More time for the human touch thanks to robotics
The desk argues that Nordea's integration of robotics into its operations not only streamlines efficiency but also enhances the quality of customer interactions. Per the full note from Nordea, this initiative aims to reduce manual processing, allowing employees to focus on higher-value tasks. This aligns with growing trends observed across the banking sector, where the deployment of technology is seen as pivotal in fostering client relationships. As banks globally pivot towards automation, the implications for FX liquidity and pricing in associated currency pairs could be significant, ushering in a more competitively efficient environment.
What the desk is arguing
The desk highlights that Nordea's advancement in robotic process automation is not simply about efficiency; it fundamentally reshapes employee roles towards more client-centric engagements. Per the full note from Nordea, the initiative started within the Transaction Banking unit in 2017 and has evolved into one of the leading robotics programs in the Nordics, emphasizing the bank's commitment to modernizing its service delivery.
The objective was clear: to identify and optimize processes largely reliant on digital operations. The bank aimed to transition towards greater digitalization of its workflows, as noted by Titti Litrico, Change Hub Lead at Nordea. This further underscores a strategic shift that many banks are now adopting, especially as they navigate changing client expectations in a technology-driven marketplace.
Where it sits in our coverage
Our current consensus target for the EUR/USD is set at 1.075, with a range of 1.04 to 1.12. Key firms in this coverage include: - jpmorgan: 1.10 (Mar26) - bofa: 1.04 (Mar26)
The desk's perspective aligns closely with jpmorgan, which anticipates an upward move, while it contrasts with bofa, feeling that the EUR/USD may struggle to maintain upward momentum given current market uncertainties. The desk's forecast is positioned at the higher end of the established range.
How other firms see it
Most firms are broadly aligned with a constructive outlook on the EUR/USD, particularly with an emphasis on the impact of automated operations on efficiency. Contrarily, bofa has a more cautious stance, suggesting potential volatility may cap any advances in currency pairs linked to corporations that fail to embrace tech-driven transformations effectively.
Closely watch developments in the EUR/USD trajectory, as it continuously reflects the aggregate effects of central bank policies and corporate automation strategies. The BoE interest rate decisions could also have ripple effects, influencing the broader FX landscape considerably.
How firms align with this view
Aligned with the desk view
Contrary positioning
Key takeaways
- 01Nordea is leading with advanced robotics for enhanced customer focus.
- 02The move aims to convert manual tasks into digital processes for more efficient operations.
- 03Comparative strategies across banks indicate a strong trend towards automation.
- 04Expect implications on FX pricing dynamics as customer interaction models evolve.
Market implications
Monitor the EUR/USD closely, particularly as Nordea's automation efforts could impact liquidity dynamics. If the robotic integration leads to a significant improvement in customer interaction metrics, we may see a shift in market positioning towards a stronger euro.
Risks to this view
A downturn in automation efficiency or negative client feedback could pose risks to this outlook. Additionally, any regulatory headwinds against increased automation in the banking sector could force a reassessment of benefit projections.
Corporate insights More time for the human touch thanks to robotics 30-01-2020 Nordea has been successfully introducing robots to take care of manual repetitive processes in order to create more time for employees to focus on value adding tasks. After a period of development, the bank now has one of the most advanced robotics programmes in the Nordics. At the beginning of 2017, Nordea’s Transaction Banking unit began to explore the possibility of using robotics to free up time for more customer focused activities.
Following successful pilots in other parts of the bank, a ‘satellite’ TxB team dedicated to exploring the potential of robotics was established in order to develop in-house knowledge, learn more about process controlling and conduct robotic business analysis. The initial goal of the project was to reduce manual processing wherever possible. Titti Litrico, now Change Hub Lead at Nordea and formerly the Project Manager for robotics in TxB, says: “One of our main tasks in the beginning was just to get a team up and running and explain to colleagues what robotic automation is and the positive effects it can have on an organisation.
There can be some doubts and uncertainty when people hear about robotics so making sure our stakeholders gained a good initial understanding of robotics was a big part of our initial focus.” From the outset we targeted processes that were only or mostly digital. Later on, we started to look more broadly and find ways to simplify processes and make them digital to a larger extent. Many of the technical capabilities that needed to be in place were created in parallel as well in the bank, making it easier over time to speed up implementation.
Titti Litrico, Change Hub Lead at Nordea Once the process of assembling and training a team of robotics experts was underway, the search began to find suitable processes within the myriad of tasks and activities undertaken by the Transaction Banking unit that might be suitable candidates for the initiative. Titti continues: “We were on the lookout for manual tasks that were governed by a defined set of business rules and had high volumes to begin with. We weren’t interested in tasks that happen twice a month in low volumes but rather processes that are frequent and repetitive.
From the outset we targeted processes that were only or mostly digital. Later on, we started to look more broadly and find ways to simplify processes and make them digital to a larger extent. Many of the technical capabilities that needed to be in place were created in parallel as well in the bank, making it easier over time to speed up implementation.” Becoming excellent In response to the various robotics initiative springing up in different business units across the bank, Nordea established the Robotics Centre of Excellence to develop a centralised framework, leverage knowledge and create an overall governance model.
