Taking care of the large Nordic-Baltic “home market” First of all, we should keep in mind that the Nordic-Baltic region is characterized by considerable diversity: diversity in monetary policy frameworks, models of economic development and financial structures. The second key word of the Nordic-Baltic region is integration – the region is characterized by tight trade and financial ties within the region as well as with Europe and global markets. Therefore, the region’s competitiveness and growth potential are important to each country in the region. The bank groups that finance growth in the region are largely the same in every country. All these groups are currently highly rated and well capitalized in comparison to others in Europe. As a result of mergers and natural growth, the total assets of the larger banks have risen to a high level compared to regional GDP, not to mention their very high level as a ratio to the GDP of their home countries. The combination of common economic interests and financial sector integration has fostered the emergence of a unique feature of the Nordic banking groups: they have extended the concept of the “home market” well beyond their home country’s borders. For example, Nordic parent banks continued to provide liquidity to their Baltic affiliates even during the years of the deepest crisis in the Baltic economies. In today’s slow growth environment, it remains important for competitiveness and growth that there should be an appropriate level of financing in the whole region.
We need your answers in order to transpose PSD2 quickly and efficiently; we also need your active involvement in order to build the best possible RegTech. 2  2. What are the challenges for the French financial industry? Innovation does not just concern new entrants, of course. For banks as well as insurers, the digital revolution is disrupting traditional customer relationship models. One figure is particularly revealing: the level of footfall in high street bank branches. In 2007, 62% of French people visited their branch several times a month. In 2016, the figure had fallen to just a third of that: 20% – and to as low as 13% for the 18-34 age group.1 Customer journeys are becoming increasingly digitalised: France currently has the highest rate of usage among large European countries for internet banking services (69% of customers).2 But, beyond customer relationships, financial companies need to take a more comprehensive approach if they are to succeed in the digital transition - placing innovation at the heart of their strategic management, as well as rethinking their business models. These are difficult choices that naturally need to be taken by the companies themselves; the answers are not easy or uniform, but I would like to share with you a few avenues for thought.