Nordic Finance Service Providers Deal With Tech Innovations In The Payment Sector

Posted Posted in Payments On Electronics

SWIFT held a Nordics Business Forum— a webinar that scrutinized how the financial services sector in the region can be technologically innovative while taking care of the emergent risk factors.

Nordic Finance Service Providers Deal With Tech Innovations In The Payment Sector

The 2019 SWIFT Business Forum Nordics went down in Copenhagen where Cate Kemp, the firm’s Head of UK, Ireland and Nordics, pointed out that the financial services sector is moving into “unchartered territory.”

Regardless of the services you offer in the finance industry; consumer demands have risen than ever before. Service providers are ensuring new customer experiences with evolving tech that add further value to existing financial procedures, though regulations like PSD2 are also coming into play.

Though these are thrilling times, Kemp pointed out that some of the tech advancements can be threatening to the financial world if used maliciously or destructively.  The seminar’s theme was to discuss how to seize the existing opportunities as we near the fourth industrial revolution and manage the different risks that come with these tech advancements.

Silvija Seres, CEO of Technorocks said that though tech is transforming business models and the need for regulation at threatening speeds, thinking of it as a problem is like considering gravity a problem – we just have to deal with it. The financial community must now make the most tech and digitization opportunities.

Henrik Lie-Nielsen, an entrepreneur at Tripod said banks invest more in the solutions that work for their big customers. For example, in Klarna, any bank could have established a similar e-commerce service center, but nobody did because they view it as a marginal business zone.

Martin Georgzen, Chief executive officer of Payments Development at Danske Bank said the challenges are experienced all through value chain when it comes to setting up instant payments. For example, not even the central bank is set up for … Continue reading ...