Digital transformation: future scenarios are emerging in the financial sector

The digital transformation of the financial industry has become a mantra, but very few have a clear view of what should be done to keep up with it. Many workshops have been organised on the topic, and work is still ongoing, but future scenarios are already beginning to emerge.

​Digitalisation, its effects, wellbeing, and the financial services of the future. Who will the industry employ? What services will it offer? What will the world be like? How can the industry continue to create wellbeing for Finns?

Dominique Jaurola, Finance Finland’s head of digital transformation program, has looked for answers to these questions since last summer. Hired to create a digital vision for the Finnish financial sector, Jaurola outlines the industry’s future in the three two-day workshops she runs over this autumn and winter. Two of the workshops have already been held, allowing future scenarios to begin to emerge. The strategic question in these workshops is how digital transformation can help create wellbeing for Finns and the financial system by 2027.

“It is wonderful that so many Finnish organisations can come together to envision the future”, says Jaurola, who recently moved to Finland from Australia. The workshops have included participants from not only financial companies, but also researchers from the academia and experts from other fields.

Concrete tools to implement the vision

The workshops have progressed from crafting solid knowledge about the future to analysing trends and discussing the powers that steer our world. The latest workshop combined different trends and considered the views of the future they create. The workshops were not easy on the participants.

“On the second day of the workshop, we made concrete projections of where we are headed and of the current global trends that influence the financial industry. The day was demanding but very rewarding!” commented POP Bank Group’s Teija Naumanen after the second two-day workshop, having attended all workshops.

The work continues in an upcoming final two-day workshop. The third workshop aims to further deepen a shared understanding of the future. The participants proceed to create a vision of what the industry could do in the changing world as a whole, in addition to following companies’ own strategies.

“We are going to do all we can to ensure that our work can benefit the industry in a concrete way and not just collect dust in a desk drawer”, says Jaurola. “The third workshop offers concrete tools to help each participant share the results of our work in their own organisation.”