Traditional banks will dominate the industry in 2030
In a recent survey by PA Consulting, almost three-quarters of Norwegian business leaders said they believe traditional banks will continue to dominate the industry in 2030.
Clint Sookermany, financial services expert at PA Consulting was interviewed about the results in Finansavisen.
Norway is an outlier compared to the rest of the world in its belief that the existing banking structure will remain in place. This is because we Norwegians have a very high level of trust in our banks compared to other Western countries. This can be attributed to the fact that the financial crisis was handled well in Norway and the banks are now winning in the market.”
PA Consulting has carried out a survey of 600 managers in Norway, Sweden, Denmark, the UK, and the Netherlands. Norway stands out for its belief that existing banking players will continue to dominate. Norwegians also have less faith that international tech giants such as Meta, Google or Apple will acquire a significant place into the market.
One in three Norwegian managers expect that Big Tech companies will see an increase in their presence in the industry by 2030. This is the lowest of all the markets studied. At the opposite end of the scale was Sweden, where 54 percent of Swedish managers expect that Big Tech will play a greater role.
There are probably historical reasons for this. The Swedes have seen how technology companies such as Klarna and Spotify have entered and disrupted the market in a short space of time. In Norway, we have fewer such international examples”
Banks must also take an active role in the shift to greener ways of working. According to the survey, Norwegian business leaders are particularly aware of the value of the active role the financial sector has taken on ESG initiatives.
Seven out of ten believe that the financial sector can have a positive impact on climate change through green financing or investments in sustainable companies”
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