Sustainability

Financial inclusion, responsible lending and a sustainable organisation

Our sustainability focus areas

Nordax Sustainability Policy describes our work and governance within our sustainability focus areas; 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.

Our contribution to Global Compact's ten principles corresponds with our overall agenda within sustainability, described in the Sustainability Policy: “Nordax shall integrate sustainability throughout its business, taking responsibility for acting and living according to Nordax’s values, and striving for simplicity and transparency. Nordax shall provide products and services that provide opportunities for Nordax’s customers, other key stakeholders and Nordax to make contributions to a sustainable future. Nordax shall drive financial inclusion by constantly adapting our banking solutions to the way we live and work and create opportunities for more people. Nordax shall manage risk, including risks related to environmental, social and governance aspects.”

Financial inclusion and responsible lending

The foundation of Nordax business is financial inclusion and this is also the purpose of each of our products. Over the past years we have intensified our efforts and now pride ourselves of our offerings within mortgages, equity release, credit cards and unsecured consumer loans.

Increased standardization and automation in society are contributing factors to financial exclusion; customers are referred to standardized forms to a higher extent and these rarely work if you have a deviating parameter. Through careful credit assessment, Nordax makes 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. Over the years we have developed best in class underwriting capabilities which is our critical success factor. We ensure our loan customers are financially stable and offered a loan that they can afford. 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.

Our extensive experience in the industry, in various geographical markets and during different economic cycles has provided valuable knowledge and data. This information is utilized to develop models for an advanced data-driven credit review process with high predictability.

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.

A sustainable and green workplace

Leadership and engagement

Competent and motivated employees who enjoy their work provide better service. Thanks to broad competence and personal responsibility, a corporate culture based on participation and decisiveness has emerged. An encouraging atmosphere, short decision paths and a working environment noted for cooperation, job satisfaction and commitment foster motivation.

Leadership at Nordax means understanding and taking responsibility for our business and driving it forward by managing and developing others.
Nordax leaders are responsive, present and focused on leading and developing. Our workplace is characterized by co-operation, joy and commitment.

Equality and inclusion

To consistently be an attractive and modern workplace, Nordax has the ambition to provide competitive and fair salaries and an opportunity for good work-life-balance. Diversity & inclusion means advantages when working together as well as when meeting customers in various markets. The evidence-based recruitment platform was successfully implemented in 2019 to broaden diversity in the company.

IT Information security

To meet customer expectations and ensure long-term sustainability, Nordax holds high standard when it comes to information security. We are committed to avoid having legacy IT-systems hampering our processes and customer service.

Processes

We consider a process-oriented approach based on our financial product offering to be the most customer-oriented and efficient way of working to meet market requirements. A process-oriented approach makes it possible to follow the entire workflow across organizational boundaries and how different parts affect each other. It also provides clarity in how individual employees' tasks contribute to the whole, creating value for the employee and ultimately for our customers.

Environmental impact

Nordax has a relatively limited climate footprint. Our primary areas that have an environmental impact are paper consumption in our product offering and the energy consumption in our workplace. In recent years, Nordax has implemented several initiatives to digitize and automate parts of our operations to lower paper consumption and reduce carbon dioxide emissions. In addition, Nordax compensates the climate for paper consumption through ZeroMission. Nordax has a green lease, environmentally friendly lighting and a green electricity agreement.