Joining the customer-obsessed and optimistic Finnish fintech scene

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As we open offices across Europe, Finland is one place that sticks out from the crowd. With a more optimistic view than most countries and a tech-forward culture, most players in the Finnish financial industry understand the importance of putting the customer’s needs first. And so we’re planting our pink Tink flag here in Helsinki.

Open banking is becoming an indisputable reality. And while some countries seem to be embracing it with reluctance, Finland’s attitude is decidedly optimistic. In fact, our recent survey report reveals they’re the most positive country among all 17 we surveyed when it comes to open banking – and a full 20% more optimistic than the European average.  

Meanwhile, the fintech scene here is positively booming. In a country of 5.5 million, there are over 160 fintech companies that employ more than 6,500 people. The technological savvy and sophistication in this Nordic nation puts the businesses here (both fintechs and banks) in pole position when it comes to seizing the opportunities that open banking presents. 

Optimism undeterred by regulations

The results from our European open banking survey confirms Finland’s positive outlook – with 75% of the financial executives in Finland reporting feeling optimistic about open banking. The European average is 55%.

Despite having stricter banking regulations when compared with the EU, banks and fintechs do not seem to be deterred. Only 31% of respondents reported seeing open banking regulations as a threat – one of the lowest results, and a stark contrast to the chart-toppers Benelux (at 61%) and UK (at 56%).

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Digital – and customers – first

On top of “Happiest Country in the World” and “3rd Most Innovative Country in the World”, Finland is also one of the EU’s most digitalised countries – where internet banking was already making headway in the 90s, and where the number of mobile broadband subscriptions surpasses the number of inhabitants by over 50%.

With this cultural backdrop in mind, the Finnish obsession with creating the best customer experiences makes a lot of sense. Perhaps more than anywhere in Europe, they truly understand that providing a good (digital) experience is key to short-term wins, as well as long-term success.

“There is a real understanding of banks and fintechs working as partners, and helping the end users reap the benefits of open banking”, says Vesa Moisio, Tink’s senior business manager in our new Finnish office. “We’re excited to be a part of an optimistic market that relentlessly focuses on customers.”


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