Nordic Banks are shifting their focus toward more technology implementation to gain a competitive advantage against non-traditional fintech competitors.

According to the article, several Nordic banks have plans to move their branch services completely online.

“Like many banks, we must face the reality of change,” said Timo Ritakallio, OP Financial’s CEO. “We need to transform in a way that best serves the needs of our customers. Changing to a more technology-rich environment will also create a significant number of new opportunities.”

With fear of losing SME customers, Nordic banks are partnering with fintech companies to retain and grow their SME clientele. 

Banks are rolling out attractive, SME-focused products to successfully secure the business of more SMEs.