Team Nerdea the overall winner in the Nordea Innovation Challenge

01-12-14 13:32 | Digital banking

On the theme of Banking of the Future – and in the traditional spirit of friendly rivalry between Sweden and Finland – this weekend Stockholm and Helsinki went head-to-head over developing ideas for a mobile app and a data reading solution.  On Sunday evening, four winners emerged in the Nordea Innovation Challenge, with the overall victor being Team Nerdea in Stockholm, which bagged the prize thanks to its creative and visual solution that helps customers keep track of their expenses.

Over the weekend, the Nordea Innovation Challenge was arranged at SUP46 in Stockholm and Startup Sauna in Helsinki. There were 140 contestants in teams in the 48-hour challenge to create and inspire new digital banking services ideas. The event was arranged by IBM and Nordea.

- The concept of the initiative was to bring together start-ups and students from the entire Nordic region to bring out good ideas together with Nordea, IBM and Apple. The vibes and discussions from all contestants and the creative thinking for banking were positive throughout the weekend – and our customers will benefit from this. We bring back an array of good ideas, and we have learned a lot about what we can improve next time – because I am convinced there will be a next time, comments Christian Bornfeld, head of Digital Banking at Nordea.

On Sunday evening, the four best solutions were named in the categories app and data insight – two in Stockholm and two in Helsinki. The jury was made up of representatives from Nordea and IBM, as well as guest judges appointed by Apple. In Finland, Team Ektara was named the local winner for the best app with a real-time budget planner solution which helps customers consume smartly. The local victory in Finland in the insight category went to Team Multilab, with a data reading solution that helps children learn the value of money.  In Sweden, Team OCR Receipts was the winner in the best app category with its solution that enables customers to scan receipts upon purchase and hence keep track of them. Besides winning the best data insight award in Sweden, Team Nerdea was also the overall victor in the entire contest. Their solution was based on using data insight to analyse and present information about the customer’s expenses in a visual and user-friendly manner.

- The best idea was highly innovative and appealing – a neat way of illustrating customers’ expenses. It will be interesting to see how we drive the concept forward. We will also maintain a dialogue with many of the winners in both Sweden and Finland, and hope to discuss how we may collaborate with them in future and take the ideas to the next level. That was the intention of the entire event – the hope of creating business out of ideas together, continues Christian Bornfeld.

All the winners were awarded a sum of money from Nordea with the purpose of supporting their idea or business ahead.  The total prize money was SEK 50,000. All winners were awarded SEK 10,000 each, and the overall victor, Team Nerdea, was awarded a further SEK 10,000.

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See a video interview with Christian Bornfeld and with the two Finnish winner teams on youtube: