Nordax is a leading Nordic specialist bank that offers competitive deposits and lending to approximately 185,000 private customers in Sweden, Norway, Finland and Germany. The bank was founded in 2003 and conducts the entire business from the headquarters in Stockholm.
Since the beginning, Nordax has been successful in identifying new customer segments in traditional marketing channels, such as direct marketing. Early tests in the online channel generated less successful results, however, they still realised the potential of online when doing it right.
Going from very limited resources allocated to online marketing in early 2018, Nordax were at the stage where they wanted to invest in their digital capabilities and grow their market share in this highly competitive field.
Curamando’s role was to assess Nordax’ current state, and from there identify a long-term strategy and roadmap. The project resulted in a Digital Value Creation Plan that not only described what needed to be changed, but also identified a large number of initiatives to be realised within the next two years. The initiatives were both support and growth initiatives, ensuring Nordax had the right prerequisites and did the right things in order to succeed with their online sales.
Additionally, Curamando delivered a business case where the monetary value of all growth initiatives was forecasted each year until 2023.
The goal was to get a “kick-start”, have a team in place with the right competencies, to start up different online channels and optimise those, implement processes and achieve a more focused and data-driven governance within the online sales.
To not lose time and momentum, Curamando filled some of the positions in the online team during a transition period. This allowed Nordax to immediately start executing on the plan.
Curamando’s six consultants took on the following areas of responsibility:
- Traffic Acquisition Manager
- Content Manager
- Online and BI Analyst
- Web Analyst
- UX and CRO Manager
- Project Manager
- In Q1 2019, a little over six months since Curamando joined Nordax, new lending through online channels for the main markets Sweden, Finland and Norway had increased with 32% Year over Year (YoY) and accounted for approximately 4.5% of total new lending compared to 4% of total new lending in Q1 2018.
- The primary focus was on Sweden, where the corresponding sales increase was 88% YoY
- In Q1 2019, Nordax saw an average increase of 120% in organic traffic (YoY) for all markets which was driven by a combination of widening of the product portfolio, multiple online initiatives as well as branding and advertisement campaigns in traditional off-line media.
- Curamando has implemented process improvements in areas such as governance & KPIs, Content creation, AB-testing & user research, and structure & processes for managing all online media channels (SEM, programmatic, social and affiliate)
Key success factors
- There were clear objectives and activities to act on for the next few years.
- Curamando was part of the client team and could kick-start the implementation of the Digital Value Creation Plan.
- Curamando set up processes and a data-driven workflow, allowing Nordax to optimize the right things.