Many megatrends and phenomena reshaping the financial sector

The financial sector is undergoing a drastic and rapid digital transformation, which is continuously bringing new competition to the sector beyond industry boundaries. Regulation will result in ever-increasing competition and open up banks’ customer data to third parties. With intensifying and globalising competition, customers are demanding as smooth and easy of a service experience from Finnish players, as they are accustomed to when using the services of the best international firms. OP no longer competes with mere financial services providers in providing a customer experience.

As customers are faced with a growing number of options and switching a service provider is easy, they require smarter and more proactive service – 24//7. Customers and other stakeholder groups also expect companies to demonstrate more transparency and responsibility by emphasising their own values in decision-making.

The financial sector is also challenged by large-scale social changes in the operating environment, which involves, for example, ageing population, increasing inequality between population groups as well as slow economic growth. Service providers must be able to respond to the needs of a variety of customer segments where the customers are. The financial sector has potential in finding new sources of growth in a role of safeguarding prosperity, providing healthcare services and services for senior citizens.

The underlying megatrends and phenomena are intertwined in a diverse way. OP proactively monitors changes in the operating environment and with a bold approach is seeking growth opportunities in the transforming financial landscape. Our new strategy is aimed at rising to the challenges presented by the operating environment and seizing the opportunities it provides.