Bank of Finland deputy urges banks to meet mobile and internet payments demand
Finland's banks are failing to meet customer demand for internet and mobile payments and risk losing their competitive edge in the payments market as a result, according to Bank of Finland deputy governor Pentti Hakkarainen.
On September 19, Hakkarainen accused banks of responding slowly to the growth in internet payments and leaving the innovation of new products to non-bank institutions. However, since the financial crisis, Hakkarainen believes there is a "new interest in basic retail banking"
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