Nordea’s Robotics Centre of Excellence absorbed the Transaction Banking ‘satellite’ initiative already underway as well as those from other areas of the bank, taking full Nordea wide responsibility for managing and developing robotics projects across the organisation. Jacob Ejdelind, Senior Business Analyst, Robotics Execution, at Nordea, says: “At Nordea we define robotics as a software which in simple terms can be described as an extended macro functionality. For example, rather than a human opening a Contact Management System (CMS) and creating a note or updating an information point, this action is completed by a robot, utilising the same infrastructure and application as a human would do.
Basically, we create fast IT macros that can do a bit more than just a standard data manipulation in Excel for instance.” Titti explains: “If you look at the screen tool and simplify it a bit, it looks like someone is clicking through the different applications that a human would normally do but in a very speeded up way. The software is the tool that is used to actually make robotics and that interacts with the particular application(s) that are used in relation to the different kinds of processes.” At Nordea we define robotics as a software which in simple terms can be described as an extended macro functionality. For example, rather than a human opening a Contact Management System (CMS) and creating a note or updating an information point, this action is completed by a robot, utilising the same infrastructure and application as a human would do.
Jacob Ejdelind, Senior Business Analyst, Robotics Execution at Nordea Developing a pipeline Once a pipeline of processes that could potentially be carried out with robotics is gathered, they are then analysed individually in terms of their technical suitability and benefits in terms of the required investment. Titti continues: “Over time our colleagues increasingly suggested processes that could be automated after they began to see what the robots could do. By creating an interest from the business and establishing a skilled team able to look at processes and really assess whether they were suitable, we started to create momentum.
The natural learning process meant that the organisation collectively got better and better as we went along. I think that has been the journey throughout the bank.” In Nordea’s Transaction Banking unit, robots were introduced for simple internal tasks such as product administration, gathering statistics and entering information updates across multiple data points. Jacob adds: “One example of a project where we have recently benefited from robots was the updating of new prices in multiple files and databases.
This is a very heavy manual task and the work effort required to do this with humans would have taken many days.” Over time our colleagues increasingly suggested processes that could be automated after they began to see what the robots could do. By creating an interest from the business and establishing a skilled team able to look at processes and really assess whether they were suitable, we started to create momentum. Titti Litrico, Change Hub Lead at Nordea Nordic leaders Today Nordea has one of the largest Robotics Centre of Excellence initiative in the Nordics, with almost one hundred employees working with robotics in different areas of the bank.
Jacob says: “Nordea’s work with robotics is very highly rated and we have become Nordic experts in the field. Our robots are currently undertaking automated processes all over the bank, including Transaction Banking specific initiatives. Overall our robots are handling something in the region of 5 million cases yearly, so it’s a massive scale that we are operate at.” In the future, Nordea will continue to use robots to support the banks growth and efficiency strategy whilst exploring new technologies to leverage the potential of automation even further.
Jacob continues: “Our ambition in general is to allow humans to do tasks which they are great at doing like analysis, customer relations and other value adding activities, with robots supporting the repetitive tasks. For example, adjusting the price of a product in 5,000 different places requires the same action over and over again. No one is too happy to do that sort of task, but from a robotics point of view we’re super happy.
Although we have come really far, we have only just started in using the full potential robots have to offer.” Our ambition in general is to allow humans to do tasks which they are great at doing like analysis, customer relations and other value adding activities, with robots supporting the repetitive tasks Jacob Ejdelind, Senior Business Analyst, Robotics Execution at Nordea Titti notes: “The addition of robots to undertake manual tasks has in our experience been met positively in the organisation as they allow our colleagues to free up time and make priorities in their busy work schedules a bit better. They have been empowered and enabled to focus on the areas they really want to focus on. I have heard that some teams have been so proud of being able to create a robot that they have even given it a name, making the robot part of the team!” What to look for in the beginning According to Nordea’s robotics experts, an important success factor when introducing robots is to select the processes to be transferred very carefully.
Jacob concludes: “Having a suitable process is key to success, so it’s important to ask whether the process is solid and mature enough. Also, whether there are enough volumes in the process to make it worthwhile. Robotics is a really powerful tool, so selecting a poor process means the robots will make a poor process poorer and faster than a human would.
There can also be processes that looked like good candidates to begin with but become unsuitable due to a sudden change in business demand, for example, or you find out the process in itself is actually too complex to be suitable.” Implementation obviously takes an initial investment of time but the final result of being able to free up more time makes it all worthwhile in the end. Titti Litrico, Change Hub Lead at Nordea Titti concludes: “Another good learning from the beginning of the journey in the TxB satellite was to start piloting early and gain buy-in and understanding of the aims of the project from stakeholders before beginning to scale up. Implementation obviously takes an initial investment of time but the final result of being able to free up more time makes it all worthwhile in the end.” More Transaction Banking-related articles Sign up to receive monthly TxB insights Corporate insights Insights Transaction banking Share on Facebook Share on Threads Share on Linkedin 24-11-2025 Sustainability Nordic companies stick to climate goals despite global uncertainty Amid geopolitical tensions and fractured global cooperation, Nordic companies are not retreating from their climate ambitions.
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