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PA PERSPECTIVES ON NORDIC FINANCIAL SERVICES

Spring Edition 2018

Nordea’s Cultural Journey from Ego to Eco 4 - Enabling Innovation from Within Interview with Tabitha Cooper of Nordea

The next wave of Fintech 10 - InsurTech and RegTech

Change 14 - Your most valuable capability

GDPR isn’t over, but it’s already taught us a lot 16 Lessons learned from the implementation so far

Private equity 20 - The power player behind financial services Interview with Christian Frick at Nordic Capital Advisory

Quarterly performance development 26 Latest trends in the Nordics

Financial Highlights 30

Factsheet 33

CONTENTS

Contact us

Göran Engvall [email protected] +46 721 936 109

Martin Tillisch [email protected] +45 409 94 642

Magnus Krusberg [email protected] +46 721 936 110

Knut Erlend Vik [email protected] +47 913 61 525

Thomas Bjørnstad [email protected] +47 917 91 052

Chief editors and Nordic financial services experts

Nordic financial services experts

2 PA PERSPECTIVES ON NORDIC FINANCIAL SERVICES

3PA PERSPECTIVES ON NORDIC FINANCIAL SERVICES

One of the first things you notice about Tabitha Cooper is her spikey haircut and the purple streak running through it. Dressed casually, with a sporty neck-warmer, she doesn’t look like a stereotypical banker. She neither speaks nor acts like a banker, giving her colleagues big hugs and calling them fond nicknames. But this unlikely figure has become a face of Nordea’s drive to innovate and change culture. Her mission is to foster an open atmosphere within the bank, one where people believe they’re part of the changes and are comfortable being authentic to themselves and the environment.

It’s clear from speaking to Tabitha that she draws on a huge range of influences to form her thoughts around change. She regularly peppers her explanations with descriptions of the latest research in neuroscience and psychology. She’s particularly inspired by the work of Otto Scharmer, a lecturer at the Massachusetts Institute of Technology, author

of “Leading from the Emerging Future; From Ego-System to Eco-System Economies.” To understand Tabitha’s perspective, it helps to understand Theory U, which suggests that to navigate a sane path in today’s world, we need to connect to our authentic selves. The theory proposes that “the quality of the results we create in any kind of social system is a function of the quality of awareness, attention or consciousness that the participants in the system operate from.” This also happens to be the method that Nordea has chosen to take on its group-wide transformation journey. This theory advocates moving from IQ to EQ; uniformity to diversity; talking to listening; thinking to sensing. Or as Tabitha succinctly says: “going from ego to eco.” This is not the typical language of finance, but it appears to be the foundation for a new kind of thinking that’s permeating Nordea’s culture today.

In Tabitha’s eyes, Nordea’s current position on

AUTHOR: LAN-LING FREDELL

Nordea's Cultural Journey

FROM EGO TO ECO

PA spoke to Tabitha Cooper of Nordea about transforming culture to embrace innovation and allow experimentation.


http://www.ottoscharmer.com

https://www.presencing.com/theoryu

the precipice of change driven by technology, regulations, customer demands and fintech competition, demands the company reach deeper into itself and redefine its purpose and existence. Tabitha explains: “You can’t just tell people to change, we need a wider context. We need the story, we need the Why. What we all do every day matters, so we must remind ourselves of the wider context in which we operate, i.e., what does all that is happening in the world mean for us?… It reminds us that everything we do is about serving society.”

Tabitha is echoing her CEO, Casper von Koskull, in

recognizing change requires a new way of thinking. Casper has said: “We need to change the way we organize ourselves, to change the way we structure ourselves, but also to change our behaviour, how we interact. We need to move into more of a networked organization.”

Tabitha started working with Nordea in 2015 on the core banking simplification program. Nordea was trying to simplify itself, having previously been four separate banks, and Tabitha sensed more would be needed to change Nordea than just a new IT platform. She explains, “A colleague, Jonas Eneroth,

“What we all do every day matters... Everything we do is about serving society.”Tabitha CooperChief CommunicatorNordea Group Digital


and I spoke animatedly for hours one evening about how, while it’s critical for Nordea to undertake this enormous system and process simplification programme, we questioned whether it was a sufficient response given the significant activity that was going on outside the four walls of the bank. New companies were creating great new services and experiences for people, so simplification shouldn’t be all we were talking about.”

The pair found champions for their thinking in Nordea’s Transaction Banking management team. Nordea was considering how to focus its adaptability to meet the challenges it faced from the outside and identify opportunities that promoted long-term relationships and growth. As Tabitha sees it, the critical thing was not the idea itself, but speaking to leaders who were willing to listen and who had the courage to take action. Tabitha reflects: “…the next thing we knew, we were in an innovation lab!”

One of the first things that Tabitha and her colleague Torbjörn Ekroth were tasked with after

establishing the lab, was to arrange an innovation week. The event needed to engage as much of the organization as possible and focus on a wider purpose that could both unite and excite Nordea. She explains: “That was the mandate: You are an innovation lab now, let’s have an innovation week! We had a blank sheet of paper and no budget to just come up with something in a few months!” Tabitha remembers: “We… focused on trying to give people a completely different experience, firstly of what coming into work could be like, while also providing a crowdsourcing challenge set in the wider context of society – using the UN Sustainable Development goals as inspiration.”

The innovation week brought together 40 people in the cash management area for five non-stop days. They included service design workshops, breathing exercises and presentations from many different organizations, including a cryptocurrency company and more established well known organisations. The talks focused on Nordea’s Transaction Banking mega-trends in combination with a purposely non-banking challenge: What ideas can we, as a


http://www.un.org/sustainabledevelopment/sustainable-development-goals/

http://www.un.org/sustainabledevelopment/sustainable-development-goals/

Financial Service Company, come up with to ensure we play our part in the societal ecosystem in which we operate and benefit from?

Tabitha laughs as she describes her thought process: “You could feel that people were just saying... Come on, what are you doing? Sitting up there in your white lab coats playing with test tubes and Bunsen burners? …to a few people it was kind of a joke having an innovation lab. So in some respects, it felt like it doesn’t matter what we do here, we have nothing to lose.”

