Innovation – Finance – Technology
The fintech scene in Norway is growing at an accelerating pace, and if we learned anything from Londons success is that a strong fintech ecosystem is a catalyst for growth in the sector. While the fintech sector in Norway is still at an adolescent stage, a lot have happened since its infancy only a couple of years ago.
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It is close to impossible to predict how the future of financial services will look like in ten years. However, some scenarios are starting to stand out as inevitable. One of those is the concept of the bank as an open platform.
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After an all time high for fintech funding of USD 16 billion in 2015, followed by a strong Q1 of 2016 with global investments of USD 5,7 billion, investments suddenly dropped in Q2 2016. Despite a drop in Q2 investments, KPMG claims that 2016 is on track for another all time high for fintech investments. While some speculate that UK fintech funding could have been affected by Brexit uncertainty, another explanation could be that we are now seeing the undertow before the second wave of fintech.
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If it ain’t broke, don’t fix it. This idiom has acted as a rule of thumb for core banking solution for several years. While analysts has claimed repeatedly that legacy IT is slowing incumbents down, the existing and sometime ancient core banking systems still work flawlessly. Although, even if something works an upgrade is due when the world around is moving at an increasingly rapid pace.
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One of the most exciting aspects of fintech is the promise of delivering financial services to the unbanked and underbanked population of the world. According to the World Bank, 2 billion people are still unbanked in the world today. Even though this is a high number, it still is a decrease of 20 percent since 2011. Of the unbanked population, 1,5 billion people are unbanked due to their inability to prove their identity through a valid birth certificate, passport, proof of residence through utility bill or some other means to fulfil traditional KYC-procedures.
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The purpose of the upcoming payment service directive PSD 2 is to create an even playing field for payments and encourage innovation. The players on this field include banks, fintechs, the PCI (Payment Card Industry) and merchants. While banks are at risk of losing up to 43 percent of retail payment revenues by 2020, the directive represents several opportunities for online merchants.
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Before you say that Facebook is no longer perceived as cool with today’s youth, do you know what is even less cool? Banks.
When you break down the numbers, coolness becomes less relevant. When it comes to user engagement, Facebook’s reigns supreme above all others. WhatsApp has exceeded 1 billion users, and Facebook Messenger reports 900 million users, handling 60 billion messages a day combined — three times the number of traditional text messages. The combination of chat and payments have already proven to be a great success, as exemplified by the launch of Facebook Pay, Snapcash by Snapchat, WeChats integrated payment solution and Kakao Pay in Kakao Talk in South Korea.
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What makes the world go round — money or technology? It’s a big question, but now with the emerging sector of FinTech, you no longer have to choose one or the other. It’s both.
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As fintech has become one of the hottest subjects in tech the sleepers have awoken, and incumbents are embracing fintech as an opportunity rather than a threat. As a result, the fintech startups are now approaching the incumbents they were once set out to disrupt as potential partners.
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Authors note: Investment statistics only include disclosed investment amounts, and should be considered a low estimate.
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I had the pleasure to share the stage with these great guys at European fintech awards.
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Shared some perspectives on blockchain at Oslo blockchain day today.
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Fintech is one of the hottest segments in Norway these days, and the fintech scene is growing rapidly. After showcasing promising fintech companies at Money 20/20, the world is now looking to the Nordics for the fintech companies of the future. Activity levels were high in 2015, and by the looks of it, the industry shows no signs of slowing down. The number of fintech companies is increasing steadily, and is joined by excisiting software vendors looking to renew themselves.
Read MoreThis week Copenhagen was the center of attention for anyone interested in fintech and the future of finance asfor the
Read MoreWith Money 20/20 Europe coming up the Nordic region is the center of attention for the world of fintech. The
Read MoreThis post is sponsored by Money 20/20 Every day there are partnership announcements between banks and startups, but how many
Read MoreCrowdfunding and alternative finance has grown from 6 billion USD in 2013 to 16 billion USD in 2014, and is estimated to
Read MoreAfter an exciting year for fintech in 2015 with investment levels at least doubling from 2014, consolidation in payments, continued growth
Read MoreThis is a guest blog post by Brett King, CEO of Moven, author and radio host of Breaking Banks. This
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