The Nordic retail banking sector is as healthy as ever. At first glance there seems to be no major threats on the horizon, but what if this is mainly due to a previous lack of serious competition and infrastructure advancement.
European retail banks are beginning to take payments more seriously. During the last three years we have seen budgets for payments projects increasing from about 1% of development spend to above 5%. We believe many Nordic banks have underinvested in this space, and have highlighted three key reasons for change:
- The “disruptors” gaining share.
- Regulatory caps on cards.
- A new type of competitor entering the world of payment solutions.
