A Bank Stands or Falls with its IT, Says Arto Sorvoja on a Blog

Greetings from Nordic Fintech Summit! Helsinki’s atmospheric Wanha Satama was full of people exploring the next chapter in banking and finance. Related to the topic, how do you envision AI and digital transformation reshaping traditional businesses? Read about the subject on the blog.

Although remote meetings and video calls make everyday business life smoother, face-to-face meetings still hold significant importance. In the Nordic Fintech Summit event held in mid-May, we were delighted to meet a large group of financial industry experts and exchange ideas on topics that concern us all. We were also happy to be an event partner for the event.

Our Vice President & Senior Partner Arto Sorvoja gave a speech on one of his favorite topics, the impact of AI and Digital Transformation for traditional businesses.

– We will see a huge AI transformation in the next few years. It will either be a controlled and regulated or uncontrolled and chaotic experience. This transformation will happen. From the point of view of companies, Digital transformation will enable AI transformation, described Sorvoja.

In a blog published on the event’s website, Sorvoja mentions that in banking, we have seen that many large-scale IT initiatives have dramatically failed, been massively delayed or not delivered any of the expected business outcomes. Sometimes all these failed. That’s the downside. The upside is that there is a good opportunity to create instant value through smart progressive modernization. Modernization is necessary, but considering the current economic climate, it mustn’t be detrimental to the financial results.

– A bank stands or falls with its IT, summarizes Sorvoja.

Also see the event atmosphere in the highlights of our Instagram account.