While investigating new technologies like blockchain, big data, or artificial intelligence is undoubtedly important, to Tabitha it felt unrealistic. With only five people in the lab at the time, it would be impossible to only look at new tech and work on new ideas or uses. She recalls: “We would be hoping these ideas would get accepted in an organisation that didn’t entirely get what we were doing or why we were even there in the first place. If we were really going to have an impact… I felt we also needed to influence innovation as being part of our culture and how we collectively work, rather than only a place to find and do cool stuff.”

Tabitha felt that to harness the power within Nordea, everyone had to feel they were part of the innovation. She comments wryly: “Innovation is just like change; it is most often rejected from the system like a virus. You get this foreign body, innovation, coming in, and the system automatically sends out the white blood cells, to defend the status quo. So while it has been an amazing privilege to be in this position, it is also not without its challenges.”

The innovation week was a catalyst for immersing a wider group of people in the experiment and experience of innovation. Within the organization, the week was well received. Joakim Bredahl, Cash Management Advisor at Nordea, said: “At the end of the day we had created something that was far better and far more relevant than any of us thought we could. A learning experience in how good methodology can help you develop an idea and make it into something that is pitchable.”

The week also received attention from higher management, and it was then that Tabitha and her colleagues in the innovation lab felt something within Nordea had shifted. Tabitha says that to institute change “We need role modelling, we need support from the very top, and that’s what we got. If we want people to be courageous, to take risks in an environment that traditionally is not supposed to take risks – we are managing other people’s money and livelihoods after all – we need to have

an environment where people are given permission and feel safe to do that.”

This support from the top came from Casper, who said during the planning of the initiative: “We need to push the boundaries. We need to experiment. Let loose. If we don’t give it a go, then we will not know. This will not be the only way to break all barriers but it is a good way to start.”

Tabitha believes we have to tap into more than our intelligence at work. She explains: “Neuroscience says that we are made up of thoughts, emotions, and our behaviour. If the underlying message of most corporate cultures is saying that emotions are not okay, when we know that emotions are the body’s prediction mechanism, then as conditioned and widespread as it may still be, we are in fact collectively distorting our behaviour and the potential in every outcome. What kind of decisions are we then making from that perspective?”

It turns out that Tabitha’s non-conformist appearance is part of her quest to change behaviour at Nordea. Tabitha laughs: “I am not the clothes that I wear or my crazy purple hair. I do it for a reason, partly to challenge myself and because it’s fun, but also because putting yourself way out there gives leeway for people to dare a bit more. In this too, Tabitha is reflecting a message from Casper when he encouraged Nordea to “lean in” during his first speech as Nordea CEO, a reference to the book written by Sheryl Sandburg. Tabitha continues,“People absolutely don’t need

“We cannot afford to be disconnected from the broader ecological questions. I think we finally understand that we are fully dependent and linked to the environment, not only the urban environment but the rural environment and the planet we live on.” Casper Von Koskull, CEO of Nordea.


https://vimeo.com/183842105/5b0aa6c98a










to come out as far as I do and I am not suggesting that everyone should have purple hair. But it’s about taking the risk to try something different, finding and connecting with other people who also recognise the need to change... But you have to open your heart. You have to go to that place of caring and have that courage to actually care in an environment where doing so has traditionally been seen as fluffy, soft and unstructured.” She clarifies,

“When people see that someone like me is working here, they feel like oh, maybe Nordea is changing.”

While Tabitha rejects the notion that she is a symbol of change for Nordea, saying that there are many people involved to enable this kind of transformation, she does remember once identifying with a YouTube video of a “lone nut” dancing on the side of a hill. After a painful moment, a second person joins. And then a third. By the end of the video, all the people on that hill are dancing. Derek Sivers, an American entrepreneur who narrates the video, says: “…it was really the first follower that transformed the lone nut into a leader… If you really care about starting a movement, have the courage to follow and show others how to follow. And when you find a lone nut doing something great, have the guts to be the first one to stand up and join in.”

Tabitha feels a responsibility to create, continue and encourage this momentum. She says: “So the innovation week was great and full-on for everyone. We were all, including Torbjörn and I, leaning in. We also felt it was not sufficient to just host the event. We wanted the effects of the event to be a talking point via Nordea’s intranet to educate and influence those who had not been there.”

“We need to push the boundaries. We need to experiment. Let loose. If we don’t give it a go, then we will not know. This will not be the only way to break all barriers but it is a good way to start."Casper von Koskull, CEO of Nordea.


https://www.ted.com/talks/derek_sivers_how_to_start_a_movement

https://www.ted.com/talks/derek_sivers_how_to_start_a_movement

She adds: “I guess unconsciously at the time, we wanted the people at the innovation week to be the first followers to considering a new way of

working. That way, the story, the momentum, the movement grows. We also wanted to celebrate the people who leaned in and took the risk to feel uncomfortable.”

Nordea’s transformation journey has been about trying to find their true purpose in this

new technology-driven landscape. Tabitha states: “Prior to this, it was like, we

want to be best, we want to be number one. But that is not truly

inspiring for most people. We needed to find out who we are… So if Nordea is a collective person, the challenge was to answer the questions of who

do we feel we are, why are we here, how do we need to change?

We needed to identify our collective sense of values and purpose...”

According to Tabitha, Nordea has taken the journey articulated in Theory U, and from that journey,

has been able to re-evaluate its purpose. She describes Nordea’s new mission as: “Leading

the way together to enable the dreams and aspirations for a greater good. With

four key values that would enable the change: courage, collaboration, passion, and ownership.”

One of Tabitha’s key messages, and one that may be difficult to articulate in

a financial organization, is harmony with the

environment, an essential part of Theory U. She’s not alone in this thinking. Casper said to his employees in their internal video about innovation week: “We cannot afford to be disconnected from the broader ecological questions. I think we finally understand that we are fully dependent and linked to the environment, not only the urban environment but the rural environment and the planet we live on.”

Åse Bergstedt, Nordea’s Chief Sustainability Strategist, echoes this thinking: “We need to get sustainability into everything we do. Sustainability is not something separate, it needs to be integrated.”

