Finextra’s latest survey report,
which included responses from 150 financial services professionals across Denmark, Finland, Iceland, Norway, and Sweden, highlights how firms are navigating the current landscape and their strategic priorities for 2025. Conducted between 5–21 March 2025, the
survey captured insights from C-level executives to managers working in financial institutions, technology providers, and fintech firms with revenues ranging from under $10 billion to over $250 billion.
2025 outlook: Innovation over obligation?
Nordic financial institutions are placing technology adoption at the top of their 2025 agendas, followed by customer experience and operational resilience. While regulatory compliance and fraud prevention remain relevant, they are not the core Nordic focus—reflecting
varied regional perceptions of risk.
Nordic countries are embracing a mix of payment methods tailored to different needs. However, rising geopolitical tensions prompted governments to encourage cash reserves for emergencies, adding complexity to the payment landscape. A generational divide
is also shaping preferences—senior leaders lean toward traditional methods like cards, while managers push for more varied payment choices. Banks face the challenge of navigating the complexities of offering multiple options, balancing technological advancements
with operational demands, and managing consumer expectations around payment preferences.
Moving from AI adoption to strategic integration
Regional disparities emerge, with Norway leading the strategic use of AI for regulatory compliance (17%) and data driven insights (30%), while Iceland applies it to real-time fraud detection and prevention (22%). Sweden and Finland focus on customer experience
and personalisation, and Finland lags in data maturity (9%).
Fintechs embed AI into product creation from the start, while banks remain more reactive, using AI to modernise and comply. The conversation is shifting from ‘Are you using AI?’ to ‘How deeply is AI embedded in your strategy?’, with those treating AI as
a strategic asset being better positioned to unlock smarter data use and deliver truly personalised customer experiences.
While 96% report at least partial readiness for AI, 50% still need upskilling. Norway (63%) and Iceland (56%) are the most equipped, while Finland, Sweden, and Denmark highlight skills gap. Larger organisations—backed by greater resources—feel more prepared,
reinforcing how, as AI adoption accelerates, skills are the critical bridge between intention and implementation.
DORA and VoP regulatory compliance
Although DORA is seen across the Nordics as a driver of cybersecurity and innovation, 39% of organisations still aim only for minimum compliance, highlighting the challenge of balancing security gains with flexibility, costs, and complex vendor contracts.
Eyeing the Verification of Payee (VoP) deadline in October 2025, readiness is high overall (85%), with Finland and Norway leading in confidence. Sweden shows the most uncertainty, and Denmark reflects mixed preparedness. Key VoP hurdles include modernising
infrastructure and integrating with legacy systems, followed by customer adoption, and workforce capacity. Sweden uniquely faces customer adoption as the top challenge (27%), and Iceland and Denmark report notable regulatory uncertainty (16%).
A shared understanding of the rulebook is essential not only to meet compliance requirements, but to ensure VoP adds an additional layer of protection rather than friction.
CBDC and stablecoin: The Nordic understanding
Most Nordic institutions view CBDCs as a natural evolution or complementary to existing systems, but a unified direction and clearer communication is needed around the core purpose of CBDC—is it settlement infrastructure for banks or for direct consumer
innovation?
Understanding of the CBDC–stablecoin distinction is generally strong (46%), and overall uncertainty is low, though continued education is key to grasp the potential and unique roles of these digital currencies as they evolve.
What’s next in Nordic payments?
As Nordic financial institutions navigate a rapidly evolving landscape shaped by innovation, regulation, and shifting customer expectations, strategic priorities for 2025 are coming into focus.
Finextra’s survey highlights how firms across the region are addressing key developments—from the Digital Operational Resilience Act (DORA), Verification of Payee (VoP), AI’s growing role, central bank digital currency (CBDC) and stablecoin, and evolving
payment trends such as Account-to-Account (A2A) and instant payments, offering a timely roadmap for financial institutions to refine their priorities and better position themselves for the challenges ahead.
Curious for more insights? Download the full report here.