According to a July 2014, research report by McKinsey, European retail banks that pursue a full digital transformation can realize improvements in earnings of more than 40 percent over the next five years. It estimates that, currently, European retail banks have digitized only 20 to 40 per cent of their processes. The bank that is able to successfully deliver an enhanced digital customer experience will have a vast competitive edge over competitors who have not transitioned to digital services. Nordea, Europe’s 17th largest bank, launched a program in 2014 that will enable the bank to develop a more personalized and convenient digital experience. As part of the program, IT investments have increased by 30 to 35% as new core banking and payment platforms are built.
The bank operates an internet bank, which has more than 5.9 million online customers doing more than 260 million payments per year. The future in banking is digital and it’s moving quickly. Ivar Jacobson International worked with the team at Nordea to introduce an agile development methodology to accelerate agile adoption within Nordea.
In 2014, Scaled Agile Framework (SAFe ® ) was introduced to Nordea by IJI via training and coaching services. The teams continue to evolve and improve their delivery system with each Program Increment and now other parts of Nordea are inspired to scale agile.
The PI sessions with IJI have given us a heartbeat. Everyone now understands the cycle and how to work which makes it much easier. We know what to do and when to do it. Because of this, our efficiency has increased.”
Head of Test & Quality Management in the Nordics at Digital Banking, Nordea