Banks throughout the region, including Harald's Union Bank, nearly failed, saved only by government intervention. The banks rushed to merge and cut costs. The same year, Harald was named director of Internet services with the goal of shifting as much business as possible to the Net. That would help the bank cut costs and free up branch employees to sell more valuable services. Before the Net kicked in, the 15 staffers at Nordea's branch in the Jumbo Shopping Mall near Helsinki spent almost all their time on deposits or withdrawals.
Customers love the new e-bank, too.
Even with the lower fees, Nordea saves. And online customers use the bank's services more often. Better yet, Nordea's loyal customer base means the bank doesn't have to get into price wars with online competitors. All told, Nordea has 220,000 online brokerage accounts. Business customers also benefit by moving online.