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“Banks need to redefine their way of thinking. It’s not just about ‘translating’ the local branches and the internet bank onto a mobile phone platform.”

olaf valentin kjær, pa banking expert

Banks are threatened by the smart phone

Lene Andersen


15 June 2013


Olaf Valentin Kjær, PA banking expert, is quoted in an article about how smartphones present a threat to Danish banks. Today, more than half of the Danish population use their smartphones to purchase bus and train tickets.

In response to this trend, banks are offering mobile applications; however, according to Olaf, they are fighting a losing battle: “The retail bank will disappear. If a new kind of bank was to be invented, it should be done in an entirely different way, without expensive and time-consuming administration. Companies such as Apple and Google will soon be offering new services, which will damage retail banks […] these banks are too cost-intensive and their liquidity will be drained, for example when customers’ bank accounts are being handled by the supermarket or the phone company.”

According to Olaf, the smaller banks in particular are in danger, as they are much more dependent on a continuous liquidity: “Some of the new players are interested in lowering the prices in order to attract new customers, which will benefit private customers.”

Olaf continues: “Henry Ford once said that if he had responded to people’s demands, he would have given them fast horses instead of cars. Today’s banks are making a similar mistake. Customers still need to log into their online banking system and type in all kinds of information […] It should be simpler, the customer should only have to connect his smartphone with a screen in order to complete a transaction.”

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