What is digital banking?

Digital banking is when banking customers use financial apps or websites to carry out financial transactions or activities online. Some examples of digital banking activities are:

• applying for a loan online through a bank website or an app – and subsequently maybe even signing it online
• transferring cash in a bank app on your cell phone
• paying bills
• having an online meeting about refinancing your mortgage loans
• checking account statements on your cell phone

Why is digital banking so popular                                       

Digital banking is about making people’s everyday lives easier and enabling them to be much more in control of their finances. You can trade stocks easily. You can check your savings and accounts easily. You can transfer money from one account to another easily. You don’t need to call somebody, or visit a branch office, to ask for help – you are in charge. Today’s digital banking solutions will often also get smarter as you use them and can connect with other banks and service providers which gives you an exact overview of your financial situation.  

A lot of people truly appreciate this financial empowerment:

For us at Nordea, digital also means personal. It’s always up to you as the customer to decide how you want to interact with us, whether it’s by getting help online from a robo-adviser, getting personal advice at a branch office or by having an online meeting with an adviser in the convenient comfort of your home.

We can see digital banking has become immensely popular with our customers – and this trend continues:

• We have more than 1 billion digital engagements per year and around 4 million digitally active customers in the Nordics.

• We had 22% more monthly logins to our digital services in 2021 compared with 2020.

• The Nordea mobile banking app now has more than one billion logins annually.

How we help customers become more digital

You cannot be empowered by digital banking if you don’t know how to use it – or simply feel insecure. That’s why we at Nordea not only create digital solutions – we also help our customers use the digital solutions. Our efforts are targeted customers of all ages and include:

• Customer meetings at our local offices where we educate our customers about personal verification and money transfer apps and our own mobile banking services.
• Targeted webinars for seniors and their relatives, where we introduce them to the simplest banking services for a smooth everyday life, as well as advise relatives on how they, in turn, can help a relative to get started or progress with digital banking services.
• Simple instructional videos that show step by step how to carry out some of the most common banking transactions digitally.
• Targeted webinars for parents, where we help parents understand how to talk to their children and teenagers about money and what to watch out for.
• Educational activities to help schoolchildren manage their personal finances.
• Review of tone and simplified language in our communications to reduce the risk of fraud.

Why is Nordea the best digital bank

Nordea has won numerous awards for our digital banking. In 2022 we were rated as Sweden’s best digital bank by the independent European rating bureau D-rating. The assessment was based on nearly 400 indicators related to customer journeys, contact paths, mobile apps and web features, and our customers' ability to access value-creating banking offerings. In Denmark, a Voxmeter survey has also shown high customer satisfaction with our digital banking solutions. And the research company Autonomous ranked Nordea as one of the six banks being a true digital leader globally (second quarter of 2022.)

We are also very proud of the fact that our mobile banking app was rated more than 4 out of 5 stars in the Apple and Google Play app stores in all the four Nordic countries in 2021.