Nordic API Gateway commissioned a survey in early 2020 comprised of more than 100 decision makers spanning the banking, payments, accounting and fintech industries across Denmark, Sweden, Norway and Finland. And the results have been impressive.
„As a result of open banking, 50% of those surveyed have already developed new products or services, with 40% seeing this as having a tremendous impact on businesses performance.”, according to the survey.
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.
According to the research, 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.
To explore the value of these business opportunities, Nordic API Gateway 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.
Nordic API Gateway is a product by Spiir A/S, a licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) and operates under the supervision of the Danish Financial Supervisory Authority (FSA). Nordic API Gateway as an easy plug-and-play solution. „A single API that connects you to all the Nordic banks and gives you accounts and transactions data from real users.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