Nordea appears to be well on its way to fulfilling its cultural transformation. It has a new purpose that moves beyond the narrow role of a financial intermediary. Instead, new Nordea wants to see itself as a fulfiller of dreams. Casper describes Nordea’s ethos in this journey to the future: “It is not only about your mind and your brain but also your heart. You need heart, mind, and will to really navigate. We are living in a new environment which requires new ways of operating, behaving and thinking.”

As for Tabitha, she sums up the future for Nordea saying: “We need to create the space strategically and emotionally to continue to innovate and partner with new players previously not considered in our financial scope, while recognizing the accelerating speed, mindset shift and dynamics of living in a networked technology-enabled world. We need to lean into possibility. Our challenge and potential is to navigate the need for speed with the wisdom of calm.”

Casper von Koskull became President and Group Chief Executive Officer (CEO) of Nordea Bank AB (publ) in 2015. Casper has been a member of Nordea’s Group Executive Management team since 2010 when he was appointed Head of Wholesale Banking.


https://www.finextra.com/videoarticle/1730/integrating-sustainability-into-the-risk-framework




The Fintech industry is growing every day, with innovative new players transforming financial services. Historically, the focus has been on finding areas where banks aren’t serving their clients sufficiently. Legislation, such as PSD2, plays well with those ambitions and major banks across Europe are opening up their systems with APIs that enable faster development of third party solutions for banking clients.

The next wave of Fintech is flowing into relatively untouched areas, such as regulatory compliance and insurance. Financial Service Institutes (FIs) struggle to keep pace with regulation and implement new controls and reporting requirements in existing operating models and IT-landscapes. At the same time, the insurance industry has been lagging behind on customer experience and operational efficiency.

During 2017, PA partnered with Stockholm School of Economics to research the development of RegTech and InsurTech. The report concludes that the developments within RegTech and InsurTech are faster than the Fintech industry on average. This is because consumers, fintechs and incumbents can all gain great value from the development.

In the RegTech section of the report, we examine how new regulations are affecting financial incumbents and what technology is available to meet these challenges. We focus on the underlying regulatory drivers of RegTech, suggest a taxonomy, examine Swedish players, look at how RegTech plays out in a set of regulations, and predict possible future scenarios. In the InsurTech section of the report, we examine how the insurance industry is adapting to the development of insurance-related technologies.

AUTHOR: MAGNUS KRUSBERG

RegTech and InsurTech are the new focus for investment into FinTech, driven by increasing regulations, data, cost

pressure and customer demand.

The next

WAVE of Fintech


The next

WAVE of Fintech

Figure 1. RegTech Taxonomy¹


One key conclusion is that long term regulatory pressure requires FIs to rethink their data infrastructure and take a holistic view of their clients. To stay competitive, FIs should look for technologies that will let them provide the best service at the lowest cost and cooperate with those firms or individuals that are best at providing compliance. One of the most important aspects of regulatory management is how to handle information. FIs must comply with existing regulations to manage new data and information changes, while adapting to evolving regulations. Thus, an actor management solution must aim to ease the process across the whole lifecycle of a commercial relationship to all types of actors. With new technologies, management of this process is vital to enable digital service offerings and open banking platforms while being compliant.

FIs should evaluate which parts of their services and operating processes could be outsourced to more efficient technology companies to remain competitive. It’s important to highlight that the RegTech industry is still immature and not all solutions are perfect. For that reason, we recommend FIs cooperate with RegTechs and participate in the development of this exciting new industry. The long-term consequences of these regulations, if firms can take advantage of economies of scale, is a horizontally integrated financial industry characterised by digitisation and built on a Lego-type structure.

InsurTech is a relatively new development and the report outlines how customer needs and wants have shifted. Individuals may be less loyal to their traditional providers, and more willing to explore new and better solutions for their financial endeavours. Growing access to data, for example from smart watches, gives insurers the opportunity to monitor behaviours and predict accidents, which could potentially lead to a decrease in risk premiums for the customer. Technology may be the catalyst for the most impactful change since the beginning of the insurance industry – the shift from reactive to pro-active business models. Not only is the distribution model changing, the products are evolving as well.

One interesting observation in the report looks at the megatrend of the sharing economy. The Swedish insurance industry is remarkable in its tradition of mutual insurance. Arguably, many of the so-called P2P platforms developing today are

really repackaging the notion behind a managed mutual insurance platform, similar to the offerings of P&C insurers Länsförsäkringar and Folksam, or life insurers Alecta and Skandia.

Swedish incumbents and InsurTech startups have reason to be optimistic about the future of the insurance landscape. For the startups, there are signs of increased risk capital on the market, and customers are on the lookout for more personalised, proactive, and cost-efficient insurance products.

It’s unlikely, at the current stage of InsurTech development, that new entrants will be able to competitively offer a full insurance product without the aid of incumbents or partners. This is due to the high capital requirements and complex regulatory compliance hurdles, as well as the disadvantage of newness that hampers consumer trust. Therefore, a scenario emerges where incumbent insurers and newcomers can co-exist to improve service quality, reduce cost, and generate returns on investment by partnering and cooperating.

The Swedish insurance market offers an attractive breeding ground for industry collaboration based on the increasing number of InsurTech startups, demand for innovative startups to invest in, and incumbent insurance companies with extensive knowledge and experience. Sweden not only hosts InsurTechs that operate within the Swedish market, but an increasing number that look beyond Sweden, such as BIMA Mobile and Enerfy. With nimble operations and global perspectives, these companies aim to establish themselves as partners and providers of technology services that transcend national boundaries. Stockholm, as well as other cities in Sweden, are well-positioned to host technology companies that can innovate in the insurance industry.

For incumbents, it’s vital to participate in these developments to accommodate future insurance customers who will demand proactive, personalised, and intuitive insurance products. While incumbent insurers have already started to partner with startups, they still face challenges in reinventing themselves for future policy holders. Further collaboration with InsurTech startups might prove a viable solution.

For more detailed insights, download our full report. paconsulting.com/insights/2018/next-wave-of-fintech/


1 The Next Wave of Fintech, Stockholm School of Economics, Michal Gromek et al, 2017

“One of the most important aspects of regulatory management is how to handle information.”

Figure 2. InsurTech Taxonomy¹


CHANGE

While some progress has been made, such as digitising customer journeys and automating back-office tasks, the core business of

financial services have remained unchanged for decades.

