The financial sector in Scandinavia and in Europe is being challenged unprecedently from all sides
In the world of banking and financial services, challenges have never been greater. This leaves companies in a regime where the big businesses cannot expect to eat the small. The law of the jungle has changed. In the future, the quick will eat the slow.
Domestic and international regulators have reacted promptly and firmly in the aftermath of the financial crisis, and all companies in the financial sector are at present trying to adapt to an ever-changing regulatory regime. In this regime companies are obliged to open up to additional competition (PSD2), minimize the risk of default (Basel III), reorganize their fee structures (MIFID II) and work increasingly with the impact of their business in investments (ESG). Only companies with an ample flow of information and appropriate insight and contact with regulators will be able to maneuver in this new world.
Trust in our traditional financial institutions has suffered immensely in past years, and the recent uncover of systemic lack of morale in some companies in tax issues have left consumers appalled. As a reaction to this lack of trust, customers are ready to consider engaging a new bank, mortgage provider or fund provider. Financial institutions must acknowledge this gap in trust and work proactively to earn the respect of present and future clients.
Simultaneously with the loss of trust, consumers are being confronted with a technological change in the industry, happening at a pace like never before. Services such as loans which were until recently dominated entirely by traditional banks have for example now moved to alternative platforms where consumers are providing capital to each other, bypassing their bank. Across Scandinavia trade organizations, banks, asset managers and fund providers have tried to embrace this development with so called “Fintech Hubs” and “Incubators” to actively try to embrace the future and retain an edge. To succeed in this, financial institutions must acknowledge that their business model and communications strategy must be adapted to the future and not be a thing of the past.
Whether you are an international or Scandinavian company in financial services, Geelmuyden Kiese can support your business, just as we have done for your peers for more than 25 years. Together with our clients, we have continuously adapted to all the changes the sector has seen, and every day we embrace the future of the industry with deep knowledge og the past.
We can help you adapt to the new law of the jungle: make you quick and amble to eat the slow.