Digitization has affected the banking industry in several ways.
Many branches have closed as more and more people do their banking via mobile and computer.
Before the financial crisis, there were around 2,000 bank branches in Sweden.
Now there are about 800 and even fewer they will be.
In the autumn, Handelsbanken announced that it would close 180 branches.
Competition from fin-tech companies
At the same time, digitalisation has increased competition in the banking market.
It is Swedish so-called “fin-tech companies”, ie companies that use new IT technology in the financial industry, such as iZettle, Klarna, Bambora, Avanza and Qliro, that challenge the classic big banks.
Payment solutions, mortgages, fund trading and deposits are some of the niches where the challengers try to gain market share.
- The banking industry is very much affected by new technology, says Bo Becker, professor at the Stockholm School of Economics.
In the clip above, you can hear his tips on what to think about as a bank customer.