What’s on the horizon
We are far from being through digitalization of the FS industry, but we are already seeing the march of the machines. As we speak, we are conducting a large number of projects within Robotics across the Nordics. There are a number of banks and later insurance companies that will move into use of more advanced artificial intelligence like robo-advisors and virtual agents. The use of blockchain concepts and technology will impact the ecosystem in the mid- to long-term view, and a number of middle-men activities will disappear since "we don't need people to hold the horse anymore"—also due to regulation. We see the new payment regulative PSD2 that will force the banks to open accounts and transaction information to every third-party with consent from the account holder. This enables new aggregators—metabanks—to enter the scene. Also the GAFAAs (such as Google and Amazon, for instance) are cutting deep into the transaction part of banking, while internet of things (IoT) are removing some transactions completely. It is built into the device, handled autonomously and insurance is a part of that on all objects going forward. Clearly, it is an exciting time to be in FS and I believe we have never seen the same speed of change ever. It will not be the survival of the strongest but the survival of the fittest to change—for both our clients and ourselves.