idea rose, that customers could manage their daily banking errands, such as checking statements or making payments and money transfers. Not only would this mean lower costs, customers can do their banking business whenever it suits them but also freeing customers from hours of waiting at their local branch. This alone was a win-win deal important enough for Nordea, who invested in digital services connected to BankID in Sweden. Little did they know how much more would be gained from this initiative.

Secure digital identification boosting customer trust

With digitalisation at the centre of societal development today, inevitably digital threats are on the rise too. Identity theft and fraud are words far too well-known by the general public. Thanks to a highly secure solution and soon 20 years of proven track record as a reliable e-ID provider, BankID Identity Platform has earned the trust of private individuals, authorities and companies alike. The platform has modules in place for detecting and automatically preventing fraud at an early stage. The tools manage risks whilst preserving a superior user experience and avoiding excessive user blocking resulting in costly investigations.

Nordea values the fact that their clients can rest comfortably knowing their e-ID and privacy is protected. At the same time, Nordea too can rely on the solution.

– We must always know who we talk to before we discuss a person’s or company’s financial affairs. It is crucial that we can trust the validation of each customer’s identity, and without BankID this would be unimaginable says Niclas Westén, Senior Portfolio Manager at Nordea Fraud Management. He continues; knowing that the solution is secure, and by using BankID’s efficient fraud prevention toolset we can comfortably invest in digitalising more and more of our operations. BankID is a solid cornerstone in our digital journey.

A growing amount of online possibilities

Today, digital banking goes far beyond the daily errands. Thanks to digital signatures customers can sign agreements securely, fast and easy online, and banking products are available much faster than before. Loans can be applied for online, signed digitally and payed out in a fraction of the time it used to take. Saving products can be invested in easily and compliance processes are digitalised too. Online advisory meetings are available at times and locations suitable to the customer, and new customers with an e-ID can onboard online.

Digital and fully- or semi-automated processes removes much manual work and allows employees to focus on advisory meetings or other tasks, making a lot of local branches redundant. It is also a big contributor to customer satisfaction as it has given the customers more freedom to choose if, when and where to talk to their bank.

– We are more accessible, respond faster and our operational efficiency has increased dramatically, explains Niclas Westén. More unified and digitalized processes have increased transparency as well. ?

It has turned us into a more customer-oriented company while operational costs have decreased; a golden combination and key for our success.

Nordea’s check list: What to consider when selecting or benchmarking your e-ID solution

With today’s high pace of digitalisation, it is more important than ever to choose a supplier with a strong foundation. According to Niclas Westén, some key factors to look at are:

• Do the provider have experience to prove their worth and ability to adapt when society changes?
• Is the e-ID issuing process truly secure?
• Is personal data managed ethically and responsibly?
• Does the system contain risk management and automatic fraud prevention, without causing excessive blocking and costly investigations?
• Is the solution user friendly with a reasonable sub-second process time, without sacrificing security?
• Has there been any previous technical and/or security breaches?
• How does expected costs compare to current costs in areas such as onboarding, customer service and fraud?
• Is the solution scalable in the ecosystem you want to achieve?