Start-Ups Spell the End of Bank Bureaucracy

Financial Services | Published 25. Sep. 15

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Agile start-up financers are forcing traditional banks to think on their feet. Rikard Josefson, CEO of Länsförsäkringar Bank AB, shares his ideas on the measures needed to stand up to disruptors.

By Susanna Bell

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Banks have historically had a lot of bureaucracy, business case templates to be filled, committees and slow decision-making processes. Competition from outside the industry is challenging the age-old ways banks do business. Behold the advent of the digital start-up financer.

Josefson thinks banks could do a lot better.

“Our decision making process is not quick enough. I think the startup and new commerce industry is forcing us to become a lot quicker.”

He foresees a lot more top management attention, agile development processes and trial by error.

Fundamentally, Josefson sees the issue as one of leadership. More specifically, about hiring the right people and giving them the mandates they need for speedy decision-making.

“Not as many committees as action-taking people driving the business forward.”

Länsförsäkringar Bank AB, together with its subsidiaries, caters to private individuals, agricultural customers, and small businesses in Sweden.
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