October 18, 2017

Batten down your hatches; a perfect storm is brewing over the Financial Services Sector

Charlotta Wark

Head of Financial Digital Channels, Tieto

At this very moment, the financial industry is facing four huge changes, any single one of them is of the significance of changing the industry for good. Imagine if they all coincide – to create “The perfect storm”.

Have you seen the Hollywood blockbuster headlining George Clooney called “The perfect storm? In the movie we watch a re-enactment of a true weather phenomenon caused by a rare occurrence of intense low and high pressures, creating a storm of biblical proportions.

This expression “The perfect storm” is now widely adopted by the business world do describe an event where a rare combination of circumstance will aggravate a situation drastically. I argue that the Financial Services Sector is facing such A Perfect Storm.

Four key factors driving change

The glooming low pressures are the following:

  • New and disruptive technologies
  • New directives from the European Union
  • Changing customer buying behaviour and the new sharing economy
  • Industry convergence and SPEED

When (not if) these low and high pressure systems come together, they will create a perfect financial storm.

How will the storm affect banking in the Nordics? Follow me here on this blog and we’ll explore these topics one by one over the next few weeks, as we build up to the Perfect Storm.

After the storm is over, there will still be banking – but will there be banks?

Stay up-to-date

Get all the latest blogs sent you now!