- your most valuable capability

The financial services industry is often criticised for being conservative and slow-paced when it comes to adopting new technologies.

Having done a lot of work in the industry, we believe this leisurely modernisation is down to a few things that are particular to financial services:

• High entry barriers stop disruption in the industry, reducing the need for change.

• High profits drive protectionism rather than exploration.

• Strong regulatory requirements restrict the ability to be innovative.

• Stable customers have low demand for new products and services.

Over the years, however, threats have started to creep in that industry leaders have needed to respond to. New regulations, such as the Second Payments Service Directive, General Data Protection Regulation and Second Markets in Financial Instruments Directive, have created new opportunities to generate value through more open value chains and more transparent services. FinTech and RegTech startups, and the arrival of major players from other industries, inspire change with innovative solutions. And customers demanding more convenience will force the industry to deliver services in new ways.

While these threats are already on the top of the agenda for most industry leaders, finding the right strategic response is hard. Conventional thinking has been focused on developing long term plans based on industry analysis and market experience.

AUTHOR: CASPAR HANNEBORG


But the blurred future and rapid market movements make this an almost impossible task.

How can we tackle these challenges? We believe that the winners will be the companies that react swiftly, accurately assessing market demands. Predicting future demands are becoming increasingly challenging, and building an organisation prepared for continuous change is essential. This will require flexibility, scalability and agility to a wider extent than previous. Rather than focussing on developing the optimal operating model in five years’ time, leaders need to invest in change capabilities.

But there will be challenges to implementing such changes in financial services. By working with clients in the industry, PA has experienced several common roadblocks to change across the incumbents.

• High profits have created a culture of protecting the status quo.

• A lack of experience with large change initiatives makes people at all levels of the organisation uncomfortable and resistant to the change.

• People often see change as temporary, rather than as an integral part of the daily business.

Removing these roadblocks takes significant effort. But we’ve seen how market-leading companies in other industries have successfully transformed

their business models and believe there are three key themes to focus on in financial services going forward:

1. Drive change management to the top of the agenda Make sure change doesn’t happen in silos by setting a company-wide vision. Change is a top-down process – you need to clearly set the direction, steer initiatives and track progress. Leaders must “walk the talk” and support the outlined direction with confidence, regardless of their personal stance. You can’t expect your organisation to adopt behaviours and values that you don’t promote yourself as a leader.

2. Build change capabilities at all levels Train your mid-level leaders in change management. Leading change processes is significantly different from leading business as usual and needs a raft of new skills. Continuously expose your organisation to changes – allowing for behaviour and working methods to stick decreases the organisational abilities to successfully adopt new changes.

3. Implement agile working and engage employees in finding the solutions Agile working methods let you fail faster, be more responsive to market changes, and continuously create small success stories. Encourage your people to run pilots and engage in improvement initiatives to create a stronger understanding of, and commitment to, the change.


GDPR

25 MAY 2018


but it's already taught us a lotThe EU General Data Protection Regulation is almost

upon us. Firms in the Nordics have done a lot in preparation, but the work doesn’t end with the May

2018 deadline and it isn’t just a compliance exercise.

AUTHOR: MAGNUS ERIKSSON AND CARL ASTVIK

GDPR ISN'T OVER

If you implement GDPR properly, there are plenty of strategic opportunities to take advantage of, from streamlining operations to improving the customer experience.

Now is the time to reflect on what we’ve learned so far, and remaining work to ensure you’re ready to not only meet the deadline, but seize those opportunities.

Lessons learned from the implementation so far Don’t forget the past when planning for the future. The new GDPR regulation is a game-changer compared with previous data protection regulations. A big challenge for a lot of companies has been that they weren’t compliant with the original data protection directive from 1995. As you examine the implications of GDPR, make sure you address these gaps. Until now, the risks have

been acceptable, but with fines up to four per cent of turnover or €20 million (whichever is greater), noncompliance is very expensive.

Map current information flows Given the technology evolution we have seen, most Nordic companies have evolved from old mainstream systems to new cloud services. Staying competitive means launching new services, technologies and products as quickly as possible. This has meant some old solutions have simply been added to for the sake of speed. So it’s common for system environments to consist of different architectures with complex integrations.

From a GDPR perspective, that’s challenging because you have to understand information flows in such systems so you can be sure they meet the privacy requirements.


Plan for future strategic opportunities Where is personal data stored? Where is it used? Why is it kept? Can it be anonymised? What happens if it’s deleted?

You need to consider all these questions because your answers will impact the strategic opportunities for future data analysis.

Work with third parties Don’t underestimate the time it takes to implement effective governance of third parties who process information. GDPR makes you responsible for your partners and collaborators.

GDPR and other regulations GDPR will impact other financial services regulations - especially those with a focus on data retention, regulatory reporting, and conduct. Firms should approach GDPR in a way that is coordinated with these other requirements to avoid duplicated effort.

Both MiFID II and the 4th Anti-Money Laundering Directive have overlapping requirements related to data retention which will need to be taken into consideration. However, we think the most important overlapping regulation for firms in the Nordics is the Second Payments Service Directive (PSD2).


The main feature of PSD2 is the need for APIs that give third-party access to transaction data and payment services. This increases the risk of information leakage and makes the whole financial eco-system more complex and vulnerable. With both PSD2 and GDPR you need to identify and mitigate operational and security risks to protect customers.

That means you need to secure user data, carefully control access rights and manage permissions for critical information and systems. You also need robust logging and monitoring to make sure any abnormalities, frauds or information leakage can be identified.

Both PSD2 and GDPR demand a fast incident response process. In GDPR, you need to tell national authorities and the affected person about unauthorized or unlawful data processing, loss, destruction or damage incidents within 72 hours of discovery. PSD2 has an even tougher deadline. So you should take a comprehensive view of your incident process to make sure it meets both regulations as well as business requirements.

Strategic opportunities It’s wrong to think of GDPR as a compliance exercise and cost burden. That view fails to take into account the strategic opportunities to improve operations and customer experience across the organisation, including:

• Improving data quality and governance for better strategic decisions and customer interactions

• provide differentiated and personalised customer experiences

• review and optimise processes

• create clearer roles and responsibilities

• make access management more effective

• automate processes (e.g. right to access, storage limitation).

