Customer co-creation keeps Nordea's mobile bank on the cutting edge

Johannes Rastas, head of Digital Banking within Personal Banking.
19-09-03 16:52 | Digital banking | The Digital Hub

We sat down with Johannes Rastas, head of Digital Banking within our Personal Banking unit, to talk about Nordea’s new Mobile Bank. The new version of the Mobile Bank was launched in Finland and Sweden last year and has recently gone live in Denmark. Norway will follow.

1. Johannes, a new way of working with the updates of the new Mobile Bank has been to use feedback-loops from customers, thus making sure that the updates we are making, are in fact relevant to our customers. How has this way of working panned out?

We have worked very hard to involve our customers in the development process. For example, we are utilizing design-thinking methodology to co-create new solutions with our customers. We also use in-depth app analytics to ensure that the app is performing as expected, and we have numerous feedback channels to capture critique and suggestions from our customers. We have accumulated more data than we have ever done before and it is being actively used to plan the releases. This is a fundamental tool in ensuring that Nordea Mobile meets and exceeds the needs of our customers. While we sometimes have had temporary hiccups, we do see an increasingly positive trend in the qualitative feedback as well as in the app ratings. This really energizes us to further improve the best banking experience in the Nordics.

2. Was there any customer suggestion or feedback that was of extra value for the development of the new Mobile Bank?

Getting feedback on technical issues and on how to improve the experience is immensely valuable. We are very fortunate to have so many passionate customers who are willing to help us improve. One very visible change based on customer feedback is the visual style of app. The initial graphics and colours were perceived as being plain and impersonal.  Another great example is the feedback we received from a visually impaired customer. This input and perspective helped us make life much easier not only for this customer but for many more of our customers. So a big thank you once again (you know who you are).

3. What is the next step for you team?

We have just recently launched Nordea Mobile in Denmark, in addition to Finland and Sweden. That leaves us with Norway, where a launch will follow later this year. In terms of new features of the app, there are still plenty of opportunities to make the experience easier, more effortless and more relevant. We are pushing out updates every couple of months and expect to pick up the pace. In parallel, we have created some innovative new concepts, which we hope to surprise our customers with in a very positive manner, in the near future. That being said, we don’t think we should stop with the mobile platform.

4. Is it manageable to constantly develop a product, or do you feel that some features are getting out of “fashion” even before you have deployed them? 

The world, and our customers, are moving faster than ever before so it is a challenge. To overcome it, we have deployed for example SAFe agile, devops, and design thinking to make sure that our development-cycle times are continuously improving and helping us to stay ahead of the curve. We also have fintech partners who are helping us provide the best-of-breed solutions for our customers as part of Nordea’s total offering.

5. What would you say will be the biggest challenge in digital banking the next couple of years?

With banks, neobanks, fintechs, investment advisors, and big techs all going digital there will be a plethora of financial services and solutions for the customer to choose from and to mix and match. For the customer the freedom will result in complexity - how to stay on top of all my financials?

For banks and other service providers it is about staying relevant, differentiating themselves from others and, ultimately, about how to create a customer relationship that drives preference and good business. Spending money to build something is always easier than making it back.

Read more about launch of Mobile bank in SwedenMobile Bank in Finland, Mobile Bank in Denmark and also previous Blog post from Johannes Rastas about the development of the Mobile Bank

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