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Nordnet, a leading Nordic bank and financial services provider, has achieved success by focusing on digitalisation and automation to improve the customer experience. By automating processes such as B2B customer onboarding and the opening of accounts for minors, Nordnet has reduced manual work and costs. By using Roaring’s services, they have centralised data collection services and optimised the use of data.

These automation efforts have increased the conversion rate by 50% in the B2B onboarding process. Nordnet continues to carry out several automation projects with the aim of further improving its services.
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Creating the best possible CX

One of the keys to their success has been a determined focus on digitalisation and automation in order to offer the best possible customer experience. A focus which has so far resulted in a degree of automation equivalent to 45 full-time employees.

“Our ambition is to create an overall, outstanding customer experience, which we believe will make us the customers’ first choice. Digitalisation and automation are crucial in today’s world in order to create these experiences. In addition, we can reduce the manual work and costs in the process,” says Carl Lönndahl, Head of Change & Systems Management at Nordnet.

“Our collaboration with Roaring means that we can bring data collection services across the Nordic region together under one roof. The fact that we only need to buy the data we need instead of large volumes is also a major advantage.”

The conversion rate within B2B has increased by 50%

Data collection and verification play a crucial role in the automation of various processes at the bank. Among the processes that have so far been automated are a smooth B2B customer onboarding process and power of attorney management, as well as an exciting project that enables the opening of fund and share custody accounts or investment savings accounts for minors.

The latter is a process that accounts for 15% of Nordnet’s new customers, making it a very exciting process to automate and optimise. Not least because it is a complex process involving questions of signatory authority.

Create an account for minors – Get started
Credit: nordnet.se

“Opening an account for minors is something that is quite complicated and tricky for parents in general. I would go so far as to say that there is no simple and smooth process for this at any bank today. That fact made it even more exciting to try to create a process like the one we now have at Nordnet.

“As for our onboarding process for B2B customers, automation has created significant value both internally and externally. Our prospective customers can now complete their business with us, register and become customers 100% digitally without physical forms or snail mail. This has increased our conversion rate by 50%, while at the same time reducing the time we spend handling and assessing applications,” Carl continues.

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Data usage and the next step

Nordnet currently uses digital data collection and verification as a basis for credit assessment, recurring data cleansing, ensuring data quality and pre-filling forms, to mention just a few use cases.

Nordnet’s automation journey is, however, far from over, with hundreds of projects in the pipeline. We look forward to what comes next!

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