Getting connected with Nordea Connect

The Retail Experience Live event in Stockholm is one of the leading e-commerce gatherings in Sweden. Nordea’s new payment service provider (PSP) offering Nordea Connect garnered attention at the two-day conference with its promise of bringing flexibility, trust and simplicity to e-commerce.

Retail Experience Live showcases exhibitors from the world of e-commerce and was the first event to see Nordea Connect exhibited. The new solution provides the core of the banks’s new e-commerce offering and consolidates the most relevant Nordic payment methods for merchants in one unified set up.

Damon Amoui, Head of Business & Merchant Offering at Nordea, says: “Nordea Connect utilises our market position, vast payment experience, relations and partnerships to create a solution that ties together our traditional banking services with our new digital payment services. We are continuously looking at how we can best add value for our merchants and their end consumers and create new products and services that are both relevant and useful.”

Damon says: “As Retail Experience Live is a free event it brings in all sorts of attendees which is always a good thing because you’re able to meet people that aren’t fully in the e-commerce world yet but are considering it. We have a lot of those type of customers in our portfolio, the more traditional non-retail companies that are also interested in venturing into online payments. It’s also a great place for us to launch Nordea Connect for real as even though we have been around for a couple of months, this is our first real market exposure. We are able to test our concepts on customers where we gain quick feedback and we are also of course able to generate valuable leads.”

All shapes and sizes

During the two-days, the Nordea Connect stand was visited by a variety of different companies, competitors and potential interested partners.

Damon continues: “We had all sorts of visitors, from existing customers to customers that are unhappy with their current business banks and are looking for a complete solution. Most people were unaware of Nordea’s e-commerce initiatives and it was very exciting to hear their positive reactions.”

For Damon, the factors that can be decisive whether an online business is successful are relatively the same for both large and small companies:

“All sorts of businesses are today looking towards digitising their services and adding more online payment touchpoints. This is partly driven by consumer preferences but also to increase profitability, add intelligence to purchase and payment processes and to enable up-sell and cross-selling possibilities. We’re also seeing that essentially everything is comparable and accessible today and changing between companies has become easier than ever. These are all areas that offer great potential, but they can create some challenges for companies that are used to operating in a different way.”

All sorts of businesses are today looking towards digitising their services and adding more online payment touchpoints. This is partly driven by consumer preferences but also to increase profitability, add intelligence to purchase and payment processes and to enable up-sell and cross-selling possibilities.

Damon Amoui, Head of Business & Merchant Offering at Nordea

“Customers are used to instant gratification today, where things should just work and ideally on their terms. Best practice has been built by key players like Amazon and Apple, and users have adapted and become used to the convenience, efficiency and simplicity that they have been able to provide,” adds Damon.

Making it work

In order to become a success in either the B2B or B2C space, a few critical points need to be addressed.

Damon explains: “One of the key reasons for dropping out of a purchase is a lack of safety or due to not having the customers’ preferred payment method as an option. It’s essential that a PSP solution can offer a selection of payment methods in order to increase the chances of a customer completing a purchase. Consumers now have multiple ways of accessing instant feedback related to a purchase they are about to make. Therefore, it’s important to encourage social proofing. Customers trust other customers, which is why sales driven from review sites are reaching all-time highs.”

“As the online space is cluttered and congested with information, users are increasingly starting to expect relevance in their interactions. Companies that can provide this will do better than others. Therefore, building long-term relationships and striving for loyalty with end consumers is key. Also, there’s no one-size-fits-all in the online space. Trying to understand who you’re selling to and designing your service to better meet their needs and wishes is well worth the effort.”

One of the key reasons for dropping out of a purchase is a lack of safety or due to not having the customers’ preferred payment method as an option. It’s essential that a PSP solution can offer a selection of payment methods in order to increase the chances of a customer completing a purchase.

Damon Amoui, Head of Business & Merchant Offering at Nordea

Bringing Nordic value

At Retail Experience Live, attendees were also interested in Nordea Connect’s pricing model which charges a transaction fee from merchants instead of charging variable fees or a percentage, which reduces costs. Nordea Connect’s Nordic wide coverage, adaptability and holistic offering also proved to be key talking points.

Damon adds: “Nordea’s brand is incredibly strong in all of the Nordics. By partnering with us you also become an early subscriber to the changes in the Nordic payment infrastructure. Our service is quite modular, so customers can choose to only utilise parts of our service or have us handle their entire online payment experience. Of course, pricing is also relevant but not the most important factor.”

“The one thing that we saw and the one thing that we have firmly believed in Nordea Connect for quite some time is the simplicity you can gain from one consolidation and integration. Having a one stop shop is becoming even more important today and we are able to provide a comprehensive checkout solution. We often hear from e-retailers that ‘we’re using X supplier for Swish, Y supplier for cards’ and so on. It’s becoming quite complex to deal with so for us to also be able to offer a one stop shop creates great value. Of course, one of our key strengths is that we are Nordic and that is part of our DNA, that is what we stand for. Being able to give access to the Nordic market in one simple integration with one party (Nordea) is the great value we can offer beyond just us bundling our different banking services.”

Oops! Allow Marketing cookies to view content like this from Nordea

The one thing that we saw and the one thing that we have firmly believed in Nordea Connect for quite some time is the simplicity you can gain from one consolidation and integration. Having a one stop shop is becoming even more important today and we are able to provide a comprehensive checkout solution.

Damon Amoui, Head of Business & Merchant Offering at Nordea

Connecting with the market

After a positive two days, the Nordea team are now ready to bring the full value of Nordea Connect out into the market place.

Damon concludes: “Offering flexibility, trust and simplicity were of course something that people were very interested in. One of Nordea’s key business objectives is to help customers on their digitalisation journeys and e-commerce is a key part of that. We have been supporting our corporate customers on their business journeys for many years and have now evolved our offering to a range of different e-commerce services to meet their online needs. We’ve built Nordea Connect to support both small and very large companies in achieving their online ambitions. As part of our e-commerce services, we are also packaging Nordea’s comprehensive payment expertise and provide expert opinions on how the payment and e-commerce landscape is changing so our merchants can adapt their businesses.”

Find more information on Nordea Connect, contact Damon on Damon.Amoui@nordea.com

Read more Transaction Banking-related articles and sign up to receive monthly TxB insights.

 

 

The information provided within this website is intended for background information only. The views and other information provided herein are the current views of Nordea Bank Abp as of the date of publication and are subject to change without notice. The information provided within this website is not an exhaustive description of the described product or the risks related to it, and it should not be relied on as such, nor is it a substitute for the judgement of the recipient.

The information provided within this website is not intended to constitute and does not constitute investment advice nor is the information intended as an offer or solicitation for the purchase or sale of any financial instrument. The information provided within this website has no regard to the specific investment objectives, the financial situation or particular needs of any particular recipient. Relevant and specific professional advice should always be obtained before making any investment or credit decision. It is important to note that past performance is not indicative of future results.

Nordea Bank Abp is not and does not purport to be an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction.

The information provided within this website may not be reproduced, distributed or published for any purpose without the prior written consent from Nordea Bank Abp.

Related articles