Global change drivers

Anticipating global change drivers

In the financial sector, sustainability is more than what is required by laws and regulations. It is about anticipating global change drivers, meeting stakeholder expectations and creating new ways of operating in response to them. The idea is to bear responsibility for economic and social stability, as well as for the climate and the environment.

We have identified and anticipated how tightening regulation and other global change drivers will shape society and, consequently, our operations in the future. The following six global megatrends have a significant impact on our operations. The impacts and opportunities created by these megatrends form the basis for our operations, including our sustainability efforts.

Climate change and biodiversity

Companies must put more and more effort into responding to climate change and the resulting biodiversity loss. The climate impacts of operations need to be assessed throughout the supply chain and they must also be taken into account in financial solutions and products. Global warming brings business risks and opportunities, to which leaders respond proactively.

Demographic shift and urbanisation

The financial sector plays a central role in safeguarding well-being in a demographic shift, as general prosperity and the elderly population grow and urbanisation continues. As the elderly population grows and users age, opportunities for personal service must be ensured. It will be increasingly important to offer services outside urban centres, which also enhances the vitality of growth centres.

Sustainability expanding

Companies are actively looking for ways to increase the positive impacts of their operations, not just to minimise the negative impacts. International supervision and regulation are increasing, and the sector is expected to react quickly, adapt and display international service know-how. As economic thinking evolves and environmental awareness increases, new economic metrics, such as ecosystem accounting and genuine progress indicators, are met with growing interest.

Labour market transformation

The transformation of the labour market means that working life is in a constant state of change. In working life, workers of different ages and different ways of working must be taken into account. As remote and hybrid work increases, it is possible to rethink the organisation and decentralisation of work. Problems with matching workers with jobs increase when there is no skilled labour available for the jobs on offer. The importance of personal competence development is growing, not to mention the importance of knowing how to stand out as an employer.

New ways of operating enabled by technology

Operating models are evolving thanks to rapid advances in technology. Automation and decentralisation of operations are all the rage. With advances in technology, the amount of data also increases, which, in addition to technical capabilities, entails a growing need for technological understanding. It is important to remember that our digitalising world is more vulnerable than ever.

Unexpected situations

Unexpected situations, such as pandemics, political crises and war, affect our operations and the competitive arena. Active monitoring of the political and economic situation and forecasting of situations and risks rise to the forefront. The financial sector must reinforce solvency, the financial structure and liquidity in order to balance the economy.