Cutting-edge automation drives 50% conversion boost for Nordnet
Nordnet, a leading Nordic bank and financial service provider, has achieved success by focusing on digitisation and automation to enhance customer experience. By automating processes, such as B2B customer onboarding and opening accounts for minors, Nordnet has reduced manual labor and costs. Working with Roaring, they have centralised data collection services and optimised data usage.
The automation efforts have increased conversion rates by 50% in the B2B onboarding process. Nordnet continues to embark on numerous automation projects, aiming to further improve their services.
Carl Lönndahl, Head of Change & Systems Management at Nordnet.
Creating the best CX possible
One of the keys to their success has been a determined focus on digitization and automation, in order to provide the best possible customer experience. A focus that so far has led to a degree of automation, corresponding to 45 full-time employees.
– Our ambition is to create an overall, amazing customer experience, which we believe will make us the preferred choice for customers. Digitizing and automating is crucial in today’s world in order to create those experiences. In addition, we can reduce manual labour and costs in the process. Says Carl Lönndahl, Head of Change & Systems Management at Nordnet.
– Working with Roaring means we can gather data collection services in the Nordics under one roof. The fact that we only need to purchase the data we need instead of bulk is also a great advantage.
Conversion rates in B2B are up 50%
Data collection and verification plays a huge part in automating various processes at the bank. Among processes that have been automated so far we find a smooth B2B customer onboarding and power of attorneys, as well as an exciting project involving opening fund and stock depots or investment savings accounts for minors.
The latter is a process that provides 15% of Nordnets new customers, making it a very exciting process to automate and optimize. Even more so, given that it’s a process that is complex and involves signatory rights issues.
Creating an account for minors - Start
Credit: nordnet.se
– Opening an account for minors is something that is quite complex and tricky for parents in general. I would go as far as saying that there is no simple and smooth process for this in any bank today. That fact made it even more exciting to try and create a process like the one we have now at Nordnet.
– Regarding our B2B customer onboarding process, automation has created great value both internally and externally. Our prospects can now complete their business with us, sign up and become customers, 100% digitally with no physical forms or snail mail. This has increased our conversion rates by 50%, while reducing time spent for us handling and assessing applications. Carl continues.
Data usage and next steps
Nordnet is currently using digital data collection and verification as a basis of credit assessment, recurring data cleanses, ensuring data quality and pre-filling forms, to name a few areas of usage.
The automation journey for Nordnet however, is nowhere near its end, with hundreds of projects in the pipeline. We look forward to seeing what’s next!
Nordnet aspires to become the number one choice for savers and investors in the Nordic region. Through innovation, simplicity and transparency, they aim to challenge traditional structures, and give private savers access to the same information, tools and services as professional investors.
