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FinTech Insights

The financial sector is being challenged by new technologies and a transformation is inevitable. Read how we helped one of the largest Nordic financial institutions with insights from Silicon Valley for their new strategy.

FinTech will redefine the traditional financial sector in Denmark

New technologies and business models are challenging the financial sector at every turn. The financial industry is undergoing heavy transformation within areas such as payments, lending, wealth management, capital markets, insurance and real estate. In particular, BigTech and fast-growing insurgents, based on integrated data-centric digital business models, are taking market shares from financial institutions. FinTech is now among the largest venture capital investment categories, with more than $37B invested annually in Silicon Valley.

One of the largest financial institutions in the Nordics was in the process of developing their strategic plans “Beyond 202X”. Their ambition was to inject some fresh thinking from Silicon Valley into their strategy process. They aimed to return with not only loose ideas but an agreed-upon follow-up action list that could be clearly anchored in the organisation and taken forward. Some examples of questions they asked themselves included how to institutionalise corporate innovation, when to buy-partner-build and what new technologies they should accelerate. Finally, they also sought insights about how to work with FinTechs.

Innovation Centre Denmark developed the executive strategy programme Beyond 202X, tailormade to the needs of the client, based on an extensive mapping and design process. The Innovation Centre provided access to an exclusive group of small and large FinTech start-ups, venture capitalists, large tech companies, and research and thought leaders by leveraging our comprehensive network. The client C-suite engaged with vetted interlocutors, and in expert challenge workshop and roundtables, strategically planned for optimised output.

The client took over the project with new insights and potential partners to continue working with after the programme. They were very aware that neither they nor any other Danish company could have produced this strategy programme with their own contacts.

ICDK delivers tailormade executive strategy programmes on demand. Programmes provide valuable insights to the client’s strategic outlook and business development process throughout the immersive visit and in the virtual programmes that are designed to follow up on implementation.

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