One of the most exciting spots in the world for innovative technology and strong economic growth is in Europe’s Scandinavia region. The Northern Nordic countries are experiencing a renaissance of technology expansion and financial success. Citizens of these nations are benefitting from the new innovations and more robust economy, bringing a piece of the wealth to everyone. Here are the hottest trends the world will see in finance and tech in Scandinavia for the future.
More Successful Startups
Ever since Swedish tech company Spotify became an international success, the world has been looking for the next tech unicorn. The Nordic countries are a great place to set up shop as a startup. The number of successful startups in this region is exploding, and more companies are going public with strong profits and performance. Some of the hottest startups in the Nordic area are bringing new tech solutions worldwide.
Innovative Medical Technology
Medical technology is another spot for innovation and growth in Scandinavia. The Swedish scene for Medtech is famous for bringing companies like Gambro and Elekta to the stage. Access to healthcare is a priority for the people in this part of the world, and with an increasingly older population in the Nordic countries, many companies are working to make tech solutions to preventing and treating common diseases, such as heart disease, diabetes, and cancers.
Financial technology is also making gains in parts of Sweden and other Nordic countries. Financial technology apps and other breakthroughs are making their strongest impact in the Swedish region. Consumers are at the heart of the Fintech industry, with applications focused on bill paying, buying and selling cryptocurrency, insurance, investing, crowdfunding, and more. Corporate customers for Fintech applications are also poised to help this sector make even bigger gains in the next few years.
Another hot trend in the financial world across the region is with neobanking. Neobanks are organizations that work alongside major banking firms to bring more convenience and service to consumers. They don’t have banking licenses and don’t manage loans or accounts. Instead, they have a focus on consumer accessibility and awareness. Additionally, other financial organizations, like online brokers Lendo and Axo Finans in Norway, help connect consumers with lenders for personal loans or mortgages. These tech companies are bridging the gap between customers and different financial services.
Green Energy Investments
Energy is another hot commodity in the Nordic countries. This region is known for being one of the leading areas supporting green energy technology and investments. Norway has taken the lead on bringing renewable energy to not just its own people, but the global population. Norway has a large percentage of its investment into hydrothermal energy, with wind and solar making gains as well.
Another sector of technology that is increasingly making strides in Scandinavia is the education technology industry. Nordic innovators want to make their top-rated educational systems even greater with better tech apps for teachers and students. Denmark is leading the way with the largest amount of money being invested in its educational technology programs. This way, the next generation of Nordic people will continue to innovate and discover new ways to fix modern problems.
Global Digital Nomads
The people in the Nordic region are also experiencing one of the more convenient trends that come along with an increased focus on technology, more teleworking opportunities. Tech and finance firms all over the area are committed to being more efficient and having more productive workers. They also subscribe to the benefits of having a good balance between your work life and personal life. Working as a digital nomad helps achieve all of these goals and puts these tech firms at the top of employee satisfaction surveys.
Increased Consumer Lending
Economic reports from the area have also picked up on the current upswing in the economy in the Nordic region. Consumer spending is up, unemployment is down, and disposable income is increasing all across the demographics of this region. Another trend from these statistics is an increase in consumer lending. Citizens of countries like Finland and Norway are looking for lenders to help them purchase homes and other big-ticket items.
Stronger Housing Market
Lastly, the finance sector will be strengthened by a more robust housing market across this area in the next decade or so. The economic woes of 2008 may finally be over in this part of the world with new construction starting to rise. Citizens are looking for housing that’s affordable, convenient, and eco-friendly, supporting all of the big parts of the finance and tech industry in this area. Stability and investment from the governments have also made affordable housing possible for more people than ever.
The Nordic countries are becoming world leaders in finance and technology. With a population that supports these efforts, governments committed to investments, a history of strong companies in the fields, and increased innovation, Scandinavia stands to be making an even stronger impact on the globe.