CUSTOMER STORYTop 10 Nordic Bank’s Data Transformation Results in €2M in Annual Savings
One of 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
A major financial institution in Northern Europe operates from its regional headquarters to serve customers across several Nordic countries. Formed through the consolidation of multiple national banks in the late 20th and early 21st centuries, the organization has grown into a comprehensive provider of retail banking, corporate banking, wealth management, and investment services delivered through both physical branches and advanced digital platforms. The institution supports millions of private customers and hundreds of thousands of corporate clients, including several thousand large companies and organizations throughout the region. To continue delivering high-quality service, the institution requires its internal data processes and operations to be managed with strong accuracy and efficiency.
INDUSTRYBanking & Finance
COMPANY OVERVIEW
- 30,000+ employees
- €411.3 B in assets under management
SOLUTIONPrecisely Data Quality Solution
Challenge
The bank 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 Their outdated systems created isolated data silos that slowed everything down.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. The bank also faced mounting pressure to meet stringent European Central Bank regulations while maintaining operational efficiency in an increasingly competitive market.
The bank 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 the bank 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 their expanding needs.
The bank 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 expected. 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
The bank 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 their 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 the bank’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, the bank 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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