The Finnish financial sector responds to digitalisation by developing new services

Abstract

The rise of digitalisation and financial technology (FinTech) companies is one of the hottest trends in the financial markets. Lower prices for computers, an increase in mobile equipment and the improved availability of applications have in recent years shaped the behaviour of customers and the operating environment of the financial sector. The exploitation of digitalisation and its impacts have thus been in the spotlight. Even though the cost efficiencies provided by information technology are in the longer term clearly observable, the actual impacts of digitalisation and new technology in the financial sector are still somewhat unclear.

The FIN-FSA performed a survey to examine changes in the operations of its supervised entities, particularly from the perspective of digitalisation.1 The FIN-FSA survey also looked into how supervised entities have prepared for changes in the operating environment, the risks the sector is exposed to and the sector's views on digitalisation. The survey was targeted at the entities supervised by the FIN-FSA, i.e. banks, insurance companies, investment firms, fund management companies and payment institutions.