BRUSSELS, 26 January 2018 – The latest WSBI Innovation Exchange video talks with Swedbank's Kirstine Nilsson, who explains how digital disruption creates challenges for retail banks as customer expectations rise. Here is what she had to say.
Open banking & APIs is something we need to embrace rather than be defensive of. Because it is within the open banking and the open API you are going to move forward and actually maintain our significant role as a financial service provider to our customers.
I think it's affected us for a very long time because we work in the Nordic Baltic region and our population is highly digital. So I mean we were very early with the first bank with an online banking environment. We were among the first with a mobile bank. So that has really been sort of in the forefront of our minds.
The transformation taking place now is that we're shifting a digital channel into a digital relationship. I think it's highly important for us to maintain the things that we have strived on in a physical world because they're not gone in the digital world. They're equally as important. And that's something that may sometimes get lost.
You have to read the game not only play the game.
There's a lot of disruption. Technique is developing as we speak. And it's going more and more rapid. So the challenges are much more. And actually going into the digital, we will have so much more deviation for customer behavior and customer needs. And the expectation of having my personalised bank is going to be the challenge.
If we can maintain the trust, the kind of neutrality in the greater world of the digital environment that is really challenging for the private person, or also for the SMEs which is very close to my heart or our heart, I think that's where we can make a difference.
It's now that we will have to make that decisions on what direction we will go. We will be their partner, the relationship, and their support.
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