Megatrends in the Financial Sector: Key Impacts, Risks and Opportunities

In the next few years, the financial sector will mostly be impacted by diverse megatrends which are change drivers coming from outside the industry. Megatrends are broad currents recognisable as phenomena or series of phenomena, which have a recognisable direction based on past developments, and which can be expected to continue going in the same

direction. They are often global trends that have a deep impact on social structures.

Megatrends were taken into account in formulating OP-Pohjola’s strategy and its areas of emphasis.


Key Impacts, Risks and Opportunities

From the perspective of corporate social responsibility, key global trends are population growth, climate change and the rise of responsibility awareness among consumers. These have implications for all business operations. Weakening of growth prospects in the global economy, uncertainty related to management of the European debt crisis, and changes in industry regulations are setting demands on the responsibility exercised by banks and insurance companies. Promoting financial stability and ensuring the reliability of the financial market infrastructure are of the utmost importance.

Banks and insurance companies also play a special role in society and bear responsibility for building the nation’s wellbeing. The foundation of banking operations is formed by the property entrusted to banks by customers, especially their deposits.

Furthermore, banks and insurance companies have indirect responsibility for their customers’ finances. They should provide guidance and advice in cases of over-indebtedness, preparing for damage and asset management.

The industry is well regulated, and responsibility is an integral part of the corporate governance, risk management and compliance of banks and insurance companies. In the future, responsibility will receive even more emphasis in banking, investment and insurance services. Development of responsibility will also open up opportunities for new competitive financial products.

Corporate social responsibility has always been a part of OP-Pohjola’s mission, which is to promote the sustainable prosperity, safety and well-being of its owner-members, customers and operating regions. Responsibility is also one of the Group’s values, according to which OP-Pohjola operates locally, regionally and nationally as an ethically responsible company.

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