What’s next? Many companies are unlikely to have implemented all GDPR requirements by 25 May 2018. Given the tight deadline before the regulation comes into force, companies should prioritise high risk areas to close regulatory gaps.

You shouldn’t lose sight of ‘Day 2’ and the longer-term requirements. You should consider longer term independent assurance to validate where you are on your compliance journey and key areas of focus. As well as how you can upskill and educate your workforce to change behaviours beyond the deadline.

Also, think about building strategic solutions, ideally in close coordination with other regulatory initiatives. Taking a step back and reflecting on the strategic choices will strengthen your firm’s position for the future.

Regulatory implementation may often feel like a tick-box exercise to comply and get things done. But GDPR has the potential to initiate a wider change to how data is managed, protected and used and its impact shouldn’t be under-estimated. It’s important to think about how to make this part of business as usual and embed it in your behaviours and culture.

MAY

PA PERSPECTIVES ON NORDIC FINANCIAL SERVICES 19

“These days, the market is much more transparent, competition has increased in our

Christian FrickHead of Financial ServicesNordic Capital Advisory

business, so we have to be very active owners.”

the power player behind financial services

PA PERSPECTIVES ON NORDIC FINANCIAL SERVICES20

PA: European private equity investments in financial services increased from four to 20 per cent between 2004 and 2015 (European financial services transactions accounted for €15.5 billion in 2015), and the trend is continuing. Why do you think this is happening now?

Christian: From a Nordic Capital perspective, the financial services industry has been very static and rigid for a long time. In the aftermath of the global financial crisis, a new type of bank has grown up - niche banks. They’re well-suited for private equity investments for two reasons.

The most obvious is their size. To buy a major bank listed on the Stockholm Stock Exchange, you would have to gather quite a few firms together. They’re out of reach for private equity. Niche banks aren’t. They’re actually pretty ideally sized.

Secondly, the financial services industry is changing so much - and that's when private equity gets really interested. Our governance model is very applicable to changing environments, and we're pretty good at supporting companies in handling and driving change.

PA: Recent major deals in the Scandinavian financial services market, such as Nordnet, Intrum, Bambora and Nordax, all have one thing in common - Nordic Capital. But it wasn't until the 2012 acquisition of Resurs that you really invested in financial services, so what drove this?

Christian: We’d looked at financial services earlier but didn't really see the entry points because banks were off the grid for us, too big to start with.

And when Nordic Capital first started investing

We met Nordic Capital Advisory's lead partner in financial services, Christian Frick, to talk about

some of the most exciting recent financial services investments in the Nordics.

the power player behind financial services

PRIVATE EQUITY

AUTHOR: GÖRAN ENGVALL


in the banking and payments area, we probably overestimated the level of sophistication and performance in the companies. Of course, that meant we underestimated what we could bring to them.

You could say the investment in Resurs was Nordic Capital’s third real push to try and break into financial services. We had gathered experience and become good experts in financial services over time, and quickly learned to make new and different kind of assumptions.

The way we work - the way of approaching governance, companies, and their challenges and opportunities - it was exactly the same as in any other industry. We got more confident after that, and felt there was actually a role for us to play.

PA: Why do you think you’re leading the private equity charge into financial services in Sweden?

Christian: Others are doing it as well. We're not completely alone. But we were early on the ball, as in healthcare, which is fairly similar in many respects - highly regulated, and complex. In those segments it’s important to be knowledgeable.

We’re fairly entrepreneurial. It's in our DNA to look for opportunities everywhere. That's why we kept coming back to financial services and said, "There has to be something here for Nordic Capital."

When it comes to competitors, it’s a sector where knowledge and experience matters. We've gained lots of experience, climbed that knowledge ladder, and looked at the whole industry long enough to focus. That lets us see opportunities where others might be scared off, and only see challenges.

Our ambition is to follow the sector closely and get to know the different companies well, sometimes over many years. Mutual Funds Exchange is a great example, where we learned about the company through the work with Nordnet and Itiviti who are part of the same value chain and we identified a great opportunity early.

A lot of people called to say, "Congratulations. Fantastic. Good news" when Nordic Capital acquired MFEX but I would say more than half of them said, "What's MFEX?" People had never heard of the company. There's the benefit of being focused.

PA: What are your predictions for the future of financial services?

Christian: You have to look at it from the perspectives of the different stakeholders in the market.

Customers like you and I would be relatively better off with more transparency and an improved product offering. Incumbents will face a lot of threats and the challengers will have tailwinds.

I don't see the latter overthrowing the industry completely, but I definitely see them taking their fair share of the market.

PA: You're not tempted to go in the venture capital direction, investing in fintech?

Christian: It’s always tempting. I'm not sure we would be the best investors in early stages because here it is a different mind-set, a different way of working.


But in Nordnet, we’ve reinvigorated Nordnet Ventures. It may not come up with all the best ideas in the world but it can partner up and say, "Dear Mr. and Mrs. fintech, we have close to 700,000 customers in all four Nordic countries. If we invest in you, you get the capital and access to our customers. We can let you offer your products or ideas to our customer base, and if it's a success, you work with us in the Nordics.”

It’s like the healthcare industry I mentioned before, where innovation just faded out of pharmaceuticals at some point and grew up in biotechs instead. Then you saw what happened with pharmas buying biotechs. They bought the innovation.

PA: You sold Bambora to Ingenico Group, one of the world's largest payment companies, for €1.5bn. But if you look at your current portfolio, which investment excites you the most, and why?

Christian: What child do you love the most? I'll pick the ones I’m involved in but there’s something that excites us with every company.

If you take Nordnet, for instance, that's the vision of building the best online savings customer experience in the world. My hope, and right now it feels very good, is that people will look back and say, "Wow." In the Nordic countries, in Sweden specifically, they’ll talk about Nordnet as an excellent example of what a modern online savings platform should look like. That's the best in class.

When it comes to MFEX, it’s super-exciting to take a relatively small, and in Sweden fairly unknown, entrepreneur- driven company on a journey together with its founders. Being at the heart of the omni-channel retailing that’s happening as

we speak, and how that interplays with financial services, is fantastic, and only doable when combining experience with sincere research.

