Nordic Financial report: The change is visible

We are already witnessing some of the trends that show what the future will look like once banks, merchants and consumers fully tap into their potential. 

Last night at the TechLive! Financial Distribution conference in Oslo, CEO of FinTech Mundi, Susanne Hannestad launched the new Nordic Financial report of 2016.

The project is a result of interviews with more than 30 start-ups and incumbent banks across Europe and the Nordic region. It explores the breadth of the fintech ecosystem and makes the call for the continued support of the region’s raft of upstart innovators as they seek to re-make finance for the digital era.

Here are some of the highlights.

• The report explains, it is the region´s banking culture that has done most to inspire fintech innovation.
• The Nordic fintech ecosystem is establishing itself as a pioneer in the creation of customer-first, digital financial services.

“You need to know your own way. It´s important not to do the same thing with new tools,”

– Fintech start-up Norway.

• The report underscores the degree to which traditions of collaboration and co-operation within the banking sector have fostered the development of a vibrant financial services industry, globally renowned for cost-efficient innovation.
• Easier access to consumers through digital channels, and specifically smartphones, is driving the trend to straightforward products distributed by new fintech entrants, in most cases themselves simple, single product companies.
• Smartphone app use has radically altered consumer demand for innovation, with new products launched more quickly, tested in the open market and continuously refined.
• The big enabler is mobile technology through closed loop cards/mobile applications, digital wallets and mobile money.

“Business models have had to change because people are no longer prepared to pay for what they see as basic services and we strongly believe that the mobile phone is fundamental to delivering quality, low-cost financial services in a way that is completely transparent,”

– Alix Murphy, World Remit

• There is a local enthusiasm for technology and innovation.
• Trust in Nordic banks remains strong, but: in order for banks to maintain a loyal customer base they will need to place an emphasis on customer-first product experiences, and to support the sector´s admirable culture of innovation and collaboration.
• FinTech focus areas of 12 top VC investors since 2007: payments, financial planning, lending and bitcoin.

 * Fintech Distruptors Report “Upstart Banking” Nordic Edition, 2016