For Nordea Bank, one of the largest financial institutions in the Nordic region, maintaining regulatory compliance while delivering exceptional customer experience presented significant challenges. The bank was facing increasing pressure from regulators to enhance its KYC (Know Your Customer) and KYB (Know Your Business) processes without creating friction for their valuable business clients.
The Challenge
Nordea's business banking division was struggling with:
- Growing regulatory requirements for business verification
- Increasing customer complaints about lengthy onboarding processes
- Resource-intensive manual verification procedures
- Inconsistent data quality across different systems
"We were caught between regulatory demands and customer expectations," explains Anders Nilsson, Head of Business Banking Compliance at Nordea. "Our existing processes were creating bottlenecks that affected both compliance quality and customer satisfaction."
The Leggit.se Solution
After a thorough evaluation process, Nordea implemented Leggit.se's KYC/KYB solution across their business banking operations. Key solution components included:
- Automated business verification against authoritative sources
- Risk-based approach that adjusted verification depth based on client profile
- Digital identity verification for business representatives
- Continuous monitoring for changes in company structure or ownership
- Seamless integration with the bank's existing core banking systems
The Results
Within six months of implementation, Nordea achieved:
- 68% reduction in business onboarding time - from an average of 7 days to just over 2 days
- 42% decrease in compliance-related customer complaints
- 93% of business verifications completed without manual intervention
- 100% compliance with the latest regulatory requirements
"The impact on both our compliance posture and customer experience has been remarkable," says Karin Svensson, Chief Digital Officer at Nordea. "We've transformed what was once a pain point into a competitive advantage."
Ongoing Benefits
Beyond the initial implementation, Nordea continues to realize benefits from the Leggit.se platform:
- Automated alerts when client companies undergo significant changes
- Enhanced ability to identify potential risk factors early
- Simplified regulatory reporting with comprehensive audit trails
- Scalable solution that grows with their business client base
"What started as a compliance project has evolved into a fundamental improvement in how we serve our business clients," Anders concludes. "The data-driven approach has allowed us to be both more thorough and more efficient."