PA: How much research do you do before you put an investment plan together, and what are the most important inputs to that research?

Christian: We do tons of analysis for every single investment. There’s market analysis, financial analysis, customer services, legal, ESG, IT etc. It's really a very complete picture.

If you take the last three investments, Nordnet, Nordax and MFEX made by Nordic Capital, they’ve taken three years on average, from hatching the idea to getting the deal done. That tells you something about the amount of time spent on opportunities, and how much we research them.

If “We’re fairly entrepreneurial. It's in our DNA to look for opportunities everywhere. That's why we kept coming back to financial services and said: - There has to be something here for Nordic Capital.”

PA PERSPECTIVES ON NORDIC FINANCIAL SERVICES 23

there's one thing to point out in these changing times, what you want to be clear about is a company's offering and customer value proposition. We call it a customer friendly and transparent offering. It has to withstand our tests. We've turned down quite a few investments on that basis. Really, a clean and true customer value proposition is very, very important to us.

PA: Quite often you tend to change the senior management of the companies you buy. How important is the management of your portfolio companies?

Christian: For us, having a world-class management team running a business is absolutely key. It's critical to achieving what we want to achieve.

If you look back at private equity, it was relatively easy creating returns 15-20 years ago. These days, the market is much more transparent, competition has increased in our business, so we have to be very active owners. We need a very clear strategy and plan for value creation, and the importance of having the right team to execute such plans can’t be under-valued.

PA: There’s a lot of talk about insurtechs and the changes we can expect in the insurance industry. With the exception of Solid Försäkringar, which is part of the Resurs Group, you haven't invested much in this market. Why is that and what’s your view on the industry going forward?

Christian: In banking, there’s an abundance of challenges to invest in. We don't really see the same pattern in insurance. It's a consolidated market, so it's difficult for us to find an entry point.

We have looked at it, not extensively because we quickly found it’s difficult to find that way in, where to invest.

The Nordic insurance market is probably a nice place to be. It's a disciplined market, good profitability, and also very hard to enter.

Insurance is typically linked to another product, say your car, so there will be changes that affect the products you insure and that will impact the insurance industry. We’re already seeing telematics, driverless cars and cost sharing etc.

We're still at that point where we don't really see the true opportunities for a mature private equity to invest, but I'm sure there will be a lot of people investing in insurtech.

PA: How optimistic are you about the future of financial services and what trends are you expecting in 2019?

Christian: It’s part of my job to be optimistic. You have to find pockets of the market you can be optimistic about. Nordic Capital has chosen to focus on a few sub-sectors of financial services, because we have a positive view on those for the long term.

There will, of course, be bumps in the road. This is a cyclical industry, and you can't get away. We try to have a longer perspective, and that needs to be balanced with the fact that Nordic Capital doesn’t own companies forever.

One area we look at is capital to SMEs from banks. It's something that needs to be better handled, as banks treat their capital more carefully than they've done historically.

I’d also come back to my point that financial services have been static and constant in many ways. We'll look back at the industry in 10 years and say now is where we saw things happening, maybe we were even the first in some cases. There's a lot going on in cybersecurity, consumer protection and blockchain that’s hitting the financial services industry first.

I don't think financial services companies have been at the forefront of change historically, but they will be.

“The Nordic insurance market is probably a nice place to be. It's a disciplined market, good profitability, and also very hard to enter.”


Quarterly Perfomance development

Norway

Quarterly performance development

Individual Pension Saving In November 2017, Norwegian banks launched the Individual Pension Saving (IPS). It reintroduces pension tax deductions that were removed when the Individual Pension Agreement (IPA) was liquidated in 2006. The IPS gives tax deductions of 24 per cent of the annual pension fund savings, up to NOK40,000, without triggering capital gains tax. The pension funds can be paid out at age 62, and are taxed as ordinary income in the minimum payout period of 10 years.

The merger of Vipps, BankAxept and BankID In November 2017, Norwegian banks announced the merger of Vipps, BankAxept and BankID. Vipps, which is owned by 106 Norwegian banks, is the largest mobile payment application in Norway. BankAxept is the Norwegian payment system, while BankID is the electronic identification service used by all banks and public services. BankAxept and BankID are both owned by Norwegian banks. By linking the different parts of the payment value chain together, the goal is to stand stronger against global technology giants, both national and international. The new company should be operational from August this year.

Contractual Pension Schemes Pensions will be a key issue in this spring’s tariff settlement in Norway. First, the public occupational pension will be changed. Second, the contractual pension scheme (AFP) in both the public and private sectors must be adapted according to the pension reform. Reports show that the restructuring of the AFP scheme in 2008 has led to later retirement as intended, but as life expectancy increases, each person must work longer to achieve the same pension. This has resulted in pension levels that are too low for those who want to retire early. AFP is therefore no longer a scheme for those who struggle to work until age 62, as it was intended. The demand from the Norwegian Confederation of Trade Unions (LO) is to strengthen the scheme in the tariff settlement in May.

Further regulations on consumer loans The Ministry of Finance is considering tightening the regulations on consumer loans further, only a year after regulations against aggressive advertising and outstanding amounts on credit card bills were introduced. As the high interest margin on consumer loans lets banks achieve high profitability with substantial losses, the government will consider introducing an upper limit for effective interest rates.


What is a neobank – really?

Sweden

Fintech Innovation Centre Finansinspektionen (Sweden’s financial supervisory authority) announced it will open an innovation center for fintechs, but it won’t follow the lead of other European countries, like Denmark, and offer a sandbox. Finansinspektionen explains it doesn’t see a sandbox as consistent with its role as a regulator and unbiased body, which should have no conflicts of interest. Having a sandbox means Finansinspektionen would have to “pick and choose” what innovations and companies deserve special access. According to Finansinspektionen, this is not compatible with a transparent and unbiased regulatory process.

Nordea Q4 2017 was eventful for Nordea. In October, it announced it’s aiming to terminate 6,000 people, including 2,000 consultants. Combined with Q4 results being weaker than expected, Nordea shares fell 4.2 per cent.

In November, the bank launched Nordea Ventures, which made an immediate investment in the Swedish payment fintech Betalo.

