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Banks should improve their digital capabilities to prepare themselves for the changing environment.

The bank industry ranks seventh this year, falling almost below the B2C average. This is worrying, considering that financial services companies are about to face increasing competition in the near future.

OP is the most advanced digital player among the Finnish banks. It offers the best mobile experience across the Nordic region and the best digital product experience since launching its new website. S-Pankki participates in the study for the first time and ranks second, above Nordea, due to its efforts in digital marketing. Nordea and Danske Bank have developed their e-commerce capabilities furthest, although these still lag behind the B2C average.

In general, the bank industry in Finland offers a great digital product and mobile experience. The latter is the industry’s most advanced dimension, where it ranks second and is only slightly behind the telecom companies.

The most worrying aspect of Finnish banks’ digital capabilities is e-commerce. Banks are still unable to offer most of their products online, which will lead to a loss of business in the near future when third parties and international competitors can offer the same product to the same customers.

Digital dimensions

Digital leaders

1 OP   7.25      
2 S-pankki   7      
3 Nordea   7      
4 Aktia   6.75      
5 Danske Bank   6.5      
6 Säästöpankkiryhmä   6