The Nordic financial services industry is in constant change, driven by new technology, changes to customer expectations, a high level of competition and strict regulations. The requirements imposed on participants in the Nordic finance industry are increasing in number and becoming more difficult to meet.

In this report, we have worked with a panel of experts from finance, technology, design and innovation to identify the five drivers that we think will determine the framework conditions for the industry, and shape its innovation and strategies in the year ahead.

Our objective is not to solve all the challenges facing the industry, but rather to create a basis for innovation and discussion within Nordic financial institutions.

Five trends

1. Liquid Expectations: Services, functionality and design are no longer considered as self-contained topics. Mobile banks are no longer evaluated in relation to one another, but are expected to deliver a user experience that is as good as those provided by companies such as Netflix and Spotify.

2. Embedded Finance: Customers do not 'want' a mortgage, they want the house. Insurance is a by-product of the desire to own a car. How can the finance industry benefit from playing second fiddle and partner to businesses that meet customer needs directly?

3. Sustainability & Integrity: The new wave of interest in sustainability continues, and the finance industry has been put at the forefront of the
efforts. In the years ahead, progress will be driven both by regulatory changes and by society expecting and demanding that the green transition is taken seriously.

4. Social Unrest: The pandemic, a war on European soil, high inflation and increased prices for energy and consumer goods have made people worry about the future. An extended period of social unrest will create challenges and change the rules.

5. Responsible AI: ChatGPT brought the capabilities of AI to the attention of the general public, not just of specialists. The race is on - for tech companies it's about creating the best tools, while everyone else is on the hunt for the best way to use them.

We hope this report makes you engaged, enthusiastic and inspired to create a better and more innovative finance industry in 2023.