In Norway we see the same trends as elsewhere; banks close down branches and increase their digital presence. I used to work within the banking / finance industry in Norway for many years. We often discussed the edge of being a local bank, and actually we still have small local banks with more than 50 % market share in their region.

But, stating the obvious…. We all see the unforgiving trend where the physical channel becomes less and less important. Further we see the constant efforts to convert into digital solutions and business models. We see new players popping up, grabbing market share from those who move to slow.

We find it confirming to see initiatives like Atom Bank, launching as a pure mobile bank.

“Customers who have less contact – face-to-face or voice-to-voice – with their banks are, surprise, surprise, most content”, says Mark Mullen, Atom Bank’s chief executive to BBC.

A quote from the media vertical; “Editorial chiefs for media brands are getting more and more like a software vendor – they are managing software products more than editorial content”. This is true, but not only for media. Relating this to banking, I would say that the winning future digital bank understands the need to manage the user experience in their digital presence as a product – a digital product. This is basically about managing their software. So, are the banks becoming software houses? More and more so, and since this is consumer targeted they have to compete with all other software the users are used to.

There is significant evidence that this is good for the banks embracing this trend. They are abled to reduce costs and open their market providing their banking products through the clients preferred channel.

The trend is that you do all your shopping from your living room while watching a Netflix series streamed onto your TV. I know I do. That is basically the overarching trend that e-commerce is now mainstream and banking is going the same way. People that shop in stores are, a bit 2013.