In December, Nordea became the ninth banking member of the we.trade consortium. It’s building a

shared platform to make domestic and cross-border commerce easier for European companies by using blockchain technology. At the same time, Nordea became the first Nordic bank to offer open banking pilot access to real customer data.

Bitcoin In January 2018 Nordea banned all employees from trading Bitcoin. "It is such an unregulated market and we are afraid that employees will end up in a situation that is either unethical or criminal," Nordea's Press Officer told TT News Agency.

Customer Satisfaction The 2017 SKI (Swedish Quality Index) survey of bank customers shows a large spread of satisfaction among both private and corporate customers. The results show a changing industry that’s becoming increasingly polarized, with huge differences between banks and customer segments. Mortgage customers and large corporations are generally satisfied, while the broader private customer segments and SMB’s feel forgotten. At the top in both the private and corporate segment, we find Länsförsäkringar Bank and Sparbankerna. Nordea is at the bottom of the list in both segments, with an overall customer satisfaction of <54 per cent.



Quarterly performance developmentDenmark


Nordea Liv & Pension separated Norliv, the association for all Nordea’s approximately 330,000 life insurance and pension customers, acquired an extra 45 per cent of Nordea’s Danish insurance company, Nordea Liv & Pension, for 3.5 billion DKK. That’s taken Norliv’s total equity interest to 70 per cent and valued the Danish arm of Nordea Liv & Pension at 7.8 billion DKK.

Norliv is set buy the remainder of the company in the coming years, and the pension company will eventually be fully customer-owned. Nordea and Nordea Liv & Pension will, however, continue their close collaboration. The acquisition doesn’t affect Nordea Life & Pension companies in Sweden, Norway and Finland.

First DK fintech stock exchange listing NPInvestor has become the first Danish fintech company to be listed on the Nasdaq First North stock exchange in Copenhagen. Around 1 million stocks in the company were sold in advance, securing NPInvestor 17.66 million DKK to go towards commercialisation and internationalisation of the investment concept ‘copy trading’.

‘Copy trading’ is a part of NPInvestor’s self-developed trading platform, Straticator. The platform, created by Navision founder Erik Damgaard, makes stock trading similar to social

media, letting you follow and copy other people’s trades, or share your trades in smaller networks or groups.

DK FSA fintech sandbox goes live The Danish FSA has launched its sandbox initiative, called FT Lab. The use of technology in the financial sector can be difficult thanks to existing financial regulations. So the Danish FSA has set up an environment where companies can test their business model before a potential application under financial regulations. As a starting point, it’s possible for both fintech start-ups and more established companies to gain access to the FT Lab, but there’s a limited number of spaces. The purpose of the FT Lab is to create a safe environment where it‘s possible to test new technologies and business models in close collaboration with the Danish FSA.

Tryg’s acquisition of Alka Tryg, the second largest general insurer in the Nordic region, has acquired Alka, the eighth largest liability insurance company in Denmark, for 8.2 billion DKK. The plan is to let Alka continue as a separate brand. Tryg is expecting synergies between the two companies to save 300 million DKK before 2021, despite the management and employees at Alka continuing as before the merger. The acquisition of Alka should be final before the end of the first half of 2018, so long as it gets the necessary approvals.


Value map forFINANCIAL CORPORATIONS

Danske Bank

0.50

1.00

1.50

2.00

2.50

100,000 200,000 300,000 400,000 500,000 600,000 700,000

Sample average Q4 2017: 1.29

Sample averageQ4 2018: 1.35

Total assets in mEUR

2016:Q4 2017:Q4

Nordea

Jyske Bank DNB

Spar Nord Bank

Sydbank

Storebrand

P/B

SEB

Handelsbanken

Swedbank


Nordic Q4 2017FINANCIAL HIGHLIGHTS

Consolidated

Sydbank highest asset growth in Q4 2017

581,612 bEUR

Handelsbanken highest core capital ratio in Q4 2017

28.3% 5%Nordea highest total assets in Q4 2017

Life & Pension

1.3%Storebrand has the highest investment return in Q4 2017

1,351 mEUR

Nordea has the highest ROE before taxes in Q4 2017

5.7%Danica Pension has the highest premium income in Q4 2017


Banking

Casualty/non-life

4.6%Danske bank has the highest ROE before taxes in Q4 2017

7.9%

0.5%

Topdanmark has the highest ROE before taxes in Q4 2017

If has the highest premium income in Q4 2017

894 mEUR

Swedbank lowest cost/income ratio in Q4 2017

41.6%SparNord Bank highest net interest/total assets in Q4 2017

Länsförsäkringar has the highest investment return in Q4 2017

1.8%


KEY: • Highest or Best Performing • Lowest or Worst Performing

Consolidated

Size Profitability Efficiency Valuation Solidity

Total Assets (BEUR)

Asset growth1

Relative size2 ROE after tax3 Cost/income4 P/B5 P/E6 Core capital

ratio

17Q4 16Q4 17Q4 17Q4 17Q4 17Q3 17Q4 17Q3 17Q4 17Q3 17Q4 17Q3 17Q4 16Q4

Handelsbanken 282 598 269 269 -7,2 % 13 % 2,7 % 3,0 % 46 % 45 % 1,54 1,7 14,50 14,3 28 % 31 %

Nordea 581 612 615 659 -5,5 % 23 % 1,9 % 2,6 % 61 % 51 % 1,22 1,4 16,20 13,9 20 % 18 %

SEB 261 417 268 558 -12,7 % 13 % 2,2 % 3,0 % 47 % 49 % 1,53 1,6 17,27 13,2 22 % 21 %

Swedbank 225 982 220 758 -10,1 % 13 % 3,6 % 3,7 % 42 % 37 % 1,65 1,9 11,62 13,2 27 % 29 %

Danske Bank 475 385 468 286 -0,2 % 17 % 3,7 % 3,3 % 47 % 48 % 1,47 1,6 10,02 12,0 18 % 19 %

Jyske Bank 80 241 78 866 2,2 % 2 % 2,3 % 2,4 % 60 % 62 % 0,90 1,0 9,96 10,7 16 % 17 %

