Innovation through partnerships: Nordea x Subaio

The partnership between Nordea and Subaio stands out as a brilliant case study, showing the way for other big corporations on how to stay competitive in a quickly evolving market.

When corporates and fintechs collaborate, it forms an ideal platform for innovation, merging the strengths of both sectors to generate impactful solutions!

What happens when a big bank joins forces with a fintech?

Subaio’s solution is integrated into the digital banking systems of many big European banks. However, in 2018, they partnered with Copenhagen Fintech ’s corporate partner Nordea, the biggest retail bank in the Nordics.

The partnership has successfully empowered thousands of Nordea’s customers to make good financial decisions by letting them manage their recurring subscriptions, addressing their shared goal of improving the customer experience.

A shared commitment to innovation and customer service

It’s May 2024, and the already successful established partnership is now expanding due to its high success - Nordea is now moving Subaio’s service from the Nordea Wallet app into its primary app, Nordea Mobile.

Frederrick Tristan Malte Hamann , CCO in Subaio, adds: ”The fact that our solution is now in Nordea's primary app is more than just an extension of our partnership; it's a confirmation of our shared commitment to putting the customer at the center of the financial decision-making process in a healthier financial life.”.

The extension increases the visibility and adoption of Subaio's solutions, making them even more important to Nordea and their customers. And with the extension, Nordea empowers a broader spectrum of customers to handle recurring payments efficiently.

This marks a significant milestone and demonstrates the trust and value Nordea sees in Subaio’s services: “In our pursuit to offer everyday financial well-being for our customers, the partnership has been a great success,” ??? Jacob Svendsen , Head of One Digital Office at Nordea, tells Copenhagen Fintech.

The extension confirms their shared commitment to putting the customer at the center of the financial decision-making process in a healthier financial life.

“Nordea can help us reach beyond the border to the other Nordic countries where they have a strong presence, which is part of our ambition to reach as many people as possible with our service. In this way, customers in the Nordic countries will all become potential new users of our service.” ??? Shares Thomas Laursen , CEO and CO-Founder at Subaio.

?Behind the scenes: recommendations for Fintech collaborations

Fintech companies like Subaio are often more agile compared to larger corporations. Partnering with a fintech allows a big corporation to quickly tap into new ideas and technologies without developing them in-house.

“The capabilities selected fintechs offer, combined with our high capacity to adopt digital technologies, allows us to really accelerate development.” ??? States Jacob Svendsen , Head of One Digital Office at Nordea.

Fintech companies often specialize in specific areas and offer targeted solutions that can enhance the performance of larger corporations.

?“For us, it is important to create partnerships that complement our digital journey and where we see potential for ease of integration also at a Nordic scale. By partnering with selected specialized fintechs, we can provide excellence to our customers and stay ahead as a digital leader in the Nordic banking landscape,” continues Jacob Svendsen , Head of One Digital Office.

?Conclusion

Nordea x Subaio is a big win, and the collaboration highlights the power of innovation through partnership, which this series is all about. Together, they're creating value, staying innovative, and keeping customers happy every step of the way.