24 May 2017
Visit cib.db.com

Nordic banks view fintech collaboration as the way of the future

10 February 2017  |  11419 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  |  9460 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  |  5349 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  |  5426 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  |  8433 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  |  4739 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  |  6926 views  |  0 comments | 13 tweets | 3 linkedin
Nordea sets up fintech accelerator

Nordea sets up fintech accelerator

03 July 2015  |  12118 views  |  0 comments | 24 tweets | 15 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Download the paper nowvisit www.events.sap.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
8890 views comments | 27 tweets | 28 linkedin
Time for data-driven banking to come of ageTime for data-driven banking to come of ag...
8866 views comments | 29 tweets | 35 linkedin
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
8733 views comments | 22 tweets | 31 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
8661 views comments | 21 tweets | 24 linkedin
hands typing furiouslyOpen APIs - Leveraging Banking As a Servic...
6682 views 1 | 7 tweets | 9 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job