How Nordic banks can stay customer-focused in times of change

Moderated by our own Anders Olofsson, the panel featured Taru Möller, Head of TxB Strategy Office at Nordea, and Robert Pehrson, Head of Payments & Accounts Sweden at Swedbank. The discussion shed light on common challenges and explored how banks can remain competitive and customer-focused in times of large-scale transformation initiatives and increasing regulatory demands.

The banking industry is undergoing significant transformations, driven not just by technological opportunities but by an increasingly complex regulatory landscape. Initiatives like PSD3, ISO 20022 migration, and national instant payment systems such as RIX-INST are reshaping how banks operate. Against this backdrop, banks must also modernize legacy systems and still find ways to deliver relevant services for their customers.

While regulation can act as a constraint, both panelists acknowledged that it also serves as an enabler of innovation, setting common standards and accelerating digital resilience. Nordea’s Taru Möller highlighted that compliance is not simply a cost of doing business, it is a strategic requirement. She also emphasized that banks must embed small wins and incremental innovation into large-scale transformation programs.

Both representatives from Swedbank and Nordea also highlighted the importance of defining a clear transformation path that leaves space for customer-facing innovation.

Competing at the edge while securing the core

While competition at the point of payment is increasing, Möller explained that Nordea does not aim to dominate every customer interaction. Instead, the bank focuses on the most meaningful touchpoints, those where it makes sense to own the customer relationship. Rather than trying to out-innovate fintech’s in every area, Nordea embraces openness and collaboration, choosing to engage where the bank can play a meaningful role and add long-term value.

As new payment infrastructures allow for richer data flows, both panelists also pointed to data as a key differentiator. Banks are well-positioned to offer personalized, proactive services if they can unlock insights from payment patterns, financial behaviors, and AI-driven analytics while ensuring compliance with evolving privacy and security frameworks.

Swedbank’s Robert Pehrson emphasized the broader strategic value of data and the potential to improve not only customer experience but also internal processes such as fraud detection and anti-money laundering.

“It’s about working more effectively while preserving trust,” he said.

Enabling long-term transformation projects with the customer in mind

The discussion closed with reflections on how to lead multi-year transformation projects. Robert Pehrson noted that while regulation often drives the agenda, it’s important to maintain a relevant scope and ambition.

“So, I think you have to have a relevant scope and ambition and then work with good partners and find opportunities as you go to innovate and make improvements,” he said.

Taru Möller emphasized the need for a clear transformation path and roadmap.

“Many times, it can be five to ten years to actually make a transformation,” she said, highlighting the need to integrate signals from regulatory changes and reassess priorities along the way.

“We take for granted that the customer comes first, but how can you embed these improvements, incremental smaller innovations as a part of that journey so that you can continuously continue to be relevant and also understand the new arising needs the customers have?”

“So, I think you have to have a relevant scope and ambition and then work with good partners and find opportunities as you go to innovate and make improvements."

Robert Pehrson, Swedbank, reflects on regulation

At Tietoevry Banking, we share this view: regulatory demands and infrastructure investments should be seen as catalysts for value creation. By using standardized, modular, and compliant solutions with cost-sharing models, banks can focus where it truly matters – the customer interface – enabling them to move up the value chain and differentiate their offerings toward their customers.