The Nordic Fintech Manifesto – To 2020 and beyond
Dig deeper: what and where are the remaining challenges
As with every beautiful picture there are areas of shade and darkness. Challenges remain in the Nordics. Not least the thorny issue of the relationship between fintechs and financial institutions.
If the Nordic and Baltic regions are to build on their claim to being a major fintech hub, these challenges must be understood, overcome and prevented from spreading.
Many fintechs believe that greater bank openness to partnering will help the region fulfil its potential of becoming a global fintech hub. In fact, there has been a substantial increase in the number of fintechs who feel this way since 2018. To give that some perspective, less than a quarter of fintechs feel that they need greater support from government regulators and the ecosystem, compared to almost half who felt that way in 2018.
Regulators are seen to be doing what is needed, while faith in banks appears to be declining in comparison.
This is a complex area, and to ensure that an effective solution is found, it does require some unpacking.