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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.”

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