20 May 2018
Bo Harald

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Bo Harald - ZEF, Transmeri, Demos, Real Time Economy Program

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Disruption in Retail Banking

Growth in internet and mobile technologies has transformed many industries and economies. The market forces and competitive landscape has completely changed in many sectors. iTunes has fundamentally changed music industry, Amazon has driven most big brick and mortar book sellers out of business, Expedia is one of the worlds' biggest travel company….. the list goes on. Internet and mobile technologies are big disrupters for most industries. What started (and tapered a bit!) with the dot com boom of 2000 has become a lethal threat to most business models today. Powered by mass adoption in mobiles phones, proliferation of smart phones and cheaper band-width, internet and mobile technology have changed many industries. The banking industry in has been dominated by a handful of big global or regional banks for 100s of years. While the credit crisis has shaken this industry, the core market forces for the industry have not changed. Will Innovation in Internet and Mobile technologies disrupt retail banking? Will there be 5 new names in global top 10 retail banks in 2020?

Finland 100 years

09 December 2017  |  6132 views  |  0

Finland celebrates its 100 years of independence this year. Being attacked in 1939 by the Soviet Union was a particularly painful part of the journey. The progress after the war - from an agrarian country with some forest industry - has been good. There are now a fair number of Finnish companies amongst the globally leading in several sectors. 

Nokia is, of course, the best known - mostly because of its now divested handset business. For a small country (5 million) to give birth to a globally leading (for 14 years - often selling more than a daily average of 1 million handsets) consumer electronics actor was eye-opening. Also that such a position could be lost. But Nokia continues as one of the top 2 in the network business and the numerous start-up activities demonstrated at the huge Slush-event is a promising sign for new growth.

The financial sector has for its part also brought some important gifts to the celebrating country and - I dare say - to the world. With home-e-banking launched in 1982 and later expanded into "connecting customers" ecosystem elements like e-id services, e-invoicing, e-commerce payments and e-salary the banks have demonstrated that there is significant new dimensions of customer value to be delivered. The success story - which now is about to be continued with e-receipts - has been possible by co-operation in standardization and thus strengthened competition. Nordea Bank - a Finnish initiative - took these concepts to the other Nordic countries. 

Looking forward into the data-driven economy and Single European market we know that trust will be the currency of interaction. From this angle, it is particularly pleasing to note the banking sector's e-ID service in this jubilee year will be used 100 million times. What gift could be more important?




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