The current state of fintech in Norway. Christoffer Hernæs CDO

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1 The current state of fintech in Norway Christoffer Hernæs CDO

Close to 100% smartphone and internet penetration High levels of trust

2 What characterizes the Nordics? World class digital infrastructure Tradition and culture for collaboration Close to 100% smartphone and internet penetration High levels of trust Widespread use of digital identity solutions Early adopters of digital services Highly digital and cost efficient banking sector

3 And then he said Banks are ripe for disruption Presentasjonstittel 3

4 The competitive landscape is changing Banks Fintechs Who are the players? Big Tech Adjacent industries

5 It s all aboutthe customer Lend Spend Save Relevant dialogue Trust Behavior and expectations

Trust is an impoartant factor Has acquired an EU payment license P2P payments available in Facebook Messenger (US/UK) 3,4 million Norwegians use Facebook on a daily basis Consumer trust is relatively

6 Trust is an impoartant factor Has acquired an EU payment license P2P payments available in Facebook Messenger (US/UK) 3,4 million Norwegians use Facebook on a daily basis Consumer trust is relatively low Banker Offentlige myndigheter Forsikringsselskap Vet ikke/ Ingen av disse Mobiloperatører (Telenor, Telia ol.) Strømselskap (Hafslund, Fjordkraft ol.) IT-selskap (Google, Apple ol.) Reise/flyselskap Eiendomsmeglerhus Dagligvarekjeder (Rema, Kiwi, Meny ol.) Sosiale medier Mest tillit Minst tillit

7 How will digital and mobile payments affect our spending habits? Spend Spend

8 History doesn t repeat it self but it rhymes Salg av digitalkamera og iphone Digitalkamera iphone 231,22 Millioner iphone solgt

9 Crowdlending has entered the Norwegian market Lend

10 The number of platforms are growing but Norway is still behind ourpeers

11 How may technology make savings relevant and less boring? Save

12 Robo advisory is set to democratize wealth creation Homes and deposits ASSETS, NORWEGIAN Assets, Norwegian households HOUSEHOLDS Equities and bonds 12 % Funds 2 % Foreign assets 1 % Equities and other securities Deposits 13 % Shift in net client cash flow in Value, secondary homes 7 % Value, primary home 65 %

Where does robots have their strengths Present Future Present Performance review Gather customer information Future Dashboards, status messages Market updates and insight Present complex overviews

13 Where does robots have their strengths Present Future Present Performance review Gather customer information Future Dashboards, status messages Market updates and insight Present complex overviews Guide customers through changes in the market Measure results and adjust strategy Understand customer need Understand preferences Assesss risk tolerance Consider third party engagements Follow up based on experience Open account Transfer assets Perform actions Suggest solutions Develop a financial plan Select asset allocation Persuade to action Select securities Validate actions Tailor solutions

14 Launching an app is no digital silver bullet Front-end Business models Process Culture Governance Platform

15 PSD2 is officially here? Now what? Customers Account Information/Payment Initiation service provider New payment directive allow third parties (TPP) to take on two roles: Payment initiation(payment Initiation Services) Account information (Account Information Services)

16 Open banking so hot right now

17 If developers are the new rock stars, APIs are their instruments Presentasjonstittel 17

APIs should be considered key strategic resources Available financial

open platforms where they offer "best of breed" products and services

Transferwise Banks start offering developer portals where customers can

allow fintechs to build services on top of existing infrastructure

has an API marketplace and several banks are arranging hackathons where

18 APIs should be considered key strategic resources Available financial APIs at Programmableweb Next Generation Challenge Banks are based on open platforms where they offer "best of breed" products and services from both established actors like Allianz and fintechs like Transferwise Banks start offering developer portals where customers can develop their own applications Large-scale banks open up their APIs and allow fintechs to build services on top of existing infrastructure Nordea will launch its own "app store" for third-party solutions, BBVA has an API marketplace and several banks are arranging hackathons where participants can develop prototypes based on bank data Open Apis is a source for innovation