(Finansavisen): IT giants are going to dominate the payment market in the future, and the technology threatens small and conservative banks. According Finansavisen it emerges in a report from the Core Group.
The biggest changes lie ahead
“There have already been major restructuring in the banking industry in Norway, but the biggest changes lie ahead,” concluded the report.
Partner Truls Unholt and adviser Lars Løe says Finansavisen that it will go bad over savings banks and small banks.
– Will small banks survive IT actors inroads?
– The digital ecosystems have scale by virtue of its distribution and the technological platforms that they are based on. Undifferentiated players can join forces and achieve scale at local and regional level, but margins will be squeezed by the global ecosystems, turn Core Group firm.
The banking industry is vulnerable
– The Norwegian banking industry is – Despite local and regional barriers – vulnerable to new and innovative actors, says Unholt and Løe Finansavisen.
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