The global fintech-ecosystem continues to grow at an ever faster pace. But where are we going and where will it end? We met up with Margareta Lindahl, Chairwoman of the Board at Northmill Bank, to learn how emerging technology affects leadership and organization in an industry in constant change.
You have been active within the Finance Industry for more than 19 years. What are the most striking developments in the industry in your opinion?
Increased diversification throughout the financial sector, due to a heightened number of niche-banks, has accelerated. This is a positive change for both the customer and the industry, since it has pushed competition and product development. I've also witnessed the increased regulations that the industry has to follow. It has opened up more opportunities for smaller and fast-paced neobanks, such as ourselves, who have the potential to combine innovation and compliance very efficiently.
What demands does the rapid technical change put on leadership and organization?
Swift and efficient teams, who are close to the market and responsive to customers' changing behaviors and needs, is very important. Obviously, this puts higher demands on leaders and a responsive leadership in general. This kind of leadership is the key to success when you want to build an organization that lies in the forefront.
Future generations put completely different demands on user experience and the relevance of products and services.
So development affects leadership?
Yes, you have to be adaptable in your leadership in an industry that sometimes changes overnight. Compliant leaders are often humble and know that they don't have all the answers themselves. More often the answers lie within special teams. This becomes very clear in a fast-paced business. Proactivity from Top Management is also required regarding both the organization's formation and the development of leaders in the organization.
What role do you think Northmill Bank will have for coming tech-savvy generations?
Future generations put completely different demands on user experience and the relevance of products and services. They are used to having the freedom to choose and that includes financial services. It is a positive development that will force the industry to be more alert to what customers really want and need. We also see that customized products and services, both for the individual and groups, become more important. Everybody wants a private banker in digital form.