SparNord Bank 10 794 10 549 0,0 % 1 % 2,3 % 2,8 % 68 % 63 % 1,11 1,2 11,89 10,9 14 % 14 %

Sydbank 18 601 19 718 5,0 % 1 % 2,7 % 3,3 % 60 % 57 % 1,40 1,5 12,78 11,4 18 % 17 %

DNB 280 699 293 408 -2,5 % 15 % 2,9 % 2,7 % 40 % 41 % 1,13 1,2 9,65 11,6 20 % 21 %

Storebrand 59 187 57 470 3,6 % 2 % 1,6 % 2,4 % 97 % 94 % 0,98 1,0 15,32 10,3 15 % 16 %

FACTSHEET




Life & PensionPremium income (mEUR) Investment return11 ROE before taxes12

Operating cost/Total assets13

17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4

Nordea 153 155 158 NA 3,7 % NA 5,7 % 6,1 % 5,4 % 0,29 % 0,30 % 0,32 %

SEB 173 158 165 NA NA NA NA NA NA 0,57 % 0,40 % 0,43 %

Danica Pension 1 351 1 195 1 103 NA NA NA NA NA 4,4 % NA NA NA

DNB Livforsikring 347 379 391 NA 3,8 % NA 1,9 % 2,0 % 1,8 % 0,36 % 0,40 % 0,41 %

Storebrand 627 644 597 1,29 % 1,1 % -0,3 % 0,3 % 1,9 % 2,6 % 0,53 % 0,49 % 0,56 %

Banking

ROE before taxes7

Net interest/ total assets8

Cost/ income9

Bad debt/ total assets10

Other income/ total income

17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4

Handelsbanken 3,5 % 3,9 % 3,4 % 0,28 % 0,3 % 0,3 % 45 % 45 % 46 % 0,16 % 0,03 % 0,13 % 30 % 26 % 28 %

Nordea 1,4 % 2,4 % 3,3 % 0,19 % 0,2 % 0,2 % 67 % 54 % 50 % 0,05 % 0,06 % 0,10 % 37 % 40 % 46 %

SEB 2,7 % 3,8 % 4,0 % 0,20 % 0,2 % 0,2 % 48 % 50 % 50 % 0,02 % 0,04 % 0,04 % 49 % 47 % 52 %

Swedbank 4,5 % 4,8 % 4,0 % 0,29 % 0,3 % 0,3 % 42 % 37 % 43 % 0,06 % 0,04 % 0,11 % 42 % 40 % 39 %

Danske Bank 4,6 % 4,5 % 4,3 % 0,11 % 0,1 % 0,1 % 49 % 47 % 50 % -0,01 % -0,01 % -0,01 % 32 % 31 % 34 %

Jyske Bank 2,8 % 3,0 % 4,8 % 0,26 % 0,3 % 0,3 % 60 % 62 % 33 % 0,09 % 0,05 % -0,13 % 30 % 33 % 39 %

SparNord Bank 2,9 % 3,7 % 2,4 % 0,46 % 0,5 % 0,5 % 68 % 63 % 69 % 0,06 % 0,21 % 0,28 % 52 % 44 % 49 %

Sydbank 3,5 % 4,2 % 4,8 % 0,35 % 0,4 % 0,5 % 60 % 57 % 57 % 0,04 % 0,09 % -0,07 % 55 % 56 % 41 %

DNB 4,5 % 2,7 % 3,9 % 0,30 % 0,3 % 0,3 % 42 % 49 % 37 % 0,17 % 0,14 % 0,21 % 51 % 34 % 51 %



Figures are based on annual and quarterly reports, and may contain non-recurring items 1. Asset growth last quarter

2. Relative size of market capital (out of a total of 100)

3. Quarterly earnings/equity

4. Operating cost/total income

5. Number of shares*share price at end of quarter/book value of equity

6. Number of shares*share price at end of quarter/earnings last twelve

months

7. Quarterly earnings before tax/equity

8. Net interest quarterly/total assets bank

9. Operating cost /total income (quarterly)

10. Losses last quarter*4/total assets

11. Quarterly return on total portfolio

12. Earnings quarterly/equity

13. Operating cost quarterly*4/total assets life insurance

14. Quarterly return on total portfolio

15. Result before tax quarterly/equity in casualty

Source:Figures are based on annual and quarterly reports, and may

contain non-recurring items

DefinitionsAsset growth = Growth in assets last year

ROE = PAT/Average equity capital

P/B = Market value end of period/Book value end of period

P/E = Price per share end of period/PAT per share

Tier 1 Ratio = Tier 1 Capital/Risk weighted assets

Cost/Income = All operating costs/Total income

Cost Ratio = All operating cost/Average assets

Life & PensionPremium income (mEUR) Investment return11 ROE before taxes12

Operating cost/Total assets13

17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4

Nordea 153 155 158 NA 3,7 % NA 5,7 % 6,1 % 5,4 % 0,29 % 0,30 % 0,32 %

SEB 173 158 165 NA NA NA NA NA NA 0,57 % 0,40 % 0,43 %

Danica Pension 1 351 1 195 1 103 NA NA NA NA NA 4,4 % NA NA NA

DNB Livforsikring 347 379 391 NA 3,8 % NA 1,9 % 2,0 % 1,8 % 0,36 % 0,40 % 0,41 %

Storebrand 627 644 597 1,29 % 1,1 % -0,3 % 0,3 % 1,9 % 2,6 % 0,53 % 0,49 % 0,56 %

Casualty/ non-lifePremium income Investment return14 ROE before taxes15 Combined ratio

17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4 17Q4 17Q3 16Q4

If 894 881 883 0,37 % 0,4 % 0,5 % 6 % 5 % 5 % 84 % 85 % 86 %

Länsförsäkringar 670 674 629 1,76 % 0,6 % 8,0 % 2 % 2 % 2 % 85 % 94 % 92 %

Topdanmark 302 304 296 0,08 % 0,7 % 0,6 % 8 % 9 % 11 % 82 % 82 % 85 %

Tryg 603 615 605 0,19 % 0,2 % 1,4 % 5 % 10 % 8 % 86 % 83 % 87 %

Gjensidige 621 752 629 0,90 % 1,3 % 1,0 % 5 % 8 % 6 % 91 % 81 % 88 %


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