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Inflection Point

How incumbents can shape the future of Nordic payments

 

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The Nordic region is one of the world’s most advanced retail payments markets and an innovation hotspot. Hastened by COVID-19, technological developments will further accelerate transformation during the 2020s, leading to unprecedented industry change. ​

To better understand how the Nordic payments ecosystem will evolve and how leaders can best respond, we interviewed key stakeholders in the region. We then used our FutureWorlds™ methodology to develop four potential scenarios for 2030. ​

The report makes provocations, not predictions – making it clear that Nordic payments are at an inflection point. Incumbent Nordic banks face increasing threats from new entrants, and the barriers between local and global initiatives are becoming blurred. Banks must act now, and act decisively, if they’re to retain their influence on the industry’s future development. While building on their strengths, they must be willing to break away from traditional approaches and current business models.

SHAPE THE FUTURE OF NORDIC PAYMENTS

The report outlines actions Nordic banks need to respond to the threats they face, to develop new offerings and business models, and to shape the future of Nordic payments:

  • Take a stand on payments infrastructure
  • Build a future-proof ecosytem that harnesses the power of collaboration
  • Monetise new payments services based on customer needs

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We need to ensure society continues to share the benefits of fast, efficient and secure payments long into the future

Thomas Bjørnstad, financial services expert

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Thomas Bjørnstad

Strategy and Financial Services Expert

Frode Lervik

PA financial services expert
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