• Phone
  • Contact us
  • Locations
  • Search
  • Menu

share

  • Add this article to your LinkedIn page
  • Add this article to your Twitter feed
  • Email this article
View or print a PDF of this page
.
 

Why banks should fear internet competitors

Carsten Steno

Berlingske Tidende

30 January 2015  
 

Read the article in Danish here


 

PA’s Olaf Valentin Kjær is quoted in an article in Berlingske Tidende outlining why traditional banks need to step up to compete with new, internet-based competitors such as Google and Amazon.

Olaf says: “The banks need to focus on younger clients whose internet behaviour is significantly different from that of the elderly.”

Olaf stresses that while elderly bank customers are quite loyal to their bank, it’s a different ball game when it comes to younger customers. Moreover, the regulation of the traditional bank sector is heavy, which may be a problem for new players, but the latter’s cost advantage is a plus. The new competitors have yet to make a serious impact, but when they do, things will speed up.

Olaf concludes by referring to Danske Bank’s mobile payment solution ‘MobilePay’, which was introduced in 2013: “If someone told me four years ago that Danske Bank would introduce a mobile solution that would attract 1.8 million users within a year, I would not have believed it.”

 


For our thinking and insights on financial services, click here or contact us now.

Close this video
   
Corporate headquarters
123 Buckingham Palace Road
London SW1W 9SR London SW1W 9SR
United Kingdom
Tel: +44 20 7333 5865 Tel: +44 20 7333 5865
contact us now

NEWS UPDATES

Sign-up to receive company updates and press releases by email or newsfeed:

SIGN-UP

 

By using this website, you accept the use of cookies. For more information on how to manage cookies, please read our privacy policy.

×