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.
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.
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.