CUSTOMER STORYNordea Bank’s Data Transformation Results in €2M in Annual Savings
The Nordic region’s leading financial institution successfully modernized its data management infrastructure by migrating from legacy systems to Precisely’s Data Quality Solution
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Overview
Nordea Bank Abp is the Nordic region’s premier financial institution, operating from its headquarters in Helsinki, Finland, to serve customers across Finland, Denmark, Norway, and Sweden. Born from the strategic consolidation of national banks throughout the 1990s and early 2000s, Nordea has evolved into a comprehensive financial powerhouse offering retail banking, corporate banking, wealth management, and investment services through both traditional branch networks and cutting-edge digital platforms. The bank’s extensive reach encompasses 9.3 million private customers and 530,000 active corporate clients, including 2,650 large corporations and institutions across Scandinavia. To continue providing clients with the best service possible, Nordea needs its internal data processes and operations to be managed with accuracy and efficiency.
INDUSTRYBanking & Finance
COMPANY OVERVIEW
- Headquartered in Helsinki, Finland
- 30,000+ employees
- €411.3 B in assets under management
SOLUTIONPrecisely Data Quality Solution
Challenge
Nordea faced critical data management challenges that severely hindered operational efficiency and customer service delivery. Their outdated systems created isolated data silos that slowed everything down. Mortgage applications took too long because staff couldn’t quickly access client information. Teams spent countless hours manually reconciling data in Excel spreadsheets, creating bottlenecks and increasing the risk of costly errors. With data scattered across different formats, time zones, and systems, even the most straightforward decisions became complicated. Nordea also faced mounting pressure to meet stringent European Central Bank regulations while maintaining operational efficiency in an increasingly competitive market.
Nordea now saves €2 million annually
by eliminating expensive legacy mainframe systems, resulting in an immediate return on investment.
€ saved annually
2
M
Solution
Precisely’s data quality solution offered exactly what Nordea needed: a unified dashboard that consolidated information from multiple sources into a single, user-friendly interface. The platform automatically handled different data formats and time zones, eliminating the manual work that had been slowing down internal operations. Automated alerts and streamlined reporting replaced the old Excel-heavy processes, while the scalable architecture could grow with Nordea’s expanding needs.
Nordea rolled out the transformation in three phases. They started with core data quality improvements and immediately discovered the platform could do more than they initially scoped. The major systems migration, including their critical global accounting interface, delivered instant cost savings that proved the investment was worthwhile. The final modernization phase involves migrating all remaining legacy systems, with a complete transition planned to be completed by the end of 2025.
Results
Nordea now saves €2 million annually by eliminating expensive legacy mainframe systems, resulting in an immediate return on investment. The platform serves 6,000 users (nearly one-fifth of Nordea’s workforce), demonstrating wide-spread adoption across the organization. Beyond the original scope, Precisely’s data quality solution now powers ten additional business functions, from early warning systems that monitor customer payment behavior across Nordic credit bureaus to payment reconciliation that tracks accounting for their Global Payment Engine.
Most importantly, the transformation solved Nordea’s core problems. They now meet critical European Central Bank regulations without operational headaches. Manual reconciliation processes are gone, freeing staff to focus on higher-value work. Customer-facing operations, such as mortgage processing, are faster and more accurate, directly improving the bank’s competitive position.
With most environments already modernized and full migration expected to be completed by the end of 2025, Nordea has positioned itself as a leader in financial services modernization, creating a proven roadmap that other banks can follow to achieve similar success.
Data quality solutions
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