Consumer credit in the Nordics, with Jakob Færgeman (Experian)

How to Lend Money to Strangers

Brendan le Grange

Business, Careers, Fintech, Management, Lending, Credit, Banking

4.9 • 43 Ratings

🗓️ 21 October 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Vikings are coming! The Vikings are coming!

For a long time, the Nordic financial services market was a geographically contained one, with just 25 million consumers spread across the four major Nordic nations, growth of even the best business models could be capped. But not anymore, with digital channels providing a route to the rest of the world, several Nordics fintechs are following in the wake of Klarna.

So to get a better handle on the local forces shaping the Nordic consumer credit landscape, I spoke to Jakob Faergeman of Experian. We spoke about BNPL, Open Banking, and fintech in general; we spoke about the impact of COVID-19, and we spoke about regulation.

You can also find out more about me on my LinkedIn page, here

If you have any feedback, questions, or if you would like to participate in the show, please feel free to reach out to me at brendan@howtolendmoneytostrangers.show

A full written transcript with timestamps can be found on HowtoLendMoneytoStrangers.Show

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Transcript

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0:00.0	by now pay later products that is most appealing for banks and organizations to move forward with.
0:22.9	Welcome back to Hard to Lane Money to Strangers. The podcast about lending strategies around the
0:28.5	world and across the credit life cycle. Today I'm speaking to Jacob Fagerman, principal consultant at
0:34.1	Experian in the Nordics. Jacob is a specialist in digital optimization, regulation risk and customer
0:40.3	management and has a passion for consumer finance in the Nordics. For a long time when we thought
0:46.2	of the Nordics we might think of furniture and design and architecture, not consumer finance.
0:52.4	But as fintechs have brought new digital models to the fall, that's changed. We've seen
0:57.5	clarner of course coming out of Sweden. But the whole region is full of new startups in the
1:02.4	buy now pay later in open banking spaces, names that are becoming more and more familiar to those
1:07.5	of us in the rest of the world. So I speak to Jacob about what the market looks like today,
1:12.0	what COVID has done and what we're looking at when we talk about fintech in the Nordics.
1:16.3	And we also talk about how the regulators trying to keep growth safe.
1:35.1	Maybe what we could just do as a start, Jacob, if you wouldn't mind, could you introduce yourself
1:47.4	and your role at Experian in the Nordics? Absolutely fantastic. Thanks, I'm Brendan for inviting
1:53.3	me to this podcast. My name is Jacob Fagerman. I'm the principal consultant in the Experian
1:59.6	responsible for the Nordic region. My primary focus as a consultant is to ensure our clients get
2:06.5	the most value and benefits from our services, being data, software, analytics and consulting
2:14.2	services. To make sure our clients is ready for the ongoing changes that happens in the business
2:22.0	environment and particularly during COVID-19. We saw a lot of changes in the market both from a
2:27.5	regulatory perspective, but also enhanced digitization of banks and consumer presence.
2:33.9	Thanks, Jacob. Now we all know that Danish homes are famously happy and famously cozy,
2:40.2	but are consumers paying the mortgages on those homes? Are they paying their credit cards?
	...

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