Nordea to reduce 6000 jobs by 2021, robots to take charge

Nordea, the Nordic banking giant has declared it would let go of at least 6,000 employments amid the following four years. One of its reasons is interchanging human positions with “robots”.

Nordea currently has about 32,000 representatives. Chief Casper von Koskull, clarifying the cutback in an announcement on Thursday, said “need to cut expenses” and “change in productivity” were key elements.

The cutbacks incorporate 2,000 outsourced specialists. How the sackings would be circulated in the Nordic region was not indicated.

Nordea said it was going to introduce “robots” that react to client questions on the web. One such robot in Norway has just started working in September and has just answered to 10,000 inquiries which was before taken care of by staff members.

In Finland, this service is expected to begin in December. Mr. Von Koskull said “ artificial intelligence “ will enhance the customer service experience. Pay levels in Finland and alternate Nordics are higher than in Poland.

The news came two days after Nordea reported it had started participation with Apple-pay, now accessible in the Nordic territory.

Analysts have called attention to that following a few years Apple and practically identical organizations could be serious contenders to customary banks. After a difference in enactment one year from now, banks in Finland must enable access to a client’s record to outside administrations, if the client grants.

The media here duly noted that Nordea’s declaration brought memories of the 1990s. Amid that decade the quantity of occupations in saving money in Finland reduced from 55,000 to 25,000 workers.

Source: The Ladders

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