Swedbank Creates Digital Banking Conglomerate

After the growing number of blockchain consortiums, some institutions have taken it upon themselves to create a digital banking group. Swedbank is leading the charge in this regard, as they want to try and tackle the mobile sector.

Digital Banking Requires Innovation And Ideas

It comes as no surprise to find out Swedbank is looking to partner with other financial institutions and even fintech players in the coming months. The bank wants to venture into the world of digital banking, yet that is much easier said than done. After all, financial institutions are not exactly known for their innovation over the past few decades.

This particular digital banking initiative will cover a lot of different aspects, ranging from sales support to innovation and development. With the growing number of challenger banks around the world, the fight for financial institution supremacy is heating up. One main advantage these challenger banks have is how they go directly to mobile or digital, without establishing a physical presence.

Customer demands and behavior is changing in the banking world. However, financial institutions have a hard time coping with this change on their own, and innovating overnight is not always possible. With the help of willing partners, however, Swedbank hopes to address these changes in a convenient manner.

For the time being, this digital banking initiative will be overseen by acting co-heads. Swedbank CEO Birgitte Bonnesen will be involved in the decision-making as well. That being said, the company is already looking to hire someone who can take up the permanent leadership position, rather than stretch their own management too thin.

Delivering on a new business strategy is the top priority for Swedbank right now. Customer satisfaction requires them to offer digital banking services and tools moving forward, albeit they have not disclosed what will be developed precisely. Moreover, it remains to be seen who is willing to partner with Swedbank on this new venture.

Source: Finextra

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