New report: How the Nordics are accelerating open banking

How is the Nordic region driving new opportunities across industries and leading the change with open banking? How have businesses leveraged open banking to create valuable products and services? And are there any further learnings for other European regions?

These are all big questions. But we’re ready to answer them in our brand-new white paper - ‘Accelerating open banking’ - that provides you with the most recent research based on hundreds of surveys from leading decision makers across different industries. 

 

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One survey. 4 key industries. 100+ answers. 

To find out how businesses are investing in open banking products creating value, we commissioned a survey in early 2020 with more than 100 decision makers within the banking, payments, accounting and fintechs industries across Denmark, Sweden, Norway and Finland. And the results have been impressive. 

Less than six months after PSD2 went into full effect, 50% of those surveyed have already developed new products or services - and more than 75% of the surveyed decision makers in the Nordics have made at least one change to their business because of PSD2. 

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To explore the value of these business opportunities, we’ve combined the research with some of the new products and services that businesses have been able to build thanks to the arrival of open banking. 

 

The Nordic openness towards open banking 

As the research results show, the Nordic countries have made a cohesive and impressive directive adoption in a matter of months. But why exactly are the Nordics the perfect fit for open banking? And what can other regions in Europe learn from the Nordic countries? 

To answer that, the white paper looks at how digitisation, tech-savviness and the overall openness to new technology have affected the Nordics’ adoption of open banking. 

In light of the Nordic countries' long tradition of openness to new innovation, it is no wonder Nordic banks also have a tradition of adopting new technology. Perhaps that explains why 82% agree or tend to agree that financial data is an opportunity for their business.  

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One of them is the largest bank in Finland, OP Financial Group. Commenting on the Nordic openness to PSD2, Masa Peura, SVP of Payments and Personal Finance Management at OP Financial Group, says in the white paper: 

“PSD2 creates new opportunities for banks and challenges the industry to evolve. At OP Financial Group, we want to be a front-runner in utilising these opportunities. Customer experience, reliability and security are the most important factors for us when selecting new partners and developing our services. 

Download your copy of our white paper and deep dive into the status of open banking as well as what lies ahead for the future of frictionless finances - and discover why the Nordics seem to be the perfect fit for it all.