Conventional banks are starting to see the future of money in the fintech space and they do not want to be left out of the global paradigm shift that might soon redefine our world. In Bergen, Norway, over twenty banks and start-ups have aligned to form a hub of fintech to drive a global innovation based on the foresight of some smart companies in the Scandinavian country.
The Norwegians are eager to embrace new technologies and it is not surprising that the nation has a massive smartphone penetration of over 80%. In fact, more than 90% of the population uses the internet for banking. This piece looks at how a Norwegian synergy to take over the global fintech industry is shaping up.
The finance Innovation target the world market
The Norwegian fintech alignment is gearing up to takeover the global fintech market. The coalition called the finance innovation is made up of heavyweights in the Norwegian market: Nordea, DNB, Monobank, Skandiabanken, Tripod, and so on. The beauty of the new arrangement is the fact that two major academic institutions (the University of Bergen and the famous NHH Norwegian School of Economics) in the city of Bergen were also involved.
The new alignment is a product of recent regulations in the country as we continue to see the likes of MiFID II and the new PSD2. In addition, advancements in AI technologies is another factor driving innovations and changes in business models on the financial sector of the Norwegian economy.
The European Fintech market is a multi-billion Euros market that is still open for the most innovative players. With a solid local market, the group will launch into the European market fintech solutions that will place Norway smack dab at the center of the global fintech revolution.
Banks and fintech start-ups benefit from collaborations
The fintech industry has enjoyed healthy collaborations between banks and many startups in the past. Like the case of robo-advisor Quantfolio, that enjoyed investment from the Skandiabanken’s, a major bank in Norway and the financial romance between the Sparebank and the Boost, a startup, which is a virtual agent.
The social savings firm, Spiff is enjoying working relationship with Nordea and Vest, an online lending platform and AI are into partnership as well.
It seems that Norwegians are gearing up for takeover of the global market with a bang, with several collaborations and the recent alignment, soon Norway maybe be the next fintech hub of in Europe.
The bank start-up alignments: the catalyst for growth
The alignment between banks and start-ups will act as a boost in the area of research, globalization, infrastructure, and innovation. It also offers a competitive edge for all the stakeholders to have a bigger share in the global financial market. In the end, Norwegian fintech startups will benefit from experienced partners and a large portfolio of investors.
This strategy will launch the Norwegian group strategically into the global market if all the resources available at its disposal are used judiciously. The global financial landscape is about to experience an unprecedented change as the fintech revolution in the tiny Scandinavian nation of Norway continues to shape up.