A specialist bank with a clear focus
Nordax is a nordic specialist bank focused on financial inclusion and responsible lending. The company was established in 2003 and has over the years developed an unrivalled competence within underwriting which is the core of what we do. Nordax offers mortgages, equity release, consumer loans, and savings products and currently serve some 200 000 customers. We help people make informed decisions for a life they can afford.
Nordax employs approximately 300 professionals , all working in one office in Stockholm. Nordax is owned by Nordic Capital Fund VIII and Sampo. Since January 2018 Svensk Hypotekspension (SHP), specialists in equity-release mortgages, is a fully-owned susbidiary to Nordax Bank. Read more about Svensk Hypotekspension here.
Our underwriting process is our core competency, it's thorough, sound and data driven. We pride ourselves in taking no shortcuts. Consequently, our customers can always feel confident they will be offered a loan they can afford. They can always make well-informed decisions in peace and quiet based on transparent and clear pricing models.
Through a centralized and highly scalable platform, Nordax is on a journey to become a leading specialist bank in Northern Europe.
Nordax is supervised by the SFSA and is part of the Swedish deposit guarantee scheme. As of June 30, 2019 lending to the general public amounted to 22.4 bn SEK and deposits from general public to 17.7 bn SEK.
What we aspire to be and what we do every day
The go-to bank for the new normal.
We think differently, solve problems and embrace new perspectives. This way we drive financial inclusion and create opportunities for all.
Times are changing. As is the way we live and work. Nowadays it is fully acceptable to prefer freelancing to permanent employment, to start your own business or to work from home when needed.
Another change is that we live longer and are in better health when we retire. We think all this is for the better – but other banks don’t seem to agree. Or at least they haven’t changed with the times.
No permanent employment? No mortgage. No regular paycheck? No loan to realize your retirement dream – even if you have the assets. At Nordax we think differently. How you live your life is up to you. Society will keep changing. The norm will keep changing. And to stay relevant, the banks need to change too.
That’s why we are on the mission to drive financial inclusion by offering banking solutions designed to fit the way we live and work, today as well as in the future. We create opportunities – for the new normal.
We respect people, pitch in and think differently
We respect people.
We pitch in.
We think differently.
We respect and listen to each other, and we put our heart into everything we do. We see each other as human beings, not human resources.
We listen to what our customers want to achieve and find out what they really need, taking time to understand and explain.
We don’t believe in shortcuts. The best and most sustainable solution always wins, even if it’s with somebody else. We trust people to make the right decision.
We take responsibility for the impact we have.
We like to make things happen and work hard together to reach our shared goals. We are humble and don’t mind pitch in when it’s needed.
We go the extra mile to help our customers and always look at the bigger picture when we try to meet their wishes. We carry out thorough credit assessments and if our customers have problems paying back their loans, we are committed to helping them.
How we live and work is constantly changing. To keep up and stay relevant we need to be responsive and move fast. We challenge traditional stereotypes and expectations on how banks work, both internally and externally.
We are not afraid to question our ways of working and look at how we conduct ourselves. We want to keep developing and become even better.
Times are changing. Permanent employment is in decline and more people struggle to get at mortgage with the traditional banks. At Nordax we keep the door open but without compromising the requirements for our customers’ financial stability.
Our underwriting process is our core competency; it's thorough, sound and data driven. We pride ourselves in not taking any shortcuts. Consequently, our customers can always feel confident they will be offered a loan they can afford. Our customers can always make well-informed decisions in their own time, based on transparent and clear pricing models. This is how we earn their trust.
We ensure our customers are financially stable; most have an income above national average, are homeowners and in the prime of their life. Half of our customers consolidate loans and lower their monthly cost or interest rate. The other half gain access to liquidity, typically as a bridge loan. Around 50% of our customers repay their loans ahead of time.
In the event of a customer getting into financial difficulty, we proactively engage to help. We remind them in advance to avoid extra charges and together try to find a suitable payment plan in order to help them successfully repay the loan.
A successful business going forward
Sustainable business is central for our success. We are convinced that it generates long-term value for us and our stakeholders. If we take responsibility today we increase our conditions to run a successful business going forward. Our sustainability focus areas are Financial inclusion & responsible lending and Sustainable organisation.
Nordax is a member of Global Compact, and our ambition is to support Global Compacts 10 principles as well as UN’s 17 goals for Sustainable Development.
The foundation of Nordax business is financial inclusion and this is also the purpose of each of our products. Through careful credit assessment and personal customer contact, we make affordable banking solutions accessible to more individuals who usually don’t fit in the traditional bank model.
In our mission of driving financial inclusion, our most important process is responsible lending; loans should only be offered to financially stable customers who can afford the loan, and Nordax must not contribute to societal over-indebtedness. The credit review is carried out with good lending practice, based on the customer’s financial situation and Nordax credit policy which is governed by external regulatory requirements.
Read more about our work within sustainability and the focus areas here.
Governance, internal control and risk management
In order to achieve a robust governance, internal control and risk management framework, Nordax has adopted the three lines of defence model. The three lines of defence model is the primary means to structure roles, responsibilities and accountabilities for decision-making and risk management.
1st line of defence – day to day risk management and control Nordax
business units and support functions represent the first line of defence. The first line of defence ensures that clear processes and routines are in place in order to identify, assess, control and report risks.
2nd line of defence – functions that oversee risk
The Risk Control function and the Compliance function forms the second line of defence and are independent from the first line of defence. The primary responsibility of the second line of defence are oversight and review of risk management and compliance issues. The functions develop and maintain risk management policies and methodologies, identify and monitor new and emerging risks and enforce the enterprise risk management framework. The second line of defence reports to the CEO, the Management Team and the Board of Directors.
3rd line of defence – independent assurance
The Internal Audit function is the third line of defence and provides fully independent assurance through reviews and controls of both the first and second line. The third line of defence ensures effective Enterprise Risk Management practices and reports to the Board of Directors.