Added: 29.07.2010 10:36
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The impact of e-business to Nordea Bank: the past, present and beyond

No matter where online banking erupts from or where it is today, it is most certainly here to stay..........(Ross Bainbridge)

Nordea Bank is one of the oldest financial entities in the Nordic region and it came as a result of the mergence between between several banks in Sweden, Norway, Denmark and Finland. The concept of electronic banking services was spearheaded and introduced into the bank by Bo Harald, the Vice President of Internet Banking of the bank in about some years ago, specifically 1984 (Stuart B. 2007, 10). Following the successive stories after the implementation of the e-banking operations within the bank, the management has now fused into their operational strategies, the e-banking strategy (Stuart B. 2007, 10-11) where both transactional and non-transactional online activities go on between the bank and clients ranging from customer relations, and post-sales and after-sales services. With this technological turn, the main benefits observed to occur in the bank’s operations that can equally be sought after by other banks include increased communication, network building, collaboration across organisational boundaries, focus on measuring contribution and outcomes, flexibility in work hours and job design, faster response times to tasks, promotion, convenience for clients, and among other related benefits.

Notwithstanding these benefits, with the burgeoning increase in online theft, account blockade by hackers, and viruses, the single and vital question one would enquire is whether Nordea has all it takes to be resilient to the illegal activities against financial security and personal privacy that goes on online. In case of any botnet threat by hackers like what happened to Estonian banks and Kyrgyzstan in some years ago, will the bank be able to stand the test of time?

References:

Stuart B. 2007. E-commerce and V-business-Digital enterprise in the twenty-first century. 2nd edition,

http://defensetech.org/2009/01/30/russia-now-3-and-0-in-cyber-warfare/ ,

http://www.wired.com/politics/security/magazine/15-09/ff_estonia

Research question: Does Nordea Bank has the capacity to withstand the current and future illegal online activities

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