Nordea Wealth Unit’s investment robot is helping bankers arrange deals with customers, accounting to around 4% of the 500,000 people that ask about its savings products every year.
The biggest bank in the Nordics wants to increase the number of people getting advice to 2 million people over the next 2-3 years, it says. The only way it can do that is by introducing Nora, its advice robot, to more customer, which will also help to increase its intelligence.
It uses an algorithm to separate clients into risk groups according to their age and financial history, suggesting suitable investments for them.
“While we’re aware that we’re building something from scratch and that it will take some time to build capital, Nora is doubling its capital and number of customers every six weeks,” Katja Bergqvist, co-head of the wealth management division in Stockholm, said.
The robot is being used to give customers in Sweden advice about how to invest their money and it plans to launch the machine into Norway over the next few months . It also wants to launch the robot in Denmark in the short term.
“We all study and learn from each other,” Bergqvist said. “I don’t really regard the other players as competition, as there’s so much saving and advising going on and Nordea has a huge customer base.”
Nordea has significantly increased its investment into fintech and digital services over the last few months, appointing Bergqvist and Gustaf Unger co-heads of its new Digital Wealth division. It’s part of the entire Nordic financial industry’s shift towards making all services digitised across sectors – specifically finance, Bergqvist added.
“We want to push digital development even more,” which, she says, includes “cooperating with fintech companies and starting partnerships.”