Digitalization Strategies in the Banking Industry : A study among Swedish banks

Abstract: Problem The banking industry is changing with new technologies and the financial sector is exposed to the strong pressure of change. All this appearing as a result of the ongoing digitalization. Purpose The purpose of this thesis is to gain a deeper understanding of how Swedish banks internally work with digitalization. Also, to create an understanding of the banks’ views of challenges, opportunities, and the future perspective of the Swedish banking industry that follows with digitalization. Theoretical Framework The theoretical framework has been developed from our three keywords: Digitalization, Bank industry and Digital banking. The theoretical foundation of this thesis is presented to create an understanding of the concept of digitalization. Methodology A qualitative research approach is used in this thesis where interviews are conducted with highly insightful respondents from each bank to fulfil the purpose and answer the research question. Empirical Findings The result of the empirical data collection consists of primary data collected through interviews with four major banks in Sweden. Conclusions All banks have a different internal approach to digitalization. However, there is no one-size-fits-all solution for a successful strategy, and the banks must adapt their internal work in order to manage the digitalization in the most suitable way. Although there are some difference and similarities in how banks internally work with digitalization, it is evident that the banking industry is changing along with the digitalization. We are facing a new reality where the digitalization brings both challenges and opportunities. The banks have a positive perspective on the future of digitalization. However, we will probably see a lot of changes in the banking industry in the near future.