4 Reasons Why Retail Banks Should Embrace Digital

20 Jan 2016

swedes and norweigians mobilizing into the future

Digitisation is impacting sectors and entire industries across the world and reshaping the way both companies and individuals operate. One industry that have faced digital disruption is ofcourse retail banks. Many of the traditional banks are acknowledging this change and trying to adapt to this new and evolved market where digital only banks and startups are launching new and innovative solutions and capitalizing on the increasingly digitized and mobilized customer. In this blog post I want to share 4 reasons why retail banks should embrace digital and mobile channels.

65 % of Swedes between the ages 16 and 29 use mobile payment apps.
Only 51,7 % of Generation Y in Sweden say that it's likley that they will stay with their bank
29% of Swedes internet usage is spent on mobile. 1 in 10 digital purchases in Norway are made on mobile phones.
14 % of Norwegian bank Sparebank 1's customers use mobile or tablet banking only

The facts and figures above are specifically relevant for my home country Sweden and Norway. However you can read this blog post, Futurist Keynote: 3 Trends that will disrupt the banking industry, for insight into the global trends that's shaping the future of banking.

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