Nordic banks go digital

Abstract

The Nordic countries are the most digital societies in Europe, which is also reflected in past and future investment within the Nordic banking sector in digital business models. Keeping up with digitalisation helps these banks respond to the competition posed by new FinTech actors. Elsewhere in Europe, the banking sector as a whole is not as digitally advanced. In the longer term, the lack of a digital strategy may weaken individual banks’ position in the provision of various financial services. A material shift in this activity from banks and other closely regulated and supervised entities to loosely regulated actors could give rise to new kinds of risks.