Banks across Denmark and the wider Nordic region are drawing inspiration from one of the country’s most beloved exports — LEGO — to build flexible, Cards-as-a-Service (CaaS) platforms capable of delivering personalised, digital-first card experiences at scale.
According to Nikolai Kjærsgaard Andersen, director of sales for Denmark at Tieto Banktech, rising consumer expectations for personalised services and intensifying competition are driving banks throughout the Nordics and across Europe to look to the iconic Billund-based toymaker for a new blueprint. Today’s consumers expect the same seamless, rapid experience from their bank that they enjoy when shopping online — whether that’s checking a balance digitally or tapping a card at a point-of-sale terminal.
Sticking the pieces together
The connection between a toy manufacturer and modern banking lies in the concept of modularity, Andersen explained. Just as LEGO bricks can be assembled in countless configurations to build almost anything, CaaS platforms allow banks to combine components flexibly and efficiently to deliver what customers need. Payment cards remain deeply embedded in Danish consumer behaviour — favoured by 91% of Danes and used in 67% of all transactions — making the case for a composable, platform-led approach to card services all the more compelling.
CaaS allows banks to accelerate the launch of new products by outsourcing every element of card issuance — from technical infrastructure and card production to network integration and transaction security — through a single API integration with a card services provider. Beyond speed to market, the model also reduces the need for costly in-house infrastructure and specialist staff, helping banks manage overheads and improve operational efficiency, they said.
A platform already in action
Tieto Banktech currently partners with a Tier 1 Nordic bank to deliver products across nine separate card portfolios in multiple markets. The arrangement operates through a single administration tool and a unified contract covering all portfolios. Using a multi-tenant approach, the bank and all of its subsidiaries are able to issue a full range of payment products — from commercial cards to Apple Pay — via one platform and interface.
Beyond the operational basics, working with an experienced CaaS provider gives banks access to market-leading expertise in transaction security and regulatory compliance. That means both customers and institutions benefit: consumers are better protected, while banks receive ongoing guidance on staying compliant with evolving industry standards.
Building a flexible financial future
CaaS also opens the door to extensive customisation. Banks can tailor card designs to reflect their brand identity, offer sustainable materials, introduce personalised aesthetics, or produce notch cards for visually impaired customers. Newer features such as instant and virtual card issuance, buy now pay later (BNPL), and mobile wallet compatibility can be rapidly integrated into existing card programmes, keeping banks competitive in a fast-moving market, Andersen said.
The model equally enables banks to collaborate with third-party partners to develop and launch innovative new products with full security and speed. In the employee benefits space, companies such as Brex and Ramp have partnered with banks and CaaS providers to create branded corporate expense cards for their clients. Meanwhile, major European retailers including Sainsbury’s in the UK, Carrefour in France and Spain, and IKEA in Sweden have worked with their banking partners and CaaS providers to roll out own-branded BNPL products tied to store cards — a category proving increasingly popular with consumers.
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