Macro environment

New technologies, new customer behaviours and new regulations are macro trends that affect banks’ operations in a tangible way. 

The global economy continues its strong development, despite growing geopolitical uncertainty.

Strong economic development but geopolitical uncertainty

The global economy continued its strong development in 2017, while interest rates remained low. Geopolitical uncertainty increased whereas the financial markets continued to develop positively.

Geopolitical tensions, global imbalances and the large migration tides in recent years are factors that significantly affect the macro environment.

Evolving customer behaviour

Many private individual customers today prefer to do their banking on their mobile phones rather than via the internet bank or at a branch office. This means that better interfaces, greater availability and more sophisticated digital services are demanded. With the current demographic outlook, private individuals have to take greater responsibility for their long-term financial security and welfare. With this comes a need for qualified financial advice and relevant savings offerings. 

Digitalisation redrawing the map

New technology, new actors as well as changing regulations and customer behaviours are redrawing the map regarding who can offer bank services as well as what services banks can offer and how.

The development is shifting so that banks, with their large customer bases, cooperate or enter into partnerships with new actors in an effort to jointly create services, develop the offerings and improve the customer experience.

Blockchain technology and Artificial intelligence (AI) are developing rapidly and are expected to have a major impact also on banks.