22 July 2017
visit www.avoka.com

Nordic banks view fintech collaboration as the way of the future

10 February 2017  |  11988 views  |  0 Collaborate

Often viewed as a bellwether for advances in banking technology, the Nordic markets are experiencing a significant spike in collaboration between banks and fintech startups.

According to the “Innovation. Delivered: Fintech Disruptors 2017 Report” sponsored by DNB, 74% of Nordic banks intend to collaborate with fintech firms in 2017. This finding is in sharp contrast to 2016’s study, which found that less than 50% of Nordic banks had any defined strategy for fintech.

Fully 42% of financial institutions surveyed want to set up fintech incubators and expand their existing partnerships with startups in addition to the 74% that want to create new partnerships.

Halvor Lande of DNB comments: “The winning banks of the future will be those that emulate the working practices, culture and methodology of successful tech companies: smart existing banks will have to learn from fintech start-ups.”

The report reveals evidence of emerging fintech specialisms in Nordic markets. Norway is viewed as a hotbed for authentication and security with companies such as Encap, Zwipe, Promon, Signicat and the bankID consortium; Sweden is becoming recognised for e-payments thanks to companies like Trustly, Klarna, iZettle and Wrapp, while Denmark’s specialism in blockchain is seen in companies such as Chainalysis, Blocktech, Brainbot and WeMoveCoins. For Finland, Holvi, Zervant and Arex underline the country’s expertise in e-invoicing and electronic banking for SMEs.

The report underscores Nordic sophistication in technological enhancements. Whilst 56% of respondents from other European countries remain concerned with payment technologies, Nordic markets cite security and fraud management (37%) as their major concern, reflecting the fact that electronic payments have long been viewed as the norm in Nordic markets.

Looking ahead to 2020, Nordic respondents see a wave of fintech mergers and acquisitions (36%) and the emergence of a new banking business model (36%) as the most significant developments - whereas 43% of respondents from the rest of Europe cite real-time payments as the biggest development.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Denmark opens fintech hub

Denmark opens fintech hub

10 November 2016  |  9900 views  |  1 comments | 19 tweets | 13 linkedin
Nets valued at $4.5 billion in IPO

Nets valued at $4.5 billion in IPO

23 September 2016  |  5645 views  |  0 comments | 7 tweets | 3 linkedin
Nykredit invests in Lunar Way; Danish neobank to launch in Sweden and Norway

Nykredit invests in Lunar Way; Danish neobank to launch in Sweden and Norway

18 August 2016  |  5682 views  |  0 comments | 6 tweets | 4 linkedin
DNB to cut 600 staff in massive branch closure programme

DNB to cut 600 staff in massive branch closure programme

18 March 2016  |  8562 views  |  1 comments | 13 tweets | 15 linkedin
Finextra and UKTI to host Nordic-Baltic fintech trade mission

Finextra and UKTI to host Nordic-Baltic fintech trade mission

18 January 2016  |  4900 views  |  0 comments | 10 tweets | 5 linkedin
Finextra, UKTI, LHV Bank and UK-Estonia TechLink to explore fintech collaboration opportunities

Finextra, UKTI, LHV Bank and UK-Estonia TechLink to explore fintech collaboration opportunities

06 November 2015  |  7112 views  |  0 comments | 13 tweets | 3 linkedin
Nordea sets up fintech accelerator

Nordea sets up fintech accelerator

03 July 2015  |  13756 views  |  0 comments | 24 tweets | 15 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.worldpaymentsreport.comvisit www.ncr.com

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
13293 views comments | 19 tweets | 15 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
9442 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
8509 views comments | 16 tweets | 12 linkedin
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
8150 views 0 | 8 tweets | 16 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
7004 views comments | 25 tweets | 15 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job